You want Quick Loans? Right Choice is Hard Money Lenders

Submitted by jeffrisk on Thu, 08/19/2010 - 10:44.

If you are looking for quick money loans for real estate investment, you first choice is definitely going to look for hard money lenders for borrowing loan. The fastest way to get quick money loan for real estate investment is choosing the option of a hard money loan. So the key point of discussion is how speedily a hard money loan can actually be processed and major reasons of delay in this process. For such kind of discussion, it is quite important to realize all the events that have to occur in the entire process of hard money lending. Let’s see them one by one in this article.

Let’s start form the very key person of this process of hard money loan and that is the real estate investor who will lend the loan. The biggest way in getting a quick hard money loan really comes down to the borrower. The borrower typically delays the process by waiting for too long to make application. He waits until the last minute to make application and trying to get work at a very short notice. You need to give a lot of time to your hard money lender for processing the loan. If you know loan is going to go under contract then get it over to them right away so they can start working on it.

Second important thing is that the borrowers don’t submit complete application. A partial application is getting in the way of the process while you are in hurry because you need some quick money on your real estate and you can’t delay the process. You need to do it as fast as requested through the complete application submission.

The third way we see borrowers delay the process in doing a hard money loan is that they don’t provide the necessary documents in a timely manner. You see most lenders may need a copy of the real estate purchase project, title report or closing protection letter and if you can gather those things up and get those to the lender within a day or two at its earliest it is going to speed up the process.

Now let’s talk about quick hard money loans from a lender’s perspective. The first thing that lender is needs is to get the application and review it. After that they are going to order the evaluations on the property, get somebody to determine a value. Once that value is determined then it needs see where that value lies and final loan amount needs to be established. When final loan amount has been established then real estate purchase contract, title work and such other conditions need to be met. Once all that is received then it all needs to be looked over or underwritten and once that happens; docs orders need to go in and once the documents ordered then they are able to get drawn up. When the documents are drawn up, then it goes over to the title company.

So, after carefully analyzing the above mentioned factors it make known the biggest delay in this process is related to the elements that are out of lender’s control. Usually, lender has no control over the title company and the evaluators because most reputable hard money lenders are actually going to use an independent third party evaluator and that is going to take some time for example 3-4 days if you are in a rush. If you are delaying on giving the documents it is going to slow the process as well. So when we talk about getting quick money loans and quick hard money it is really important to remember a quicker delivery of complete documentation from real estate investor’s side. And the faster the delivery of complete application will be the earlier you will get a hard money loan from hard money lenders arizona.

The article is about all the things which may delay the process of hard money lending while applying for a loan in a hard money lending company. It also describes the ways to lessen these delays.