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Updated about 9 years ago,
Hard Money Lending Process?
After some research, it appears that hard-money loans are a good fit for my fix and flip goals and strategy. Here are few questions for anyone willing to help:
- What terms and conditions should I expect for my first hard money?
- What are the best practices for requesting a hard money loan?
- Is it possible to pre-approve so I can bid with confidence?
- What are generally considered deal-breakers for the lender?
- What are generally considered deal-breakers for the borrower?
Some basis info:
- Currently searching SFHs from HUD, County Courthouse properties, buyers lists, MLS, other off-market opportunities in my local region (SE Houston/Galveston)
- Fair credit, above average income
- 1 rehab under my belt closing in a couple of weeks with better than expected results. (I.E. price offered above asking, inspection resulted in minor issues only, lender appraisal met offer price, etc.)