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Determining and Explaining Your Hard Money Exit Strategy
When you approach a hard money lender with a project, it is crucial that you know your plan and are able to explain it concisely. A hard money lender will be further impressed by a short write-up, also known as an Executive Summary. An Executive Summary typically includes the amount of your loan request, the reason for your request, a timeline of the property or project including how much cash you’ve invested, the date it was acquired, and the cost.

The Executive Summary does not need to be lengthy (in fact, if it’s too long, it most likely won’t get read), but it should be very detailed. Your exit strategy is of vital importance because, as previously mentioned, most hard money lenders are not in the business of acquiring property, and they do not want to own your property. They expect performance and repayment according to the loan terms.

Credit isn’t everything, but it tells a story
We realize that one reason you may need a hard money loan is because of credit issues. That is why it is not the most important underwriting criteria. But recognize that is will be used in understanding your character. For example, did you lose a job? Get a divorce? There’s always a story behind a credit report and we want to hear it.

A hard money lender will often review your credit history, including your current credit score, when assessing your loan request. If you have foreclosures, bankruptcies, liens, or collections, you will be asked to provide necessary background for those items.

Your current and past reliability in loan repayment will be reviewed. Hard money lenders do not rely solely upon your credit history to determine your loan approval status, but it does help them to determine your ability to repay the loan and your credit worthiness.

Your proposed exit strategy should be “in line” with your credit, financials, etc. Make sure you clearly spell out to the lender whether you will be:

1) buying, rehabbing and reselling

2) buying, holding and refinancing

3) buying, holding and paying loan off through other resources (inheritance, other business venture, sale of other property, etc.)

Now that you have been introduced to hard money, what hard money lenders do, and how they will evaluate you and/or your property, let’s get you approved. Your business is real estate investing, not jumping through hoops so our application process is easy. Apply for your own hard money loan here

No Muss, No Fuss Loans. Unlike other lenders, we use our own money and focus on the value of the home, resulting in a fast and easy approval process remarkably free of hoop-jumping. Simply complete an application, provide an appraisal and clear title, and we’re ready to roll.

FAST QUOTE

For the best possible price and a fast quote simply fill out the secure form below. Your quote is free, confidential and you are under no obligations.

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  ABOUT THE NOTE

   

  Date of Sale

• Month
  Month
  JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
• Year
  Year
  1995199619971998199920002001200220032004200520062007200820092010201120122013201420152016other
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• Type of Property Sold
  (select property type)Single-Family HomeMobile HomeVacant LandCommercialMixed useMulti-family ( 2- 8 units)Condo / Townhouseother
• Sale Price
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• Down Payment
• Interest Rate
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• Estimated Balance Due
• Payment Frequency
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• Payment
  (principal and interest)
• Purchaser’s Credit Score
  (please select one)Poor (500 - 549)Fair (550- 599)Good (600 - 649)Excellent (650+)I don’t know
  An estimate is fine
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• Are the payments current:
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• How much behind?
• Is there a Balloon Payment?
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  • No
•  
  What is the Balloon Payment Date?
• Month
  (select one)JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
• Year
  (select one)1995199619971998199920002001200220032004200520062007200820092010201120122013201420152016other
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  ABOUT THE PROPERTY

  securing your note

• Address of the property*
  Street Address City State / Province / Region ZIP / Postal Code
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• Last time you visited property
  (please select one)in the last monthin the last 6 monthsin the last yearnot since date of sale
• What is the neighborhood like?
  (please select one)RuralSuburbanUrbanIndustrialMixed Commercial and Residential
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• The property is now:
  (please select one)VacantRentedOccupied by purchaserNew construction - never lived inDo not know
• Approx. Year Built
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• Estimated sqaure foot
• Estimate of lot size in acres
  (please select one)less than 1 acre1 – 5 acres6 – 10 acres10+ acres
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• Water - sewer type
  • Well and septic
  • City services
  • Don’t know
• Has there been property improvements since you sold it?
  • Yes
  • No
  • Don't know
• List improvements made to the property
• Estimate the costs of any improvements:
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• Are property taxes current?
  • Yes
  • No
  • Don't know
• Is insurance up to date?
  • Yes
  • No
  • Don't know
• Are the purchasers employed?
  • Yes
  • No
  • Don't know
• If so, where?
• Are there any unresolved disputes with the purchaser?
  • Yes
  • No
  • Don't know
• If so, what are they regarding?
• Bedrooms:
  01234567 +
• Bathrooms:
  01234567 +
• Garage:
  01234567 +
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