Do The Math
Hard money financing is based on collateral value (the value of the property you’re seeking funding for).
You will need to determine the possible value of your property/project to show the lender.
It should be large enough to help you obtain the loan.
Create A Plan
Your hard money lender will ask for a comprehensive plan for your real estate project. They want to know more about the state of your project/property and what you plan to with it.
This will help them decide if it makes sense to fund it
Along with submitting an executive summary of the project, you also need to have a solid loan exit strategy.
Coupled with your project information,, your financial information also plays a crucial role in getting a hard money loan.
The hard money loan financial documents required will vary from lender to lender and also differ based on the type of the loan requested by the borrower.
Looking for a hard money lender in Massachusetts?
Harper Financial provides a range of private money loan products to clients, including hard money loans, bridge loans, fix and flip loans, partnership buyout loans and more.
For more information, visit our website.