All Forum Posts by: Shere Clark

@Eric Langridge Hi!  As a hard money lender, I can tell you that the best company I've worked with for refi loans is Finance of America.  If you were located in Indiana, I could give you a direct contact.  

@Jose G Delvalle Bueno Even with title search, the appraisal and underwriting including attorney review, a good HML should take no longer than 1 week if they're constantly working on your file(and they should be right?). Proof of Funds can be tricky if you don't already have a deal when you're applying for a pre approval. The hard money lender is basing your pre approval/Proof of Funds on credit and liquid assets and attaches to you, not the property or properties. Proof of Funds is solely proof of funds. When you submit your deal, it goes under review. They are typically looking at the scope of work and are looking at the property, as is, to make sure that it's not bad investment for you. A good HML wants to do all that they can to avoid foreclosure. It's not a fun process. Plus, we want to see you succeed so that you'll keep using us!

@Mike Cahill Terms vary, of course, bank-to-bank. Most lend 80-90% LTV. If you find a private lender(or Gap lender,) you can always set the terms. I'd just market it as a lending opportunity!

@Mike Cahill Hard money loans are based on the hard asset (your property.) Most HML won't lend on a down payment. HML typically finance the purchase price and rehab cost. Your best bet is to find a Private Money Lender who can provide transactional funding.

@Jose G Delvalle Bueno Hard money shouldn't be difficult. And, in my experience as a lender, it isn't. A good hard money lender(HML) will have a quick and painless process to issue your Proof of Funds and will be quick to close (within 5 business days.)

Hi, Megan! I am a lender and an investor in the Indianapolis area. If you aren't already, I highly suggest you visit our local REIAs: CIREIA and INREIA. These are two great resources to you. I'd also recommend joining local REI Facebook groups as there are many posts with different opportunities. If you need anything or have any questions about financing your deals or if you need help building your team, I can answer your questions and refer you to the best people I know. Welcome!!

Has the lack of capital been holding you back from scaling your business? We will fund up to 100% of the purchase price and rehab costs with no experience necessary. As a passionate real estate investor myself, I want to do everything in my power to help you succeed.

- Up to 70% of ARV (after repair value) on flips, 75% ARV on rentals
- Finance up to 100% of cost
- Competitive Rates
- Close in 5-7 business days
- No income verification
- Streamlined, simple approval process
- No pre-payment penalty


If you have a deal under contract or have a deal in the pipeline and are looking for funding, contact me today!

Indianapolis - Bloomington - Fort Wayne

@Tim Crosby I'm happy to help! You would really want to set up a refi lender when you're applying for and setting up a hard money loan. That helps you avoid heartache in the form of paying a hard money loan even though you are finished with the rehab. Another good question to ask your HML is if they have any refi lenders that they can refer you to. You're 100% correct, a lot of refi lenders or banks require you to have the property for at least 12 months.

Extensions are optional but if you were to need one, we'd give you an extra 3 months for 1 additional point.  So, 3 more months costs 1 point.  

A few good questions to ask:

1. What is the cost and length of the loan/note?

2. How quick is your turn-around time to close?  

3. What information do you need for pre approval and how quickly can I get a Proof of Funds letter?

4. Is there a pre payment penalty?

5. What is your draws process for the rehab portion of the loan?  How much does each draw request cost?

6. How do you determine your loan amount? ARV or LTV?

7. Can you provide me with a cost breakdown of monthly payments and cash-to-close before I send in a deal for funding? *This is a nice thing but shouldn't be a deal breaker!

8. How many properties can you fund for me at one time?

Keep the questions coming!  Thank you!

Hi @David Chin! I have two REI-friendly realtors here in Indy that I can refer you to. They are both members of the local REI and have plenty of experience helping Out-Of-State investors. I am going to send you a direct message shortly with their contact info. Also, if you are on Facebook, I'd like to invite you to become a member of the Indianapolis Out of State Investors group. That could be a great resource to you! Just find me on Facebook and I'll invite you to the group. Thank you!