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 640.
Not all hard money lenders require credit reports, while Visio has a minimum median credit requirement of 660.
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.
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.
Disclaimer: The information in this blog has been prepared solely for informational purposes. The contents are based upon or derived from information generally believed to be reliable although Visio Lending accepts no liability with regard to the user's reliance on it. For legal advice, please contact your counsel.