Avatar's Blog
» How to Submit a Hard Money Loan
Posted on 1/8/2006
The first stage of approval of a hard money loan results in the issuing
of a Letter of Intent. In order to get one, Avatar's president or CEO
takes a look at photos of the subject property, a personal financial
statement on the guarantor of the loan, and P&Ls from the entity
that will support the monthly loan payments.
When submitting a loan to Avatar, start by filling out the 2-minute loan scenario form accessed from the home page. The form will ask for some basic information, including when you purchased the property - or when you plan to buy it. You will be asked what you paid (or will pay) for the property and what the current value is. If you have an appraisal, enter the value and the date of the appraisal.
Provide a short executive summary in the notes section of the form - tell us what you are planning to do, why you are seeking hard money rather than a conventional loan, how the monthly loan payments will be made, how long you plan to keep the loan and what your exit strategy will be. An exit strategy is the manner in which you will pay back the loan at the end of the term of the loan. This might include sell the property, refinance it, or obtaint he money in some other way.
Posted in Avatar's Loan Criteria
When submitting a loan to Avatar, start by filling out the 2-minute loan scenario form accessed from the home page. The form will ask for some basic information, including when you purchased the property - or when you plan to buy it. You will be asked what you paid (or will pay) for the property and what the current value is. If you have an appraisal, enter the value and the date of the appraisal.
Provide a short executive summary in the notes section of the form - tell us what you are planning to do, why you are seeking hard money rather than a conventional loan, how the monthly loan payments will be made, how long you plan to keep the loan and what your exit strategy will be. An exit strategy is the manner in which you will pay back the loan at the end of the term of the loan. This might include sell the property, refinance it, or obtaint he money in some other way.
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