|
1. Where do you lend?
We have relationships nationwide to service our customers with hard money loans. Have your local RehabHardMoney.com Affiliate contact you.
2. Do you offer “Pre-Qualifying” for loans?
Yes, we can quickly pre-qualify you and you should get should pre-qualified for your loan ASAP. Imagine being 100% ready to pay cash for that next property you find and need to close quickly. Even if you personally do not have the funds immediately available. Start a very short pre-qualifying process.
3. What are your terms?
Hard money loan terms are becoming standardized. While some variations do still occur, for the most part, hard money loans are becoming the same nationwide. Lenders are becoming extremely competitive. Get exact quotes in your area.
Remember it is your quick access to capital that makes you money.
4. So how long does it take to close the loan?
If we have your pre-approval information and all of the information about the property, appraisals etc, it can be as short as two days. The first loan may take up to seven days. It is our business to act quickly so you may secure quality rehab properties you find. Get that pre-approval in.
5. What about my credit?
You would be amazed how little credit and income is needed for these loans. For the most part the lender is looking to the value of the property to secure the loan. While you do need to have the ability to repay the loan, it’s your ability to find and fix properties that is more important. Get started.
6. How can I find a property that you will approve?
Wholesalers of handyman specials have become very common.
7. What types of properties do you fund?
We deal in residential properties. Single family homes primarily but will accept 2-4 unit properties occasionally.
8. Do you provide "proof of funds" letters?
Yes! As long as you have sent in all information and been pre-approved by one of RehabHardMoney.com’s local affiliates. However, this is not a commitment to fund any transaction.
9. Can I live in the house during the course of the loan?
No. RehabHardMoney.com affiliates only lend on properties that are non-owner occupied. No Exceptions.
10. Will you roll closing costs into your loan?
RehabHardMoney and/or its affiliates will loan up to 65 or 70% (depending on program) of the ARV (after repair value) for any property. As long as the loan does not exceed this, you may receive 100% of the purchase price, 100% of your repair costs, and even have some or all of your closing costs rolled into the loan. The bottom line is that if your loan to After Repair Value is sufficiently strong, you can get into a property with little or no money down! Any figure above the 70% ARV will be added to funds due at closing.
|