This is the third in a series of posts about how real estate investors can find and use hard money on their deals. In this installment, we ask the question, “What Documentation Do Hard Money Lenders Require?”
What Documentation Do Hard Money Lenders Require?
Many hard money lenders today will also require you to fill out a credit application that may ask you for W-2′s and or tax returns, your most recent pay stubs, and bank statements.
Again, it’s all about protecting their assets. Yet, some like the old fashion way where they only care about the deal so they do a drive by or physically look at the property. Again it all depends on whom you deal with.
When should you use a hard money lender?
Hard money is great for beginning investors who may not have money or for those who have bad credit and cannot qualify. Investors also use hard money when they need to purchase quickly.
Typical soft money or conventional loans take 30 days or more. Sometimes that is to long. Using a hard money lender is also a creative way to finance a property. Most like to call it “Nothing Down”.
If you can borrow enough money to buy the property, fix it up and then sell it under market value for a profit, then you’ve just made money without any of your own money. Sure it will cost you money to borrow that money, but the rewards out way the expense.
Here are still more Hard Money Lenders…
California Hard Money
HML Loan Type Residential
Lending Area CA
Contact Neill Phillips
Address 8574 Alpine Avenue
City, State, Zip La Mesa, California, 91941
Phone 619-920-7685
Fax 619-819-8824
Web Site www.californiahardmoney.biz
Email sdreloans@yahoo.com
Capital Trust
HML Loan Type Residential and Commercial
Lending Area MA
Contact Dan Burke
Address 404 South Huntington Avenue
City, State, Zip Boston, Massachusetts, 02130
Phone 617-971-9700
Fax 617-983-3541
Web Site www.ecapitaltrust.com
Email danburke@ecapitaltrust.com
Carmel Valley Capital
HML Loan Type Residential and Commercial
Lending Area CA
Contact Richard Stearns
Address 13223-1 Black Mountain Rd. #330
City, State, Zip San Diego, California, 92129
Toll Free 1-877-339-5810
Phone 619-339-5799
Fax 858-538-1007
Web Site www.carmelvalleycapital.com
Email RStearns@carmelvalleycapital.com
Creative Lending Concepts
HML Loan Type Residential and Commercial
Lending Area CA, TX
Contact Aaron DeCollibus
Address 6700 East Pacific Coast Highway, #140
City, State, Zip Long Beach, California, 90803
Phone 562-431-5555
Fax 562-431-2979
Web Site www.socalhardmoneylender.com
Email capital4you@gmail.com
CT Capital
HML Loan Type Residential and Commercial
Lending Area FL, OH
Contact Matt Martin
Address 6300 NE 1st Avenue, Suite 200
City, State, Zip Fort Lauderdale, Florida, 33334
Phone 954-895-0615
Fax 954-351-0996
Web Site www.ctcapitallending.com
Email mmartin@ctcapitallending.com
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