6 ways to get a hard money loan

There are many questions on the minds of borrowers who have never used a hard money loan. If you compare the process of obtaining one with that of a bank loan, you will find that the former is simpler and easier. The processes of hard money = and investment property loan have a lot of similarities with each other. But additional documentation is needed in the owner-occupied housing process due to government regulations and it is also a longer process.

Follow these six steps to get a quick and easy money loan.

Find a local hard money lender

The first way to get one is to find a lender that lends money in your area. You can search the internet to know about such money lenders. You can also visit a local real estate network and get referrals from real estate professionals about a local money lender.

Interview selected hard money lenders

After you meet a few money lenders in your area, start interviewing them. Call each hard money lender to start the interview. Have a short conversation with him to understand each strategy properly. He should give you an approximate quote with points and interest rate.

Select a lender and apply for the loan

The hard money process is very quick and easy. You must complete a brief personal financial statement about yourself, liabilities, expenses, income, assets, subject property, and employment. It will take about 15 minutes to apply.

sign disclosures

The electronic signature consent is the primary disclosure. Permission is given to the money lender to mail documents to you. You must follow the privacy policy, fair lending notice, hazard insurance disclosure, and mortgage disclosure statement to apply for the loan.

Sign documents

The loan documents will only be ready when you sign the disclosures. There are certain things that make up the loan documents:

• Guarantee payment
• Note
• Escrow Instructions
• Deed of Trust
• Arbitration Agreement

Payment by bank transfer

When the lender receives all the signed document, the borrower must pay the initial payment. Once the escrow confirms that they have received all the documents, the loan will be financed by them.

Use the strong money loan process to get your loan approved quickly and without hassle. Real estate investors mainly opt for this loan due to its quick approval.