Lending Process For A Quick Hard Money Closing
Fill out our quick on line application for our 1-hour call back. We will review it and get back in touch with you for pre-approval.
Pictures are important for us to get a feel for the property and tell a thousand words. Please send us some pictures of the subject along with street views looking both ways so we can get a feel of the neighborhood area. We ll also need inside pictures of all the rooms and pictures of the rear of the subject property.
If you have an appraisal, old or new we ‘d like to review it to help us make a loan decision.
If the property is in the Houston Metro area we’ll do a drive by so we can assess our interest first hand. We usually like to meet the borrower on site to answer any questions we might have concerning the condition of the property, etc.
Letter of Intent
After reviewing the property and your loan application we’ll issue a letter of intent stating the terms and conditions of the loan for preliminary approval. If these terms are agreeable to you we will need an application fee to go forward which is credited back to you at closing. Why do we charge an application loan review fee? We review 25 to 40 loan requests a month and can only concentrate on the borrowers who are serious about a loan and not just wasting our time.
All closings will require a lenders insurance title policy providing evidence that we will be in a 1st lien position. We will always order the title policy from one of our preferred title companies. It can take anywhere from 3 days to 3 weeks to get a title commitment back depending upon the county records availability.
Once we receive the letter of intent back we will order title and appraisal. We always order a new appraisal from one of our approved appraisers. The appraisal is always COD and you will need to pay the appraiser with either cash or a bank check. If you give them a personal check they will not start until the check clears. Appraisal fee is non-refundable.
We will need most of the following documents depending upon the type of loan. Entity documents, hazard & liability insurance, flood insurance if required, purchase contract, large copy of drivers license, addresses of cross-collateral property if any.
Attorney Loan Document Fees
Loan document fees for our attorneys to begin work to prepare loan docs have to be paid in advance and can range from $500 for a simple residential loan to several thousand for a complicated commercial loan with several entities and properties involved.