How To Get Your Hard Money Loans Funded
There are so many investors looking to get deals done these days, and many of them are looking for funding for their deals. The biggest thing we hear all day is “i have a property that with repairs will be 65% of the after repair value”,
So naturally we ask, how much of your own funds are you looking to put into the deal. You would be surprised what we hear!
Most of the replies we get to that are, “oh, you wont fund the whole deal?” or “I have $500, $1000 to put into it” or “how much do you need”
I think the biggest misconception these days is that you dont need to put money down to purchase real estate. It is called an investment property because you need to invest in it! If we funded the whole deal, wouldnt it be our investment property??
If you want to get your hard money deals funded there are several things you should keep in mind:
1. You need a down payment
2. Dont waste your time shopping around deals that have no shot closing. Move to the next one.
3. If the deal is a white elephant, chances are you will not get funding for it in this market.
4. If you say your a ‘real estate investor’ , be able to back that up with deals you have completed.
5. Keep in mind the economy plays a huge part in what deals do get funded. In this economy, land, construction, and development deals just arent attractive.
6. Write an executive summary for every deal. You need to be a salesman on your deal to get funding. If you cant sell your deal to a lender, why would he want to fund it?
7. Dont ever say when asked how much can you put into the deal “i was hoping as little as possible”. Doesnt sound to good to a lender on the other end of the phone!! Why should the lender put up all the money when your not looking to put your money into it? How confident in the deal are you?
8. You still need a down payment!!
NLD Settlement Corp will show you How to get your hard money loans funded. If you need funding for your next deal you can apply right online at www.hardmoneyman.com