Posted by dewCO on December 06, 2000 at 10:29:57:
Basically they need to know the value of the house. They will determine that. What YOU need to know ahead of time is what are their parameters and loan costs and max. loan amount and how fast can they close.
No problem calling them and getting their criteria before you have a specific property picked out. And then you can ask them, what do they need to get loan going when you have one that meets your criteria as well as theirs.
What does a HM Lender need to know? - Posted by Jim C
Posted by Jim C on December 06, 2000 at 09:40:41:
What do I need to know about the house/deal before I talk to a Hard Money Lender?
I don’t want them to ask me questions about the deal and I have to respond with “I don’t know”.
Thanks!
Re: What does a HM Lender need to know? - Posted by SCook85
Posted by SCook85 on December 07, 2000 at 08:28:28:
Most hard money lenders are different. They are in most cases individual people with individual personalities etc… To give a canned answer to this question is dangerous.
Never be afraid to say “I don’t Know”. Nobody knows everything, you simply say “I don’t know but I will get that information for you” if your HM lender asks you something you don’t know.
You should also speak to them ahead of time and know what they are looking for so that you can be more prepared.
Steve
Re: What does a HM Lender need to know? - Posted by Carmen_FL
Posted by Carmen_FL on December 06, 2000 at 18:17:42:
Most of the time, the Hard Money lenders will go out and do their own inspections, but you have to know all this too:
As far as my lender is concerned, that and my name will get me in - or boot me out. I always listen to my hard money people - if they won’t fund a deal, there is usually a good reason for it! Usually I comped the house too high, or underestimated rehab costs.