123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Real-Estate-and-Foreclosure >> View Article

5 Tips To Maximize Hard Money Loans Strategy In California

By Author: Martin Brown
Total Articles: 1
Comment this article

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.

5.

Total Views: 22Word Count: 353See All articles From Author

Add Comment

Real Estate and Foreclosure Articles

1. Raheja Reserve Is Pre-launched By Raheja Developers
Author: 3B Consulting Pvt Ltd

2. Ats Project In Noida | Ats Projects
Author: naveen

3. The Need For A Professional Property Management System
Author: David Daniel

4. 5 Construction Basics Which Make Your Dream House Comes Into True Real House.
Author: Lakshmiprasanna Patha

5. Mijas Pueblo – Perhaps The Prettiest Village In Andalucia
Author: Andrew Beckett

6. Puraniks Grand Central - A Prominent Province For Your Residence
Author: pooja agrawal

7. Residential Plots For Sale In Shamshabad
Author: Green AVenue

8. What Should First Time Homebuyers Know About Realtors?
Author: Aya Netanel

9. Why Buying New Townhomes Makes Sense?
Author: Charter Homes & Neighborhoods

10. Key Tips To A Perfect Exterior Paint Job
Author: Anil Patel

11. What’s More Important: Form Or Function In A New Home In Pa?
Author: Charter Homes & Neighborhoods

12. Your Guide For New Home Development In Toronto
Author: Rick Lopez

13. Vacation At Surfside Beach Rentals
Author: surfsidescrentals

14. Looking For Nj Industrial Property For Sale
Author: Blauberg

15. Luxurious Gated Plotting Projects Starting At 18 L In Kandukur [17 Km From Hyderabad Orr]
Author: property Adviser

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: