Des Moines Real Estate
Lender
I’m Just a Little Guy, lending money to Real Estate Investors in Central Iowa.
Neil Timmins
Your Local Lender - Des Moines
Neil Timmins created Little Guy Loans after rehabbing hundreds of homes in and around Des Moines, Iowa.
My team is small and tight-knit. I personally take the time to understand your business and goals. Plus, given that my team has successfully rehabbed hundreds of homes in and around Des Moines, there’s not much I haven’t seen.
Whether it’s an issue with lead flow, clearing sticky abstract issues, navigating probate, or managing contractors, I’ve been there and done that. Leverage my years of experience, so you can avoid making the same mistakes. I’ve personally been inside thousands of homes in Des Moines.
Running into an issue you can't solve? Try me.
FREQUENTLY ASKED QUESTIONS
Can I get a pre-approval letter?
Yes! If your transaction requires a lending pre-approval letter, Little Guy Loans is happy to provide approved borrowers with a pre-approval letter.
Do I need to make payments on a hard money loan?
At Little Guy Loans, we have two basic loan structures.
One with monthly interest-only payments and a balloon at the end. The other with no monthly payments with the entire balance and accrued interest due in one payment.
Here’s what that means:
- Interest-Only Loan: your monthly payment is just for the interest that’s due that month and then, at payoff, the principal plus any outstanding interest.
- No-Monthly Payment Loan: you make no payments towards interest or principal during the loan term. All interest is accrued and is paid off with the principal balance in one payment at the time of sale or refinance.
Almost every loan we make fits into one of these categories. But we can tailor our loan to fit your needs! Let us know how we can help.
How long is the term for a hard money loan?
Most of our loans are short-term, ranging from 6 to 9 months for residential rehabs. We tailor our loans to real estate investors who need quick project financing and plan to refinance with a traditional lender or sell. Longer-term lengths are available for commercial needs.
What's the approval process?
Getting a hard money loan with Little Guy Loans is easy compared to working with a traditional bank! We make the approval process common sense and cut the red tape (no tax returns required).
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Our approval process considers your experience, previous projects, the property’s value, and your overall project scope, not just your personal financial history.
We review all new applications within 24 hours so we can get your loan financed in days, not weeks.
All approvals begin with a simple application. Start yours here!
Will you lend on a primary residence?
No. State and Federal laws have strict disclosure requirements for consumer mortgage loans. Little Guy Loans does not lend on primary residences. All loans are for investment purposes only.
How much money do I need to put down at closing?
The exact amount you need to put down at closing will depend on a few factors, like the ARV, property condition, your experience, and the scope of work. However, a typical downpayment ranges from 10% to 25% of the purchase price.
If you are buying a property well below market value, your downpayment may be even less!
Do I have to get an appraisal for a hard money loan?
No! At Little Guy Loans we do not require a standard appraisal like a traditional bank does.
Our primary goal is to internally evaluate the As-Is Value of the property and its ARV (After-Repair Value). We may underwrite your property by requesting photos & videos of the property, walking the property with you, or ordering a BPO (Broker’s Price Opinion).
By not requiring an appraisal, we reduce your closing costs and are able to get your loan closed faster with less red tape!
How quickly can I get a hard money loan? How fast can you close?
At Little Guy Loans, we can move FAST.
We review all loan applications within 24 hours. If we get all the information we need from you (like your LLC documents) and we have clear title on the property, we can close in a matter of days instead of weeks like a bank.
We’ve been able to help a number of investors who had their lender or private money partner back out at the last minute. If you need financing because your financing fell through, fill out an application and we will do what we can to get your deal across the finish line! Apply here.
Does Little Guy Loans do transaction funding?
Yes! For qualified borrowers, Little Guy Loans has a transactional fgunding product for same-day real estate closings. 0% interest with simple fees so you can get paid fast!
Is there a limit to the number of properties I can buy?
No! Every deal stands on its own. If you have a good property and the loan makes sense, we have no stated maximums
Do you check the title? Are there title fees?
Yes! A title search is ordered to ensure that you are granted proper & clear title at closing, and so that your loan is put in first lien position.
Our in-house loan processing team handles all title orders on your behalf, so you don’t need to worry about keeping track of orders or emails.
All title expenses, closing costs, and recording fees are paid at the time of closing.
Can I roll my closing costs into the loan?
No. All fees are paid up-front at the time of closing. Our lending intent letter will include all points and charges so you know our costs up-front.
Do you lend on purchase price or appraised value?
When we underwrite loans, we take into account the As-Is Value and the After-Repair Value (ARV).
We can finance just the purchase or both your purchase and construction costs.
In either case, we will lend up to 70% of the ARV. This means if you purchase a property well below its ARV, we may be able to send you 100% of the purchase price (excluding closing costs).
In either case, we will lend up to 70% of the ARV. This means if you purchase a property well below its ARV, we may be able to send you 100% of the purchase price (excluding closing costs).
Can I pay my loan off early? Do you charge any pre-payment penalties?
There is NO penalty for paying off your loan early! At Little Guy Loans we do not charge any pre-payment penalties.
What is a balloon payment?
At Little Guy Loans, we get that keeping your cash flowing is important.
Unlike a traditional bank loan, where your monthly payment includes both interest and principal, our hard money loans work differently. With us, you have the option to make no monthly payments or interest-only payments.
That means, during the life of the loan, the principal balance stays the same. Instead, you pay off the full balance (plus any interest) in one lump sum when you sell or refinance the property.
Balloon payments are a helpful tool to keep operating costs low while rehabbing a property, so you can free up capital to invest in more deals!
We Offer a Fast & Easy Application Process
Our Team Makes the Process of Getting Financed Quick and Convenient Without the Usual Headaches That Come with Other Lending Companies
Easy Application
We’ve created an easy form that’s easy to understand and simple to fill out. No more confusing Big Bank applications that waste your time and leave you feeling defeated!
24 Hour Approval
Once we receive your application, our team quickly reviews it so you know if you’re approved. If you don’t qualify, we’ll let you know how you can improve your application for future approval!
5 Days to Close
Once you’re approved, we move fast to finalize all necessary documentation in preparation for closing and get your funds released so that you can get to work ASAP!
What Others Are Saying
We Work with Real Estate Investors In Our Local Market Get Their Deals Funded
“Time is a huge thing. We’ve got multiple projects going on at once. We can’t be waiting on banks.”
Collin C.
25+ Rehabs a Year
“I don’t feel like Neil will ever pull the rug out from under us like the last private lender did to us.”
Julie C.
Realtor & Experienced Investor
“You took a chance on us, and that meant to me, ‘I can do this!'”
Kristina C.
Mom of 5 & New Investor
“The process for me was actually really easy. I didn’t have any trouble.”
David B.
Rehabber & Realtor
“Having an actual person & relationship with somebody that’s done all of that before we have is huge”
Matt Y. & Tony R.
Full Time Investors, Sell Direct Iowa
“Thank you for stepping in and helping get this deal to the finish line.
From the moment the first lender was not able to complete their end of the deal, you guys were there and ready
Your quick application process and prompt communication from you and your team allowed us to close in 3 short days and keep the sellers happy
Thank you again for saving this transaction!!
Bob C.
Re/Max Concepts
REALTOR
We Offer the Right Type of Loan Your Next
Investment
Fix & Flip
Our team understands the importance of quick funding for fix & flip deals. You can get approved for a new loan in just a few days. This is one of the several reasons investors in our local area choose us as their fix & flip lender.
BRRRR
Have a new home you need to renovate but don’t have the necessary funds to get started? We can help you get approved fast for a Hard Money Loan, so you can begin renovating your new investment property.
Multi-Family
We don’t just work with single-family investors. Have an apartment or multifamily property you need funding for? We offer competitive rates on multi-unit properties and can get you approved within just a few days!
Commercial
Are you looking to get financed for your next commercial property deal? We are experienced commercial investors with over 10+ years of experience and know exactly what you need to do to get financed quickly.
Why Should You Work With Us to Get You Funded ?
We specialize in providing investment loans for residential properties to investors who choose to avoid the hassle of going through traditional bank financing or are not able to get approval from a conventional bank.
Often, our borrowers don’t have the time to waste waiting for a bank loan, and we’re able to provide them with a quick and time-efficient hard money loan for their next residential investment. Click below to start your application process!
100's of Rehabs Completed
We've worked in the real estate investing space for over a decade and have personally completed hundreds of rehabs. We understand what it takes to be successful, and this translates well into us working with our local investors.
Local Expertise
We aren't like the big guys. We are right in town and our borrowers regularly see us at local meetups. When you work with us, you get the advantage of our local expertise. We've flipped hundreds of homes. Chances are, if you run into a problem, we've already solved it.
Investment Flexibility
If your project goes over schedule, we can work with you to extend the terms. Our years of experience give us the ability to work with investors using different exit strategies. Our team is flexible so that you can focus on what's most important
We Work With Investors In Several Local Markets
- Des Moines
- West Des Moines
- Clive
- Urbandale
- Waukee
- Johnston
- Altoona
- Bondurant
- Pleasant Hill
- Windsor Heights
- Carlisle
- Norwalk
- Cumming
- Indianola
- Van Mete
- De Soto
- Earlham
- Winterset
- Saylorville
- Grimes
- Dallas Center
- Granger
- Polk City
- Ankeny
- Mitchelville
- Runnells
- Huxley
- Nevada
- State Center
- Elkhart
- Pleasant Hill
- Adel
Learn How to Get Approved Fast for a Hard Money Loan
Download our free eBook and discover exactly what you need to get approved for your next (or first) hard money loan in a snap!