Hard Money Lender- Ask Me Anything

[Sean Molloy]

Hello All, 

My name is Sean Molloy, I am a Production Manager for WDB Funding, a nationwide hard money lender. Ask me anything about hard money lending and I will do my best to answer! The purpose of this discussion will be to hold an open discourse about hard money, and provide the Bigger Pockets community an  inside look as to how a REAL hard money lender analyzes, underwrites and packages a loan file. So go ahead, ask me anything!!

Thanks,

Sean

[Sean Molloy]

Jesse,

After a refresher on a Bigger Pockets advertising policies, here is my updated response:

You should approach a hard money lender and ask that they qualify and approve you as a borrower first and then as your targeted properties become available, you should bring them to the lender to be subjected to their collateral underwriting and approval process. As far as your deal modeling, a lender should be able to provide you with general loan terms and rates based upon the nature of the project to use as placeholders until their final terms are offered.

I hope this helps!

Sean