How to Fund a Hard Money Loan Quickly Part 3
I wanted to continue the thread, from a couple of previous posts, on the topic of ‘getting your deals funded quickly.’ This posting revisits this important topic again; so I’ve decided to title it ‘Part III< I did a post back in February called, “How to Fund a Hard Money Loan Quickly” Shortly thereafter, I reopened the topic again with a subsequent post called, “How To Get Your Deals Funded Quickly” A lot of the good tips in the last posting came from John Kutac of Western Capital Partners. I think this is a great topic to post on because it solicits feedback and starts a dialogue. For those who seek a private money or a hard money loan, or even for hard money loan brokers, the tips provided in these postings are standard protocol in the private money realm. Don’t follow these basic rules of engagement, and you won’t get money very quickly, if at all. Documentation is now pretty much a rule for hard money lenders these days. Have all of the typical documentation required for a conventional bank loan on hand, when looking for quick funds. For an express hard money loan, documentation will make the underwriters job a breeze because then they only have to ‘verify’ the documentation. Years ago, documentation was not required, but with lenders now cherry-picking deals, you must have all of your documentation prepared to submit. Another important tip for getting your deals funded quickly, has to do with networking. Find out who is brokering money hard money loans consistently and quickly. Don’t waste time with someone who doesn’t have access to the money sources. Real lenders are hard to find. When I say ‘real lenders’ I mean those who have money to lend and are actively lending. Don’t spin your wheels with lenders who advertise on the internet if you want your deals to fund quickly. Any other thoughts that anyone would like to share in order to continue the thread on this topic? Input or additional tips are encouraged.