Avoid These Common Mistakes When Submitting a Hard Money Loan

From an article in the Scotsman Guide, traditional mortgage brokers often make mistakes when submitting hard money loans to hard money lenders. Because traditional brokers are well versed on how a bank lender likes to see a loan package, they often make mistakes when submitting loan files to hard money lenders. These mistakes can often slow down the loan approval process and loans can actually take longer to fund! Make sure you aren’t making these common mistakes in your loan submissions:

1. Make sure the loan meets the requirements of the hard money lender before submitting.
2. Tell the story of why the borrower needs a hard money loan.
3. Don’t be tempted to overload the lender with too much information.

What are some other common mistakes you’ve seen traditional brokers making in their hard money loan submissions?

(LINK TO ORIGINAL ARTICLE:

http://www.scotsmanguide.com/Commercial/Articles/2015/01/Steer-Clear-of-Hard-Money-Mistakes/ )