Are you making this common mistake when submitting a HML request? Here's a tip...

[Account Closed]

Here's another tip for working with hard money lenders. 

Follow the submission guidelines the lender has put in place. Give the lender a complete submission using the guidelines but don’t go overboard with the information. Don’t submit more information than is initially requested.

Hard money lenders want to consider a specific loan opportunity. Hard money lenders do not want to consider nor have time to look at random “what-ifs”.
Additional information is often in the way of being able to consider the facts of the loan request. Submitting too much information before the information is requested is a common mistake. A lender will ask for more information if it is needed.

Do you have hard money loan questions or tips? 

[Matt Rodak]

Great post @Account Closed 

3 deals is a pretty solid start to building a successful track record and this will certainly help you qualify with most lenders. As a rule of thumb, most HML want you in for 10-20% of the purchase price. Factor in another 5-7% for closing costs depending on the origination fees. Further, if you're financing the rehab work, most HML will escrow those funds and release once work is complete. So you'll need another $10-20K in reserves to advance to your contractors, pay monthly interest, utilities, taxes, etc.

PM me if you want to discuss further. Happy to jump on a call with you.

Thanks!

Matt