Hard money loans can forestall a foreclosure. Such loans are the specialty that brings out the best and the worst in non-conforming (aka hard money) lenders. If you are facing foreclosure on a property – either one that you own or one that you want to purchase before it hits or is already in foreclosure, hard money lenders may be your only resource for sufficient cash in a timely manner.
Hard money lenders can fund a real estate purchase or refinance loan in two weeks – or sometimes even less – from the time all your documentation is in their hands. Be sure to have all your documentation ready for your broker or lender. Use the following list as a guide:
- Written real estate appraisal with photos
- Purchase contract if you are purchasing the property
- Personal financial statement
- Income statement for the borrower
- 2 yrs P&L for the property if it is income producing
- 2 yrs Tax returns for the borrower
- Statement of use of funds
- Proof of where the balance of funding will come from (such as a bank statement showing the funds available) if you are buying the property. Being prepared with a complete package will speed your funding.
Contact Rich for more info weapprove@gmail.com
1 comment
To get hard money loan you need to verify only your property which are want to use as collateral. There is only few time to pay return the amount.
December 24, 2013 at 7:12 AMHard money loan
Post a Comment