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    Saturday, September 8, 2012

    11 Questions to Ask A Hard Money Lender

    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:

    1. Do you lend in my state? (different states require licenses, some lenders only do markets they know and understand)
    2. What is your LTV?
    3. Do you lend rehab funds? How are draws done?
    4. What interest rate?
    5. What points? Are they to be paid up front or at the end?
    6. What are all the misc. fees? Paid up front or at end?
    7. How much notice do you need to close?

    8. Can you provide proof of funds?
    9. 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)
    10. How many deals will you do at a time?
    11. 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 espaƱol

    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 |

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