Getting funding for your real estate investment is one of the biggest hurdles that most aspiring investors face. They find a property, plan their renovation, and scrape together money for their down payment. But then what? They know that a traditional bank isn't going to fund their fix and flip dream, but they still need financing to complete the acquisition.
This is where hard money lenders come in. Companies like The Hard Money Co. are an essential tool for real estate investors looking to quickly and efficiently acquire assets. Without the need for credit checks, income verification, and property appraisals, hard money lenders are able to move much faster than conventional institutions. Most importantly, as real estate investors ourselves, we understand that the value of your property comes in its potential. This is why we base our financing off of the after repair value, rather than the as-is valuation. This gives you the flexibility to bring your property to life and reap the benefits of your hard work and vision.
But once you've decided on your financing solution, how do you actually go about getting your hard money loan? Luckily, getting the ball rolling on your hard money financing is far easier than actually finding your investment property. Follow these simple steps and you'll be well on your way to launching your real estate investing career.
Fill Out an Application on TheHardMoneyCo.com
It's gotten repetitive, but truly the first step in your borrowing process is to fill out a loan application at thehardmoneyco.com. We recognize that there are a lot of questions, but these are all answers that should be readily available to a prepared investor. In our application, we ask you the basics to gather your contact information, and then look to gather information regarding your investment opportunity. We want a general idea of what your vision is for the property and what your strategy is to ultimately profit on the project.
We also want to know about your potential as a real estate investor. This includes questions about your credit score (which we do not verify), your available cash, and your existing assets. It's important to note that none of these questions are disqualifying. We just need to establish a realistic expectation of your ability to complete your project. Our number 1 goal is to fund SUCCESSFUL investments. When you fail, we fail, and it can be immensely costly for both parties.
The questions we ask are based on lessons learned over the thousands of loans we've funded. It's important that we have complete transparency early on to put everyone in the best position possible.
Have a Conversation with a Member of the Team
Shortly after the submission of your application, you will be contacted by a member of The Hard Money Co. team. This will establish your point of contact and become the foundation of a lasting relationship that you can come back to time and time again as you build your portfolio. That initial conversation will discuss the ins and outs of the investment at hand. They'll cover some of the things you've already submitted but will also get into details about your timelines, abilities, and other nuances not covered in the app.
This is the step that really gets things moving. If you prove to our originators in the initial conversation that you are communicative, honest, and motivated, we will hustle to move your loan across the finish line. On the other hand, if you duck our calls or ignore our requests for documentation, we will match your urgency. We have a large and growing team on hand, and we pride ourselves on our communication. If you have a question about your deal, or just want to spitball about future plans, we are available day and night.
Collect Your Documentation and Prepare to Close
After your application has been completed and your initial conversation has taken place, The Hard Money Co. team will make a decision on whether to proceed with your loan. If approved, there will be a series of document requests that we will need in order to close. These include items such as the scope of work, property insurance, and title commitment. This may all seem complicated, but your loan originator will be very specific about what is required from you and when. The biggest cause for delays in the closing process is lack of communication. There are a lot of other parties involved in the transaction (attorneys, title agents, etc.) that cause friction in the process. If we are prompt in our work, it forces them to be timely as well.
Don't give people an excuse to slow your momentum. We demand urgency and hustle from everyone we work with and encourage you to do the same.
Close on Your Loan
After all the minutia has been completed, we're ready to close your loan. Show up to the closing table on time and with all of your documentation in order, and the process will be quick and painless. When you walk away from the closing table, the real fun begins. Now that you have the title to the property, you can begin the work of rehabbing to make it an attractive property for future owners. The Hard Money Co. funds 100% of all repairs, so you will have the opportunity to exact your vision onto the property.
Just because we've already closed on the property does not mean that you're done with The Hard Money Co. We are your partners through the duration of your project and will work with you every step of the way to ensure your successful exit, profit, and repayment. Our business is built on successful return borrowers, so it's extremely important to us that you reach your goals with the help of hard money.
If you have a property in mind, don't waste any time. Fill out an application today and get your funding in as little as 10 days. If you are a little earlier in the process, still consider reaching out to our team. We can give you the motivation and insight you need to follow your dreams of building a career as a real estate investor.