Sentences with phrase «requirements of a hard money lender»
Although the documentation requirements of a hard money lender may be LESS than a bank lender for a loan approval, it does not mean they are non existent.
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On the other hand, a hard - money lender will concentrate on the current and projected value of the property, with fewer requirements for other financial disclosures.
The upfront requirements of bank loans are so different from private money loans, so never assume you know what a hard money lender will require for a loan approval, especially if it's your first time using this type of loan.
Once the potential borrower has shown they are able to satisfy all of the hard money lender's requirements, they will receive verbal approval from the lender.
Hard money investment property lenders have few requirements as they are asset - based lenders who are primarily concerned with the value of the property and the borrower's equity in that property.
The qualification requirements vary from lender to lender, but most hard money lenders require a personal credit score of at least 620, a debt - to - income ratio (monthly debt payments / gross monthly income) under 35 %, and no recent foreclosures or bankruptcies.