More Private Hard Money Lenders Request Hard Money Loan Blueprint
Private hard money lenders are unable to approve many private hardmoney loan requests simply because the hard money loan package is not prepared properly. As a result, real estate investors are frustrated as they watch their contracts expire without getting the deal funded and closed. The Hard Money Loan Blueprint was developed by analyzing and studying the lender conditions of more that 300 top private hard money lenders.
Funding investment property by using private hard money lenders is the best option for real estate investors today. Because banks have significantly curtailed lending programs for investment property, and in some cases eliminated the program entirely, real estate investors now turn to private hard money.
Private hard money lenders have several types of programs. Some private hard money lenders specialize in residential investment property loans and private lenders invest in commercial investment property. And, of course, some private hard money lenders have lending programs for both categories. In addition, hard money lending programs can be structured for short term, intermediate, and long term loans. A private hard money loan is typically 3 to 6 months and an extension can be granted if that is agreeable between the private lender and the investor/borrower. There are also programs which have 6 to 12 month terms and even private money loan programs that run from 1 year to 3 years. Few, private hard money lenders would consider loaning money for longer than 3 years.
In the commercial hard money loan category, the loans are referred to as “bridge loans” which consist of funding for the purpose of and intermediary loan so an investor can purchase a property and then, within a short time, place long term funding on the property. The objective of the commercial hard money bridge loan is to enable to the investor to take advantage of opportunities that would otherwise be lost while trying to put a long term loan in place.
The Hard Money Loan Blueprint focuses on residential investment property loan package submission and enables the residential property investor to prepare and submit loan packages that are prepared properly. Private hard money lenders estimate that 50% to 70% of the loan packages they receive from real estate investors are incomplete, poorly organized, and lack sufficient documentation to be approved. The Hard Money Loan Blueprint enables both beginning and seasoned investors to prepare solid loan packages which have a greater likelihood of being approved by a lender.
More than a “mini-course”, the Hard Money Loan Blueprint has quickly become a standard on how to properly prepare a loan package to submit to a private hard moneylender. Every hard money lender has a unique lending program. The lender’s program consists of a unique set of lending conditions. When a real estate investor ignores the lender’s conditions and makes the mistake of submitting the loan package anyway, there little chance of getting the loan approved and, in fact, serves to diminish the relationship between the lender and the investor.
In today’s real estate market reputable hard money lenders receive numerous loan package submissions every day for purchase hard money and rehab hard money. Unfortunately, the private lender can only process hard money loan requests that are complete with all required documents and properly prepared. Unnecessary delays and rejections are not only frustrating to the lender, but also to the investor. Contracts can expire, even causing real estate investors to lose earnest money, and relationships with sellers, title companies, and other real estate professionals. However, the greatest loss is the loss of a profitable opportunity, when a property can fall out of being under contract only to be tied up within hours by another investor and ultimately funded and closed for profit.
For More Information :http://www.opmcredit.com/
http://www.opmcredit.com/blueprint.htm
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