How to get your Quick Money Loan Ė Minus the Delays
The fastest way to get money against real estate is going to be a hard money loan.†There are many events that need to take place to get this to go off without a hitch and to get it done without delays.
After years in the business, what I have noticed is mainly the process is in the hands of the borrower. What a borrower does or doesnít do, will definitely decide on how long it will take to get the loan done.
First, is waiting too long to submit an application. You want to give plenty of time to your hard money lender, your quick money lender, to actually get the deal done. Give them as much notice as you have. If you know loan is going to go under contract then get it over to them right away so they can start working on it.
Next is the borrower not doing a full application; they do bits and pieces of the application. They miss wire and trying to turn in that is only partial. A partial application is getting in the way of the process and when you are in hurry because you need some quick money on your real estate you canít delay the process. You need to do it as fast as requested through the entire application.
The third way we see borrowers delay the process in doing a hard money loan is that they donít provide the necessary documents in a timely manner. You see, most lenders are going to need a copy of the real estate purchase contract. Most virginia hard money lenders are going to need a title report or closing protection letter. Most lenders are going to need a couple of things and if you can gather those things up and get those to the lender within a day or two at the most it is going to speed up the process.
Now letís talk about a quick money loan from a lenderís perspective. The first thing that lender is going to need to do is get the application and review the entire application. After that they are going to order the evaluations on the property, get somebody to determine a value. Once that value is determined then it needs to be looked over to see where that value lies and final loan amount needs to be established. When final loan amount has been established then conditions need to be met. Conditions are meaning real estate purchase contract, title work, etc. Once all that is received then it all needs to be looked over or underwritten and once that happens; docs ordered need to go in and once the docs ordered then the docs are able to get drawn up. When the docs are drawn up then it goes over to the title company.
So, as you see, the biggest delay in this process actually has to do with elements that are out of lenderís control. A lot of time the lender has no control over the title company and a lot of times they have no control over the evaluators because most reputable hard money lenders are actually going to use an independent third party evaluator someone that can actually look at the property that is not going to be biased and that is going to take some time. I mean sometime it can take 3-4 days if you are in a rush. If you are delaying on giving the documents it is going to slow the process as well. So when we talk about getting quick money loans from hard money lenders it is really important to remember to give the documents make the full application and know what the time frame is going to be.
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