Avatar's Blog
» Good Photos Means Faster, Better Decisions
Well arranged, complete loan packages will enable you to get fast, reliable answers from the lenders you speak with. Among the most important initial elements of a hard money loan package are the photos of the property and surrounding areas. If you have poor quality photos showing only one angle of the outside of a building, your property better be so compelling in quality and value compared to your loan request that the lender is still inclined to look at the financials.
The order of review of any property is as follows:
1 - Look at the photos. Does this look like a property we want to add our lending portfolio?
2 - Review the loan request numbers against the photos - does the property look like it will support the value required to make this loan?
3 - Look at the photos once more to determine the coniditon of the buildng. Does it show pride in ownership? Do the neighborhood photos demonstrate that the property is in an advantageous area, likely to prosper?
4 - If the answers to questions 1 through 3 are satisfacory, begin the review of the financial data.
While the 'meat' of a loan package is in the historical and current financial numbers, good quality photos will open the door to get those documents reviewed in your favor. Ample light, multiple angles, photos of the inside, outside (all aruond) and the neighborhood will get you fast, reliable answers from a lender. If you submit numbers only and ask the lender to provide an LOI, you may get one - until she or he sees photos of the property and lets you know that this is not the kind of property they can fund afterall. Don't waste your time or the lenders's: submit photos.
