In this article we discussed about hard money lenders and getting loans against real estate and some of the pitfalls and making sure that loan you are getting is actually a loan that you want.
How it is possible for hard money lenders arizona to provide a quick hard money loan is today’s topic of discussion. Let’s evaluate the true reasons of delay in hard money loans as only this evaluation will tell us the actual way of getting a quick hard money loan from a Hard Money Investor.
As Hard Money Investors we were into lot of situations with people who submitted their applications and then once the application is submitted they don’t do anything else and get their loans in a timely manner rather I must say they always get a quick hard money loan. The key of getting a fast hard money loan regardless what lender you are working with is to get the documentation required for getting a hard money loan in a fast manner regardless of who is going to do this hard money loan for you. If you want to get it done on quick basis, definitely you need to work on the required documentation by hard money investors that they are going to require before you close.
Well, now the question arise what private money lenders arizona need in terms of documentation. Typically they are going to need a title report, a closing protection letter or they may need to have information regarding the insurance on the property. If you are buying the property in a corporate name they will need to have article and corporation which shows that you can sign on that property, and such type of stuff. . You are going to submit some sort of application that may be a lengthy drawn out process or may be something simpler, you know three or four page form. Once you submit that application the next step in the hard money loan is to actually have an evaluation done on the property where somebody goes and determines what the property is worth actually or determines how much they are going to lend you on the property in case you are going for Rehab Loans.
What successful real estate investors did is they put the application within three days so they had all the necessary things to already close in. When evaluations came back us as Private Money Lenders, we look the evaluations and want to know exactly what we can lend in line with what they are hoping for and loan will be hold. All the conditions were already in and we said great it will take us about 48 hours to get this thing wrapped up and close and real estate investors said no problem. So within five days or less they actually went from making an application to actually having their deal funded. I mean that is awesome.
So while you as a real estate investor are going to choose a hard money loan for rehab, you need to do quick but complete documentation in order to get the loan done by your hard money lenders. So, delay in documentation is the basic cause of delay in getting a quick hard money loan.
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