When looking for a hard money lender, interview them to make sure you’re comfortable with the terms, conditions and the way they do things.
Ask the following:
- Do you lend in my state? (different states require licenses, some lenders only do markets they know and understand)
- What is your LTV?
- Do you lend rehab funds? How are draws done?
- What interest rate?
- What points? Are they to be paid up front or at the end?
- What are all the misc. fees? Paid up front or at end?
- How much notice do you need to close?
- Can you provide proof of funds?
- These terms are good for how long? Can I get that in writing? (Their terms might change in a few months, try to get it in writing)
- How many deals will you do at a time?
- What is the procedure to present a deal?
These questions will give you a guideline for what they’re looking for, what you will need and whether or not you’ll end up working with them.
Please take a second and share with everyone in the comments below any other questions you have asked hard money lenders or would like to know from a lender.
Thank you for reading and I’ll see you in the comments!
Make it a great day,
Sean K. La Rue
Senior Vice President – Franklin Loan Center
“Your KEY to Moving Home!” – se habla español
Jumbo Loan Expert | FHA/VA Direct Lender | Reverse Mortgage Advisor
44800 Village Court – Palm Desert, CA 92260
Mobile: 760.835.5663 Office: 760.837.1488 FAX: 800.784.9089
Jan Christensen
Executive Assistant | 760.837.1486 | jchristensen@franklinlc.com
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