3 Tips for Closing Your Commercial Hard Money Loans Faster

For those who have only taken out loans at the bank, the process of obtaining hard money commercial loans can be quite a different experience. Because these loans don’t have the same requirements as bank loans, they can close much faster. But in order to actually get hard money commercial loans closed faster, here are a few tips to follow:

1. Get a full list of documents needed to close from the hard money lender: Every hard money lender has a different list, so ask for it and start sending the lender the items on the list as soon as possible.

2. Don’t provide the lender with everything and the kitchen sink: Only provide items on the list provided. Too much info. can slow the process down rather than speed it up.

3. Anticipate lender concerns: Have you been declined by another lender already? What were the reasons for the decline? Make sure the hard money lender knows all of the possible concerns or questions that could prevent the loan from getting closed.

If you follow these simple rules you will get your hard money commercial loans closed faster. Are you, or someone you know, pursuing hard money financing? If so, please share this.