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Qualifying for a Private Money Loan With Capital Fundings
[/vc_column_text][/vc_column][/vc_row][vc_row full_width=”stretch_row”][vc_column width=”2/3″][vc_column_text]Hard money loans are primarily used for real estate investment. A private money loan is often used as a means to finance construction but can also be used for renovations of an investment property. Collateral, such as existing real estate holdings, back private money loans and make them ideal for those who may have issues that would preclude them from working with a bank.
>>Related Content: Property Types for Private Money Loans[/vc_column_text][/vc_column][vc_column width=”1/3″][vc_column_text]
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The value of the property determines what percentage of that amount you are able to borrow. Capital Fundings will want to review documents that you have related to the investment property. Your credit score will also be considered when you apply.
You will need to provide personal financial information. This includes a completed credit application, bank statements, a credit report and documentation related to the corporation that owns the property. Capital Fundings does not provide private money loans to individual homeowners.
We will also look at the neighborhood or area that the property is located in to determine if the price of your property is in-line with the nearby area. As part of your initial evaluation for your investment in the property, you should have reviewed online resources to help determine the true value of the location.
If you have any experience in real estate development, in any capacity, it would help to know about this. Even if you have not been involved in project finance, but have worked in design or construction on a property that was bought and then quickly turned around. All of this information will help us quickly review your application and, if approved, get your project financed.
ou may be asked about how much of your own money is available to complete your project. Loan to Value (LTV) percentage is determined by what the After Repair Value (ARV) is calculated to be. This is the amount that may be funded. For example, if the LTV is 75%, you will need to show that you have the rest of the amount (25%) readily available. These readily available funds do not include things like credit card advances or other short-term loans. Is your need for financing property purchased, using an existing property as collateral, or for renovations? If renovating, we may put the loan amount into an escrow account and reimburse the borrower as work is completed.
The process for qualifying for a private money loan through Capital Fundings is easy and fast. Once the application and supporting documents have been reviewed, a decision will be made. If approved, we will review all loan documentation with you. Private money loans through Capital Fundings have no hidden costs or fees. You will be able to review a payment schedule and see any fees and what your loan interest rate will be.
[/vc_column_text][/vc_column][/vc_row][vc_row full_width=”stretch_row” css=”.vc_custom_1522849094165{background-color: #ffffff !important;}”][vc_column][vc_column_text]Sign up for our mailing list to get the latest updates and offers.
Capital Fundings is a direct private money lender. We are federally licensed with the NMLS and carry professional liability insurance. Our licensed professional team will provide outstanding service from approval to closing with great rates and terms. Our PROMISE to you on Closing day: Your MONEY will be there!!!
