when should I apply for a hard money loan

Question

I have submitted 4 offers on REOs today to start my 1st flip. I'm going to need hard money for this. When do I apply for HML? right now? After I get an offer accepted? Right now I have a ballpark on the rehab - do I apply after I've gotten an exact scope of work?

thanks

Jeff S. · Answer

The answer will lay with your prospective lender(s), @Arthur Fuller II . Call and get to know them now and let them get to know you. Ask for their lending criteria including what they will fund, what they avoid, when they like to be notified, what they need from you, and when. This thread contains a longer list of specific questions you can ask:  How to Vet a Private Lender

You'll find that lenders come in different shapes and sizes. Use this so your advantage to make more aggressive offers and tailor specific deals to specific lenders. Good luck.

Jason Hirko · Answer

@Arthur Fuller II right now... doesn't hurt to get pre-approved with someone

Jonathan Marcus · Answer

It is always advice-able to line up your financing even before you get an offer accepted. Speak to a number of HML so you know their lending criteria and that you qualify. Once you know the money is there, it gives you more confidence when you make offers.

Kim Younkin · Answer

Hi @Arthur Fuller II...I was just reading info on the site today about hard money lenders in my area. If you search "hard money lenders" in the search bar it will pop up a bunch of stuff for you. I was on a site today called LendingOne.com and they have a great Q&A section about borrowing hard money. The site came from the listing I found for it here on BP...

when should I apply for a hard money loan

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