Avatar's Blog
» Building a Hard Money Loan Package - Photos
Photos are worth a thousand words. How many times have we heard that before? A thousand times? Believe it! The first thing that a hard money lender will look at in a loan package is the title and then the photos. Scanning through anywhere from a few to hundreds of pages of documents, the lender is searching for photos.
Choose a clear bright day if at all possible. Take a decent color camera (preferably a digital camera to make your life easier) and get panoramic, close up, interior, and neighborhood photos. Clean up the property first if you can. Rake the gravel, plant posies or put out pots, paint the front door, sweep, mow the lawn... whatever it takes to make the place look like there is "pride in ownership." "Pride in ownership" is what lenders want to see - it means a committed owner/borrower. And the only place to prove that you are one, is through the photos. Everything else, is just numbers. They are plenty important, but they are only reviewed if the property looks like a likely candidate for funding.
Make sure the photos are clear, bright, and show enough detail of the building to give a sense of what it is, where it is, and that it is well cared for.
