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5 Tips To Maximize Hard Money Loans Strategy In California
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More and more real estate buyers are using hard money lending to purchase properties. Fast approval and flexible underwriting allow fix and flip investors to secure capital in matters of days, not months or weeks. Here are the best way to maximize hard money loans in California - one of the hottest real estate markets in the US:
1. Use a local lender or broker - if you are looking to use a hard money loan to purchase or refinance, working with someone locally increases your chances at approval substantially. Local lenders are more likely to know the area, realize if the deal is good, and are more comfortable with working with properties close by.
2. Use a hard money broker - there are dozens of lenders out there, all with different criteria and loan terms. So how do you know which to use? A broker can save you a lot of time when shopping for the best terms and rates. Plus, they have a special connection to a lender and may secure you a term sheet that you may not be able to secure yourself.
3. Get you paperwork in ready - make sure you have the documents required to qualify for the loan. Lenders will need a purchase and sale agreement, income/loss statements, rent rolls, and exist strategy (how you are planning to invest the money and how the property will be sold or rented after the work is done).
4. Submit realistic numbers and values - lenders will ask you what you think the property is worth - and then look for objective numbers. A big part of what we do is to make sure the value of the property is actually there. If an owner says his property is worth $400,000 and is asking for a $300,000 - a lender will have to verify those numbers with an objective appraisal in order to make sure the collateral can support the loan in case of a default. Probably the number 1 reason burrowers are rejected is due to value inflation in the application.
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