How long does it usually take to get hard money?

Question

I found a house for auction and I’m trying to figure out how I can come up with the money. I cannot do a conventional because the auction doesn’t accept them but they do accept hard money. This would be my first deal! Thanks for your help!

John Thedford · Answer

if you are putting skin in the game most hard money lenders can facilitate a loan within 14 days or less. If you are not putting any skin in the game you might have a very difficult time without a track record.

Caleb Jordan · Answer

It depends on the lender but generally under 14 days. Often 7 to 10 days. Some can do a loan in 3 or 4.

When shopping for HML be prepared to verify any past experience owning property ( some will even take a primary) many HML want at least some experience.

Be prepared to show cash assets for any down payment, closing costs and most will want to see reserves. A hard money lender needs a LLC or something similar.

Also if you are borrowing funds to repair the house they will probably want a scope of work laying out what you are going to do. Ask the HML to explain their draw process, make sure you understand it.

Ask about any fees they have, both on front end and back end.

Matt Hurley · Answer

It depends on the lender, but generally quite a bit faster then a traditional mortgage lender. They care more about the deal and your credit score, and will rarely need to run your personal financials. I recommend searching and finding one now and having them run your figures. You’ll probably lose out on this deal but you’ll be ready with an offer for the next one!

Justin Kane · Answer

plenty of ways.. but I suggest local meetups and reia meetings network like crazy connect with people and find someone that has money .. go to the auction house and meet people there network network network. become their bird dog or hound dog and get your foot in

How long does it usually take to get hard money?

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