commercial hard money loans

Requirements When Applying For Hard Money Loans

by Daniel Mc Grey on Dec 21, 2009

Hard money loans are loans offered by hard money lenders. In some ways, they are thesame as conventional commercial loans although they do not havestringent processes like banks and other traditional bankinginstitutions. Hard money loans are based on the asset offered ascollateral. Because of this, hard money lenders become less concernedwith credit reports or monthly income. Instead, their main concernfalls on the property itself. With hard money loans, the loan amountdoes not exceed more than 50 to 60% of the property value. Anindependent appraiser determines the value of the property. Appraisalis usually dated within six months of the loan approval. In thisarticle, we will share with you some important requirements which youmay want to keep in mind before applying for a hard money loan: Executive summary – The executive summary is very important whenapplying for hard money loans. The borrower should complete a form,which lists down all his related experience, updated resume,...Read More >>