Getting Started
The first step in obtaining a hard money loan is to contact our team and provide some basic information about your real estate investing experience and the project you need funded. We’ll have a preliminary discussion about loan options and get you connected with a loan officer who will guide you through next steps.
To move forward, you’ll need to gather some documents including:
- Property purchase contract or details if you own it already
- Estimated rehab budget if it’s a fix and flip or renovation project
- Recent comparable sales to support projected after-repaired or completed value
- Your personal/business financial statements and tax returns
With these items, we can issue a quick pre-approval letter so you can move forward confidently with property acquisition.
Application Requirements
To submit a complete hard money loan application, we will need:
- Borrower information – personal and business entities
- Project address and description
- Final purchase contract or property details if already owned
- Detailed renovation budget and plans if applicable
- Sales comps to confirm exit value estimates
- Two years of personal and business tax returns
- Current personal and business financial statements
- Bank statements to verify cash reserves
- Credit report and score for underwriting
It’s helpful to have all information organized and readily available to ensure efficient underwriting.
Underwriting & Approval
Our lending team will undertake careful underwriting to review your application in detail including:
- Validating rehab budget, scope, and timeline if applicable
- Conducting valuation analysis based on sales comps
- Reviewing property inspection reports if available
- Confirming your experience successfully completing similar projects
- Analyzing your personal and business financials
We will likely request clarification or additional documents during underwriting. After ensuring everything meets our loan criteria, we will issue a formal term sheet outlining the approved loan terms within 7-10 business days in most cases.
After accepting the term sheet, we finalize underwriting and verification for a complete approval and commitment letter within 14 days typically.
Funding & Closing
Once approved, we move to the closing and funding process:
- You will sign final loan documents and pay closing costs
- We handle title work, lien filing, and securing collateral
- Final draw disbursements occur for construction loans
- Loan proceeds are sent to you and any vendors
Closing typically takes 7-14 days from full approval. The lender also sets up payment collection and administration.