- Financial institutions offer you mortgage loans according to your credit score. If the credit rating is lacking, or you come across other issues, you can choose other options like a hard money loan. Bank and conventional lenders won't carry these types of loans due to the risk involved.The real estate property is kept as collateral. When the client defaults, the property will be sold as repayment. The majority of hard money lenders do not want the property, but given that they're prepared to go ahead and take risk, expect higher interest rates.
Choosing a hard money lender can be a tricky task by itself. For a hard money loan in PA, here’s how you can get hard money loans with HardMoney Bankers.
Of course, you start off with the initial loan application.You don’t even need to go to Hard Money Bankers’ office since you can submit your application online. Once submitted, your application will be quickly reviewed and be informed of the loan terms that best fit your situation. If you are not qualified for hard money, you will be informed immediately.
You will be asked to submit additional information and documents. They are but not limited to the following items:
· Copy of Sales Contract and any deposit check(s)
· Copy of Driver’s License
· List of proposed repairs and draw schedules,including material and labor costs and copies of any contractor estimates or contracts
· Copies of any appraisals or inspection reports of the Property
· Addresses of any cross-collateral property, if any.
Upon receiving the documentation, the title of the property will be ordered and will be evaluated if the said property will require a proper inspection. From here, you will be required to pay a fee for the appraisal / inspection.
If there are no issues following the inspection, the funds will be made available to you via a closing / settlement with a title company.You will also be required to provide evidence of General Liability PropertyInsurance with an amount that is equal to the loan you are taking out.
Hard Money Bankers is a hard money lending company that aims to make all processes fast and easy for all clients so you don’t have to waste time. Hard Money Bankers is the only company committed to make your hard moneylending experience simpler.