Apply For a Hard Money Loan

If you’re in the market for a hard money loan, you may be feeling a little overwhelmed. It can be difficult to know where to start, and even more difficult to figure out which lender is right for you. In this article, we will walk you through the entire process of applying for a hard money loan. We’ll tell you everything you need to know, from what to expect at the pre-approval stage to how to close on your loan. Don’t worry – we’ve got you covered!

Find a Lender & How To Apply For a Hard Money Loan

The first step in applying for a hard money loan is to find a lender. There are many different lenders out there, so it’s important to do your research and find one that fits your needs. It’s also important to make sure that the lender is reputable and has a good track record. FlipCo Financial has a great track record with all our investors, our team of account managers is extremely knowledgeable about real estate and will help you every step of the way.

Pre-Approval Process

Once you’ve found a lender, the next step is to go through the pre-approval process. This is where the lender will evaluate your application and determine if you are eligible for a loan. The pre-approval process can be complex, so it’s important to provide all the necessary information and documentation. FlipCo will give you a checklist with all the items you need so your application process is easy and fast. Our lending process can finance your project in 72 hours if you are quick with your checklist.

Getting Approved

If you are approved for a loan, the next step is to negotiate terms with the lender. This can be a difficult process, as both parties will want to get the best deal possible. It’s important to keep in mind that hard money loans come with high-interest rates and fees, so you’ll want to make sure that you can afford them. Our account managers will work with you to ensure you get the best terms available. We succeed when you succeed so we want to ensure you get a loan that is affordable for you and funds your project. Once you’ve negotiated terms, it’s time to close on your loan. This can be a complex process, so it’s important to have an experienced attorney represent you. The attorney will work with the lender to make sure all the paperwork is in order and that the closing goes smoothly.

Get Your Funding & Get To Work

After you’ve closed on your loan, it’s time to get to work! Hard money loans are a great way to finance your next real estate project. With FlipCo Financial, you can be sure that you’re getting the best possible terms and the highest quality of service. Contact us today to get started! You can get a quote online or fill out our contact form.

What Clients Say About Us!

"I used FlipCo on my personal investment and it was such an easy and smooth process. No Appraisals required. Highly recommend."

"Flipco is the real deal! Not only did they save me on a deal, closing in less than 5 days from my first phone call, but they also had the best rates!"

"FlipCo hands down have the best customer service and provides personal attention to every transaction. They are very investor friendly making it possible for new investors to enter the market."

"My closing was only 4 days away and my original lender was not able to perform. I called Flipco Financial and they were able to make it happen. Quick and easy process!"

"FlipCo has been so great to work with. The down payment was so much lower for this flip, which allowed us to keep more cash in our bank account. They are super responsive, helpful, & professional!"

"I've used half a dozen hard money lenders over the last 8 years and FlipCo offers the best numbers for an investor. They are very transparent and fund extremely quick."

"First time working with Flipco, they were able to close a tricky transaction in less than 4 days with us, over the weekend. We will definitely use them again!"

"I used Flipco on my 4th flip and I was amazed by the speed and the customer service involved in allowing me to close within a couple days."

"The purchase process, draw process and terms are the best and easiest! My favorite is there are ZERO draw fees!"

"I have used other hard money lenders in the past but FlipCo has blown the others out of the water. You will not be disappointed with FlipCo - their services are top notch!"

"Karena and FlipCo are the best!! They provided amazing and fast service for my 2 fix and flip loans. Highly recommended!!!"

FAQ's

How quickly can you fund my project?

At FlipCo, we understand that time is of the essence for real estate transactions. We can fund projects within 48 hours of receiving clear title and all underwriting documents.

How do you differ from other lenders in this industry?

The most important part of our deal structure is ensuring our client are set up for success. We go the extra mile to ensure that title issues are not overlooked, legal documents are prepared correctly for our clients and that our clients have all the tools they need for their projects. Our client’s success comes before anything else.

How are my monthly payments calculated?

The monthly interest payment calculation is explained in detail via the agreed upon Term Sheet that is signed prior to project closing. We charge interest only payments and only ever on funds used.

Do you require insurance?

Yes, every property we lend on is required to have title, builder’s risk, hazard, and general liability insurance.

What type of properties do we fund?

Single Family Residential, up to 4 doors (No Owner-Occupied)
First lien position
Previously flooded properties require additional diligence from our underwriting team
Additional square footage will require a survey prior to funding

Approval Timeline/Process

We typically approve our clients within 48 hours of receiving all required documents.

Do you require appraisals?

We do not require third party appraisals. All underwriting and price opinions are performed in house reducing project costs as well as providing enhanced efficiency to the underwriting process timeline.

What are your borrower requirements?

Last 3 months of bank statements
Financial statement
Completed borrower application

How long are your loan terms?

We offer a 3 and 6 month term.

Do you do credit checks?

FlipCo typically does not require a credit check. We pride ourselves on lending on the asset and strategy rather than the borrower’s credit score.