It has been brought to my Attention that Brokers are Calling and Sending emails asking the following Questions:
1. Does your Lender do Equity Loans
2.Does your Lender Loan on Tech Projects
3. WIll your Lender Loan for Start-Ups
4. This Apt Bldg has No Tennants , Can We get a Loan?
5. Do you Loan on Raw Land?
6. Do you Require Peresonal Guarantee?
OTHER 65% Hard Money Lenders REQUIRE:
a. 1003 APP
b. Exec Summary/ Feasibility Study ( 100 + Pages)
c. RE --Appraisal
d. EPA Report
e. Credit Report
f. Last 2 Yrs Tax Returns
g. Financial On Borrower
h. 35%Equity in Other Property OR Cash for Down Payment
i. DSCR of NO LESS THAN 1.2
j. P & L (if Income Property)
k. Escrow for Several Months Reserve
l. If Re-Fi, They will ONLY Fund 65% of the 75% of Appraised Value.
m. Personal Guarantee!
n. They Put a Lien on the Property
WHY ARE YOU SUBMITTING TO THEM?
HELL(..., My Lender makes PERSONAL OR CORPORATE LOANS and does not care if your clients Project has any Equity, is Occupied, Is a Start-Up, a SWAMP, or what Ever your Client wants the Money For!
NO "LIEN"-- NO MORTGAGE!
NO CREDIT CHECK,-- NO TAX RETURNS!
THe ONLY THING THAT WILL DISQUALLIFY YOUR CLIENT IS IF HE DOEN NOT HAVE THE POF IN CASH FOR THE INSURANCE!
IF HE DOES NOT HAVE THE POF, "NOTHING ELSE MATTERS"!!!
Don't make it complicated!
He will do 100% of Loan Request @ 5% Fixed Interest, 2-10 Yrs Int Only or 30 Yrs Amortization.
This would be a Personal OR Corporate Loan,
This What I Need:
1. Completed Loan Application Attached
2. Brief (1 Page) Exec Summary
3. Snapshot of Borrowers Bank Account for Proof of $225,000 CASH for Closing Costs and Insurance Coverage.($5,000,000 ( EXAMPLE LOAN)