When it comes to financing a rental property, there are many loan programs available including government sponsored and private label loans. While both Visio Lending and hard money loans fall under the private sector, there are some key differences that enable Visio to work with hard money lenders and complement them. Visio’s focus is providing long-term financing to help landlords grow their rental portfolios. Here are the other main contrasts between Visio Lending and hard money lenders:
-
Visio Lending requires a minimum credit score of 680.
Not all hard money lenders require credit reports, while Visio has a minimum median credit requirement of 680. -
Visio Lending requires a 3rd party appraisal.
Not all hard money lenders require appraisals. Some use a Broker Price Opinion (BPO) or other methods to determine value. -
Visio Lending requires properties to be in C4 condition or greater.
Hard money lenders often fund short-term construction projects, while Visio only funds rent-ready properties with no deferred maintenance. -
Visio Lending offers 30-year terms on long-term loans.
Most hard money lenders offer terms between 6 and 24 months, while Visio offers 5/1 ARM, 7/1 ARM, and 30-Yr Fixed rate structures.
If you are a hard money lender interested in partnering with Visio, check out our Partner Programs. Also be sure to check out our blog post on Why You Should Choose a Specialized Lender.
To learn more about the Visio Loan Requirements, visit our FAQ Page. To learn more about how Visio works with hard money lenders, see our Partner Programs.
Related: How does Visio work with Hard Money Lenders?, Real Estate Investors & Hard Money Loans
Editor's Note: This post was originally published in July 2018 and has been updated in July 2020 for freshness and accuracy.
