Avatar's Blog
» Hard Money - Hard Facts
Many borrowers contact Avatar and/or other hard money lenders and launch into stories about their core business, life circumstances, and more which surround the hard money loan request. When making a call, email, or filling out a hard money loan form such as the one on this website, it is important to focus on the facts and numbers, rather than the story surrounding the situation.
The reason for this is clear - hard money lenders, and Avatar is no exception to the rule, field a lot of inquiries every day. The loans that get funded are the loans that come in with complete loan packages, including a personal financial statement indicating that the borrower is a person of substance who can manage the loan amount s/he is requesting, P&Ls from the business entity that will support the monthly loan payments, showing that the borrower has a handle on his financial data, and photos of the property showing that the property shows some pride in ownership or holds sufficient value to support the loan.
Once the hard facts are reviewed, the 'story' surrounding reasons why the borrower needs a hard money loan rather than a conventional mortgage comes into play. Keep in mind: lenders want to see the photos and numbers first. Then they will ask to hear the 'story'. Keep things in order in order to get funded.
