Tips to get a Hard Money Loan

2 minutes read

So, you simply got exceptional bank-owned property under contract and you require a loan to purchase, fix and switch. You visited three hard money lenders plus they switched you lower. Why? Since you STINK at selling your deal. You heard right, you have to learn to SELL your deal to some loan provider.

Selling your deal means developing a good loan package to undergo the loan provider. Begin by obtaining a binder from Office Depot, with some tabs you are able to print on. Mark the tabs in to the following sections:

Here’s the thing you need in every section:

About Me.

This should have a FNMA 1003 application for the loan, a duplicate of your credit score, a duplicate of the license along with a brief resume of the experience. For those who have no training, then a minimum of put a summary of books and workshops you have been through. A summary of references is needed, too. Shedding Bill Bronchick’s name could not hurt!

Purchase Contract.

A duplicate from the purchase hire any addendums is going here.


Ideally an evaluation, but a minimum of a broker BPO (broker’s cost opinion) is going here.

Insurance Binder.

A duplicate of the dedication to insure from insurance companies goes here.

Title Commitment. A duplicate from the title commitment is going here.

Photos. Detailed photos in and outdoors from the property, Colored.

Inspection. Possess a professional inspection done from the property and set his report here.

Repair estimate.

A repair estimate from the LICENSED general contract (copy of his license, too) is going here. Also a check mark report and a summary of repairs to treat the problems addressed within the report.


Insert a spreadsheet from the introduction to the figures. You buy the car costs, settlement costs, holding costs, repairs, realtor charges, etc. These costs ought to be complete and realistic. Remember about concessions and having to pay the buyer’s Federal housing administration loan costs, too.


A diagram from the outline of the construction project is going here. Again, this ought to be COMPLETE and realistic. Microsoft Plan It’s a good computer software to create this up professionally.

Now, there is a product marketing. Get out there and approach your hard money loan provider and find out in case your answers are different. I bet they’ll be impressed!

A simple part time business would also need money and if you could not pull out money from your job to which you have recently joined, then pull out money from licensed money lender so that you could improve your part time business to full time.

Facebook Twitter LinkedIn Telegram Whatsapp

Related Posts:

If you need a cash loan before your payday and require some quick cash, the best place to get a cash loan advance is online. You can find cash loans from the comfort of your home by searching through the Internet. The best thing about these cash loans is that ...
When you really need quick cash, what is easier than getting a same-day pay day loan that’s deposited straight into your money? In your next pay day – one or two weeks later – the loan is instantly paid back since the creditor has your bank information. Sure, ...
Do you know that we live in a society with two sets of money making rules? One set of money rules allows bankers to make money out of thin air. The other set of money rules keeps most people struggling to make more money. The struggle to make more money is not...