Things Hard Money Lenders NY Need To Know About Your Rehab

Oct 3, 2014 | Hard Money Lenders Archives

hard money lenders NYYou have purchased a home at sub-market value, begun work on rehabbing it for resale, and then hit a brick wall that can only be solved by the hard money lenders NY. This is a routine problem many real estate investors throughout the state encounter, but it can be solved quite easily if you have a few key pieces of information handy.

Working With The Hard Money Lenders NY

While New York offers hundreds of different lending options and types, you will need to narrow down your search by a few key criteria. This includes the rate that you can afford to pay and the specific lenders who are interested in your property.

Once you have found the NY hard money lender who is willing to work with you, you will need to be forthcoming with the kind of information regarding the property you are rehabbing:

  1. What It Looks Like – Nobody is going to invest in something they cannot see, and neither would you. The hard money lenders NY you talk to will surely want detailed and extensive photographs of the property in its current state. A walk-through video is not a bad idea, either.
  2. What It Costs To Repair – Before you meet with your lender, you should have a local contractor create a written estimate of repair costs for the home. Even if the end sum is different or you perform some of that work yourself, you will want to use this as your guide.
  3. That You Own It – It should be evident that your hard money lender will want to see a signed copy of the purchase contract. If you need financing to get the contract signed, show your lender a copy of the contract you plan to use, and they may lend to you so that you can get it.
  4. That You Are Insured – If severe vandalism or catastrophic loss occurs, you and your lender will both want to know that you are covered. That means having an insurance agent provide a quote for liability and hazard insurance.
  5. hard money lenders NYThat The Title Of The Property Is Not Clouded – You may need to get a preliminary title report on the property in order to show that it does not have a clouded title. Some lenders prefer certain title companies, however, so, once you have chosen the hard money lenders NY you are going to work with, ask them what their demands or preferences are.