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Hard money lenders have less stringent requirements than their conventional counterparts. They are collateral-based and, as such, are less focused on the borrower’s income or credit history. That does not mean that every loan denied by a bank or a credit union can be easily approved by a hard money lender. Far from it. Hard money lenders serve a unique and relatively narrow niche. They work exclusively with investors looking to snatch a promising real estate investment opportunity. Yes, hard money lenders have streamlined underwriting, and their hard money loans can close quickly, but only when it makes sense for both the borrower and the lender. Let’s explore the main reasons your hard money loan application can get denied.
One of the main steps towards purchasing an investment property is securing a hard money Proof of Funds letter. To be a successful investor, you need to understand what a hard money Proof of Funds letter is, what it isn’t, and how to effectively leverage it to get the best price on your next real estate investment.
