Perhaps you are beginning to evaluate the local real estate market and lending landscape in your State as you decide on a property to invest in. Or, you are considering making a real estate investment in another State to diversify yourself or your business. Regardless of your reason, it's helpful to know what the availability is for hard money loans in the States you plan to operate in. Eventually, you will want to find a hard money lender near you.
Why a certain State has more lenders than another can be for a variety of reasons. Factors like overall size, population, average income, average net-worth, and the fastest-growing real estate markets certainly play a role. We decided to take a look at the nearly 1,000 hard money lenders on our platform, at the time of writing this, to see which States have the most coverage.
The State rankings
Note, this list is not based on the actual location of the lenders but rather the States that they service; meaning, the States where they are legally allowed to lend in. Many lenders will service multiple States; some even service the entire United States.
- California: 459 lenders
- Texas: 371 lenders
- Florida: 349 lenders
- Colorado: 306 lenders
- New York: 294 lenders
- Washington: 292 lenders
- Georgia: 289 lenders
- Arizona: 286 lenders
- Virginia: 281 lenders
- New Jersey: 279 lenders
- Maryland: 275 lenders
- Pennsylvania: 275 lenders
- Connecticut: 272 lenders
- Massachusetts: 271 lenders
- North Carolina: 271 lenders
- Illinois: 270 lenders
- Oregon: 261 lenders
- Ohio: 260 lenders
- South Carolina: 259 lenders
- Tennessee: 258 lenders
- Missouri: 256 lenders
- District of Columbia: 255 lenders
- Indiana: 251 lenders
- Rhode Island: 248 lenders
- New Mexico: 247 lenders
- Oklahoma: 247 lenders
- Delaware: 246 lenders
- Wisconsin: 246 lenders
- New Hampshire: 245 lenders
- Hawaii: 242 lenders
- Utah: 242 lenders
- Kansas: 241 lenders
- Kentucky: 241 lenders
- Michigan: 241 lenders
- Idaho: 240 lenders
- Louisiana: 240 lenders
- Maine: 240 lenders
- Wyoming: 237 lenders
- West Virginia: 237 lenders
- Alabama: 237 lenders
- Mississippi: 233 lenders
- Nevada: 233 lenders
- Montana: 231 lenders
- Nebraska: 231 lenders
- Iowa: 230 lenders
- Arkansas: 228 lenders
- Minnesota: 226 lenders
- Alaska: 223 lenders
- Vermont: 216 lenders
- North Dakota: 206 lenders
- South Dakota: 200 lenders
What do these results mean?
Well, they don't mean much. Despite the leader, California, having more than twice as many hard money lenders as South Dakota, the State last in the rankings, there are still 200 lenders available in the least popular State. Being that the population of California is over 40 times larger than that of South Dakota, once could make the argument that there are actually more lenders available per-capita. The key takeaway from this analysis is that no matter where you live or where you are investing, there are plenty of lenders available and the worst-case is you only have 200 to choose from!
How do you narrow down the list of lenders?
Each lender is different and has different requirements, criteria, risk-tolerance, rates, and fees. Having to research all 200-450 hard money lenders in your State would take you months and by the time you were done, your real estate investment would probably no longer be feasible. Real estate is all about timing and you must move quickly if you want to succeed.
The fastest way to find a lender that meets your needs exactly is to start by submitting a request on our platform which only takes 1 to 2 minutes. We take the basics of your financing needs and automatically match them with nearly 1,000 hard money lenders. Those lenders that are interested in providing you with a loan will come to you. And that's all you have to do.
