How Does Borrowing Hard Money Work

How Does Borrowing Hard Money Work?

Published On: July 2nd, 2015Last Updated: July 2nd, 2015Categories: Hard Money

If you’re interested in an Atlanta hard money loan but you’ve never borrowed this way before, it’s important that you understand the process. The more prepared you are, the better – and the sooner we can process your application.

How Does Borrowing Hard Money Work?

When you need a hard money loan, whether you want to escape a foreclosure or you’re investing in homes to flip them, the process is the same.

First, you’ll need to make sure you meet our hard money lending criteria. We can lend up to 65 percent of the ARV value of the collateral, and if the loan will be used for renovation or construction, we can base its amount on the improved value.

From there, you’ll fill out our online loan application. If it’s easier, you can download it and fax it to us.

Once we receive your application, we’ll review it to ensure that it’s complete. If we’re able to lend you money, we’ll ask you to pass along your purchase contract and renovation list for our review.

When that part of the process is wrapped up, we’ll provide you with a good faith estimate and ask you to review and approve it. Finally, we’ll order an appraisal on the property, as well as the title. We’ll send our construction manager to visit the property with you, where you’ll go over the bid sheet and discuss the types of construction that will take place.

We’ll work with you to find a convenient date for closing, and we’ll send you detailed instructions and all of your documents. Once you provide proof of property insurance, you’re all set.

Do You Need a Hard Money Loan?

If you need a hard money loan in Atlanta, call us at 404-814-1644 or get in touch with us online. We’ll be happy to answer your questions and help you through the entire process from start to finish.