Hard Money Loan Requirements

All hard money loans will require a certain number of basic disclosures and loan documents. Additional layers of documents are added for a consumer loan and even more with a consumer O/O loan. Therefore, the hard money loan requirements for a non-consumer loan are generally less, as is the required documentation.

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A hard money loan may be a faster route to financing than a bank loan. But be sure you understand the possible consequences before you take.

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Hard money lenders are generally known to approve a loan that is rejected by banks. However, that doesn’t mean anyone looking for financing can go to a hard money lender and apply for a loan. hard money lenders are businessmen and investors; they’re thorough when it comes to screening loan applications.

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What kind of interest rates and loan to value ratios to expect. Standard requirements of the borrower. Where to find an experienced hard money lender to work.

The loan amount the hard money lender is able to lend is determined by the ratio of loan amount divided by the value of the property. This is known as the loan to value (LTV). Many hard money lenders will lend up to 65-75% of the current value of the property.

As with any lender, hard money lenders will loan a portion of what’s needed. That is usually expressed as a percentage of the purchase price, or alternatively the after repaired value (ARV). For example, a company might lend 90% or the purchase price. Another might lend 70% of the after repaired value.