Hard Money Loans Made Easy

Are you new to the concept of hard money loans?  Or perhaps you’ve applied before, but you want to make sure the process of securing your hard money loans is as easy as possible? If so, you’ll want to follow these tips to make the process go more smoothly.

 

Tip 1: Work with large, well-established hard money lenders.  Every profession has its bad apples, and hard money lenders are no exception. However, you can protect yourself by working with reputable lenders who are available widely and those who currently deploys over $100 million in capital every year.

Tip 2: Be sure your prospective property meets the lender’s qualifications. Here you need to read your hard money lender’s underwriting guidelines, policies and procedures to ensure your property is eligible for hard money.

Tip 3: Give your hard money lender access to the property.  Most hard money lenders in the states require an interior and exterior inspection of the property before they can approve your application and deploy funds. In some cases, at the hard money lender’s discretion, they might be able to make an exception (such as with a Trustee sale). For all other properties, however, you need to be able to provide access in order for your hard money application to move forward.

Tip 4: Check your hard money application for accuracy. While most of the hard money lenders seek to expedite your loan request, you need to do your part too. As such, be sure to double check your loan application for accuracy before submitting it.

Tip 5: Work with decision makers. Be careful – some hard money lenders are actually third-party brokers or agents, not decision makers. And this means you could end up paying more for your hard money loans, experiencing delays due to miscommunication problems, or even receiving inaccurate information from this third party.

This is the reason why you have to work with the reputable hard money lenders. When you call them, you know the person you talk to is also the person who’s going to approve and process your loan application.

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Brad is a guest blogger who offer tips on hard money loans.