So you want to find Hard Money for your next project?
Everyone needs a little help when it comes to investing in real estate and there are a lot of strategies you can use.
In essence there’s more than ten ways to gut a water buffalo…wait is that right?
Doesn’t matter, when you’re looking for Hard Money or Private Money for your projects you’ll need to have a few things in place.
Here’s a couple tips on getting that Hard Money Loan:
Property Comparitive analysis on SOLD properties. (Listing price means nothing, Fair Market Value of closed sales is what a Hard Money or Private Money Lender looks at)
If you’ve pulled or had your credit pulled in the last 60 days, add that to the file. (Private Money Lenders are starting to look at this now anyway, might as well throw it in. Shows your intent to do business honestly)
Be ready to show you can repay the loan. This can be easily done with bank statements (Hard Money Lenders are starting to look at this too now. If they aren’t they might be “loan to own” lenders. Are you ok with that?)
Make sure you know your exit strategies and that you can execute them. (Don’t say you’re going to Refinance with a credit score of 500, it’s not going to fly with your Private Money Lender)
Bottom line: If you’re needing financing and want to use OPM without giving up Net Profit, then you’re going to want to have these things in place before you engage any Hard Money or Private Money Lender. They will work with you if you have your paperwork together. Now get out there and build wealth the way it was meant to be; one project at a time.
If you wish to apply for your Hard Money Loan, click on the pic below and you can do a quick Application today!