When you’re a real estate investor looking for the financing you need to jump on a great deal, the truth is that there aren’t many lenders capable of fitting into your timeframe.
If you’re like many REIs, you’ll turn to a hard money lender.
But how do you find a hard money lender who has agreeable terms and can get you the financing you need… when you need it?
How to Find a Good Hard Money Mortgage Lender
Before you take out a hard money loan, it’s a good idea to become familiar with the terminology involved – that way, when you talk to potential lenders, you’ll understand exactly what they’re saying. (We have a great hard money loan glossary you can use to get started.)
It’s always a good idea to research hard money lenders before you begin calling around. You’ll need to know several things, such as:
Not all hard money lenders can offer you the same terms and rates, so it’s always best to determine what will work best for you.
How Hard Money Loans Work
When you’re ready to apply for a hard money loan, you’ll need to gather all the important documents. That includes your purchase contract and renovation list; you’ll need those before approval.
After you submit your application, your lender will carefully review it and, in most cases, call you to talk about it. Once you’ve provided all your documentation, the lender will likely provide you with a good faith estimate that you can review; after your approval, the lender will order and appraisal and title. The lender’s construction manager will visit the property with you to evaluate the bid sheet and discuss the construction that you’ll perform.
Once that’s all finished, you’ll close on the loan – and you’re free to make the most out of your investment.
Need a Hard Money Loan in Atlanta?
If you need a hard money loan in Atlanta, we can help. Call us at 404-814-1644 or get in touch with us online if you have questions. You can also apply for a hard money loan online, and we’ll be in touch as soon as we review your application.