800.883.8290How long does it take to get approved for a hard money loan?
Approval for a hard money loan is typically very fast, often within a day or two, and funding can be completed in a few days or whenever title work is completed. Make sure to ask ...
What credit score is needed for a hard money loan?
Hard money lenders have no minimum credit score because they focus more on property value and overall real estate projects. Although lower scores may still qualify for a loan, you can expect higher rates and ...
Do hard money lenders give pre-approval letters?
Yes, hard money lenders do provide pre-approval letters or proof funds letters but they typically need some information from the borrower first. Since hard money loans focus on collateral they usually want to know what ...
What type of loan does not require an appraisal?
Most hard money lenders that use private capital don't require a standard appraisal. However, they may use a broker price opinion (BPO), an internal valuation, or a comparative market analysis instead of a full formal ...
How do hard money lenders determine ARV?
Hard money lenders determine the After-Repair Value (ARV) by analyzing comparable sales (comps) of similar properties and assessing local market trends. They review the borrower's construction scope, including renovation plans and budget. They may also ...
Can a loan be denied after appraisal?
Most true hard money lenders and private lenders don't do appraisals. They might do internal inspections, valuations or Broker Priced Opinions (BPO) but not full appraisals. Usually a hard money lender will commit to proceeding ...
Do hard money lenders look at credit?
Hard money lenders (that lend their own funds) have no minimum credit score because they focus more on property value and overall real estate projects. Although lower scores may still qualify for a loan, you ...
Do all hard money lenders require a down payment?
No, not all hard money lenders require a down payment, but most do. Standard down payments range from 10% to 30% of the purchase price. However, some lenders offer higher financing if the borrower has: ...
Do hard money lenders put liens on property?
Yes, hard money lenders place a lien on the property being financed. This is through a Mortgage or Deed of Trust. This serves as collateral for the loan, giving the lender the right to foreclose ...
Do hard money lenders check income?
Hard money lenders typically do not focus on income in the same way banks and institutionally backed lenders do. Instead of verifying employment or debt-to-income (DTI) ratios, they primarily base approval on the property’s value ...
