Avatar's Blog
» Make Your Real Estate Property Presentable
When submitting a loan scenario for a hard money lender - and Avatar Financial Group is no exception - the numbers are the most important part of the loan package. Make sure you have clean, clear financial statements showing your ability to make monthly payments and pay back the balloon on time.
That said, another important factor in the funding of hard money loans is one that is often overlooked by eager, time-pressed borrowers: the quality of the photos of the subject property. If the photos you send to the lender show a poorly maintained, run-down facility, make sure you explain why it looks this way and what you intend to do to make sure the property is going to be improved instantly. Properties that demonstrate a clear 'pride in ownership' are going to make a much better impression on lenders than those that look like they are all but abandoned by their owners.
Loans with good photos showing well maintained properties get funded if the financials look good. Run down or neglected properties get a lot of questions and carry a lot more concerns, even when the finanicals seem to be in order. Shoot for success: clean up, paint, plant flowers, and mow the lawn or sweep the driveway before taking photos for the refinancing of your commercial or industrial properties.
