1. Before being able to proceed to the actual loan agreement process, you must first complete the loan application form provided in the company’s online platform at http://hardmoneybankers.com/ where you have to input all the necessary preliminary data that will help the company assess your financial capacity in placing a loan agreement.
2. Submission of the online application form is then followed by a carefully conducted data review by the company’s pre-approval team to come up with the most strategic loan agreement terms for your needs. There are two important documents that will be issued by the company depending on the results of the application to further evaluate your intention and commitment to the loan. To avoid further compromise on the part of unfeasible applicants their applications are denied the soonest possible time.
3. The second step in the lending process involves the completion of legal and required documents to be furnished by the applicants. These documents will be helpful in the continuity of the loan agreement process. Important papers such as a copy of sales contract and deposits, driver’s license, appraisal reports, among others are of great importance both for the company and your part as the borrower. You should take note that this step plays a crucial factor in the success of your loan application but nevertheless Hard Money Bankers will guide you on the things that you should do along the way.
4. The appraisal and title process will then follow after the preliminary approval and completion of required documents. This is done in order to evaluate your authority as the borrower party on the ownership of the real estate that is attached to the loan agreement. Some real estates are subject to appraisal aside from the examination of title if the need arises. This will enhance the credibility of your title and authority over the asset being held for the loan.
5. Moreover, if your loan turned out to be attached to a real estate still under construction or rehabilitation, there is a construction escrow fund that you need to establish to satisfy the lender’s conditions, most likely requiring 3-4 draws in the whole escrow term.
6. The final step in the lending process is the sale or refinancing of the loan agreement where either of the options can be freely chosen to ensure that the lender gets his part of the loan agreement. What makes it more convenient if you happen to apply at Hard Money Bankers is that you don’t need to fill up another application form by the time you decide to create another loan agreement. The company will just have to reuse the existing data to make the lending process faster and simpler every time.