I’ve been to a few of the NATIONWIDE HARD MONEY SITES…
Is the process difficult if I have the required credit score, downpay, ltv and arv, etc.???
Please explain the process after obtaining a signed or agreed upon purchase agreement?
DRAWS?
I worked with Rick at 4R Management and he was a big help when no one else would touch a loan in ND. I think they have an ad listing on the site or you can google them. Closed in two weeks and we had to have receipts for the draws. The hardest part was getting the appraissor to do the after value appraisal which is required by most lenders. Don’t do it on your own or you may have to pay for it twice. The LTV ratio is typically 65% and if everything is in line you won’t need the down payment.
Keep in mind the purchase price and the repairs will have to be under the 65% LTV. You will want to talk to your lender before you purchase because there may be some seasoning issues. I made this mistake once and I won’t do it again. Once you have been approved the lender can give you a letter for pre approval. It will make a seller take your offer more seriously.
Good luck!
NDI
Usually best to get preapproved with the HML.
The process is extremely easy and can be done in 24 hours.
Once you find a property, they have you send over the scope of work and contract.
Rehab funds are paid out for work completed.