Avatar's Blog

» Gotta Love the Speed of Hard Money Loans

Posted on 2/14/2005

Pardon the pun - it's Valentine's Day. Speed is one the things people love most about hard money loans. When banks take months to review, approve and fund a loan, hard money lenders such as Avatar Financial Group can fund loans in less than two weeks!

The key to getting a hard money loan in two weeks or less is to have your financial and property-related documents ready to send to the lender when requested. Have the following at hand for a fast loan closing:

  • Purchase agreement
  • Financial Statements for all guarantors - 6 mths or newer
  • Two years' taxes for all guarantors
  • Credit Authorization and 4506 Request for Tax Form
  • P&Ls for the business / property; if the property is rented - Rent Rolls
  • Document indicating the use of funds
  • Statement of where the balance of cash is coming from (hard money loans provide 65% of the purchase price. Where will the balance come from?)
  • Corporate Structure Statement
  • Corporate Resolutions
  • Insurance information
  • Title Report
  • Survey
  • Pay-off amounts for all lien holders
Posted in Miscellaneous