What is a Hard Money Loan?

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Hard money loans can forestall a foreclosure. Such loans are the specialty that brings out the best and the worst in non-conforming (aka hard money) lenders. If you are facing foreclosure on a property either one that you own or one that you want to purchase before it hits or is already in foreclosure, hard money lenders may be your only resource for sufficient cash in a timely manner.

Hard money lenders can fund a real estate purchase or refinance loan in two weeks or sometimes even less from the time all your documentation is in their hands. Be sure to have all your documentation ready for your broker or lender. Use the following list as a guide.

Written real estate appraisal with photos

Purchase contract if you are purchasing the property

Personal financial statement

Income statement for the borrower

2 yrs P&L for the property if it is income producing

2 yrs Tax returns for the borrower

Statement of use of funds

Proof of where the balance of funding will come from (such as a bank statement showing the funds available) if you are buying the property

Being prepared with a complete package will speed your funding. For more information contact Antonio Real Estate. Call: (800) 335-9698

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