If you’re like many investors who have never used a hard money loan before, you probably have a lot of questions. One of them might be whether you need documentation to get a hard money loan.
Here’s what you need to know.
Do You Need Documentation to Get a Hard Money Loan?
When you take out a hard money loan, you will need some documentation – but usually, it’s nothing like the stacks of documents you would need for a conventional loan. With a conventional loan, you’ll need to provide your lender with:
- Tax returns
- Pay stubs
- Proof of income
- Credit history
- Bank statements
- Statements from investments
- Gift letters (if applicable)
- Appraisal documents
- Child support or alimony orders
- Other documents your lender feels are necessary
However, when you borrow from a hard money lender, one of the most important documents you’ll have to provide is the appraisal for the property you want to buy. The appraisal gives your hard money lender the information it needs to determine whether the property has enough potential to match the amount of money you want to borrow.
You’ll need things like a government-issued identification card, as well as a clear title to the property that shows nobody has a lien against it, if you’re using a hard money loan. You might also need an inspection report. However, you’re not going to need a filing cabinet full of paperwork to borrow hard money.
If you’re not sure what kind of documentation you’ll need to take out a hard money loan, you can always call us and ask what our requirements are. We can take a look at your situation and help you start moving forward.
Do You Need a Hard Money Loan?
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