How to Get a Hard Money Loan

Even if you’ve landed that great bank-owned property and require a loan to buy, it can be disappointing if a few hard money lenders have turned you down.

The truth is that you might just not be good at selling a deal and for this, you can get started by getting a binder from Office Depot with tabs that you can print on.

So, here is some information you can add so as to help you get a money loan:

#1: About Me

You FNMA 1003 loan application, driver’s license, credit card statement, resume and a list of references should be added here

#2: Purchase contract

The purchase contract with addendums

#3: Appraisal

Appraisal made by a real estate BPO needs to be added here.

#4: Insurance binder

A copy of the commitment to insurance made by your insurance provider.

#5: Title Commitment

A copy of the title commitment should be added here.

#6: Photos

Color photos of both inside and outside the property covering as much detail as possible needs to be included here.

#7: Inspection

A professional inspection report should be added in this tab

#8: Repair Estimate

A repair estimate from a licensed general contract.

#9: Numbers

Provide details of the numbers such as purchase, closing and holding costs and repairs as well as realtor fees.

#10: Timeline

The outline of your construction project

Once you have this portfolio, you should be ready to go ahead and sell your project properly for a hard money loan.