866-461-2695 ken@hardmoneyman.com


images (10) | HardMoneyMan.com LLC

More and more real estate investors turn to the hard money lenders in Orlando for rehab loans, knowing that they can get the money they need fast and much easier than if they were dealing with a bank. While they do not pay attention to income or credit scores, these lenders still take into account certain aspects related to the property used as guarantee for the loan.

Thus, a property located in a more desirable neighborhood, close to schools, supermarkets and other facilities, will certainly convince the lender to approve the loan application faster and for a higher amount. That is because hard money loans are based mostly on the value of the property, and the more convenient the location of the property is, the higher the appraised value will be.

Once you have the details related to the property clear, the next step is to have the documents proving your financial situation or supporting your plan ready. When you apply with the hard money lenders in Orlando for rehab loans, besides the value of the property, they will also want to know that you are not in debt over your head and that your investment plan is realistic and profitable.

Besides the appraisal of the property in its current condition, you should also bring price estimates from the contractors you plan on hiring, to reflect the value and the specific of the works to be financed, as well as documents to show the price range of the transactions registered in the area for properties similar to yours. Lenders want to know your strategies, so presenting your plan as clearly as possible, based on figures and documents, not just on your ideas, will be of great help.

Once you have completed these steps, keep a good communication with the lender. Return their calls promptly and answer all questions honestly, while keeping a positive attitude. Hopefully, everything will be in order and your application will be approved.

hard money lenders in Orlando for rehab loansKeep in mind that, while you can contact other hard money lenders in Orlando for rehab loans, in case the first one rejects your application, all of them will want the same proofs and guarantees, so it is best to do everything right the first time and avoid going through the same process twice.