COVID-19 Hard Money Response

Here at FasterFunds Lending, we value our relationships with our borrowers and strive for win-win situations. In pursuit of this goal, we often encourage our borrowers to have financial safety nets and realistic expectations that the market could change in an instant.

Right now, we are all experiencing one such unforeseen, drastic impact to the real estate investment market, and the global economy, as a result of COVID-19. During these uncertain times, we are here for our borrowers. Here is how we are processing and responding to the impact COVID-19 is having on our industry.

We encourage all borrowers utilizing hard money to proactively check in with their lenders. Many national and regional hard money lenders are temporarily ceasing lending or enacting major adjustments to their operations in an exercise of caution. While this is understandable—as this is an unprecedented worldwide event, we are all aiming to discern and navigate the best way to proceed.

This sudden rupture in hard money business practice is leaving many borrowers in a financial conundrum. It has been our observation that disclosure of changes in practice are not easy to find, so we encourage borrowers to be advised to directly call or make an inquiry to your hard money lender.

FasterFunds Lending understands that sudden changes to lending practices are causing many borrowers in real estate to panic and our goal is to mitigate that panic with a customer-centered, cautious but calm approach.

We are currently receiving many inquiries from customers of other hard money lenders who have suddenly had funds dry up or deals cancelled in the critical days before closing on their loans due to the lender no longer lending at the last minute.

FasterFunds Lending is still able to offer loans, though we are following social distancing and much of our team is working from home.
We finance our own deals and do not rely on hedgefunds for our funding. This has allowed us to have some measure of control over catastrophic events such as the COVID-19 market impact. In terms of our ability and willingness to lend on current and new projects, we are currently operating as usual.

If your loan closing has suddenly fallen through as a result of the COVID-19 pandemic and you are still wanting to pursue your real estate project, we would be happy to help.

We can accept new borrowers at this time. We only operate in Missouri and specifically loan to borrowers who reside in the greater St. Louis area. We operate in one region specifically so that our borrowers can be close to their job sites and have the peace of mind of knowing that work is getting done appropriately.

Any St. Louis area borrower seeking a hard money loan right now will still need to go through our normal pre-approval process (consult our steps here). As long as we can get you pre-approved, we are happy to help. We believe in supporting our borrower’s projects during this trying time, and continue our goal of helping you find your win-win real estate investment. We will weather this storm together.