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.
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.
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!
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.
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.
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.
Yes, every property we lend on is required to have title, builder’s risk, hazard, and general liability insurance.
- 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
We typically approve our clients within 48 hours of receiving all required documents.
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.
- Last 3 months of bank statements
- Financial statement
- Completed borrower application
We offer a 3 and 6 month term.
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.