Apply for an Easy-Qualifying Idaho Hard Money Loan
To be successful in real estate, you need both opportunity and money.
In a popular housing market like Idaho, money may come up short when opportunity arises.
Hard money lenders provide quick, reliable financing when you need fast cash. How does the hard money loan application and funding process work?
Here are five steps to getting quick cash in hand for your real estate investment project.
Your Hard Money Loan Checklist: 5 Quick Steps to Financing
- Research lenders: Talk to trusted real estate industry professionals, do online research, and network to find reliable hard money lenders in your area. Interview 2-3 potential lenders to determine the best fit based on their experience, interest rates and fees.
- Apply: Unlike a traditional bank loan, a hard money loan (also known as private money loan) request is typically streamlined. Documents required for loan approval vary but are usually minimal. Most commonly requested is proof of down payment if a purchase and general property information if an equity loan.
- Loan disclosures: Underwriting is conducted within 24-48 hours of receipt of your loan application, scope of work, and purchase contract. Loan disclosures depend on loan type. Once disclosures are signed, returned to the lender and meet with approval, loan documents are prepared.
- Closing: Loan closing occurs at a title company, lender’s office or attorney’s office. Documents vary depending on the loan type and structure, but typically include a note, mortgage, security agreement, and payment guarantee.
- Down payment/funding: Once documents are signed, notarized and received by appropriate parties, you must wire funds to escrow if a down payment is required. The hard money lender then approves and releases funding, usually the same day or next day.
Borrowers usually have money in hand within 1-2 weeks from initial loan request to final funding. Hard money lender practices and loan types vary. But this overview provides a guide to what to expect when you apply for a hard money loan.
Get an Idaho Real Estate Equity Loan
Hard money lenders loan based on available equity and your reasonable repayment plan. Unlike traditional lender requirements, your credit or employment history is not an issue. We have provided reliable hard money loan services to Idaho real estate investors for over 30 years. Talk to our team at Gregory M. Russell about your financing needs. Call 1-888-477-0444 or complete our simple online request form. We’re here to help!