It Is About Understanding The Financing

There is so much to blog about these days that it is quite difficult to know where to start and where to end. I am always thinking that the first priority for all of us is to make a financing happen. So here is more information on what will make a hard money loan close. As we discussed previously, we will attach enormous importance to value, this will be our number one concern. But there is more to it than just value, it is also about the complete picture.

A Hard Money loan will be approved based on the ability that the lender has to understand what the loan is all about. A Hard Money lender is only as good as the file and the information that he has. In general you will find that we end up knowing all the details of the financing one way or another. The more we know the more we are able to put together a loan that makes sense. Don’t be afraid to communicate with your loan rep or lender they will help you structure the financing.

In today’s market the more there is in a file the more likely we will approve the financing. As I mentioned in my previous post there is a huge demand for financing but a reduce pool of fund. Make sure your borrower understand that loan applications are competing for the limited dollars available not the other way around. Be as much educated as possible on the file and the borrower real needs, then you will close more loans. In addition, very early on you will realize which one have a chance to close and which one have not.