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Updated almost 4 years ago on . Most recent reply

What are some requirements that private lenders have?
What requirements do private lenders or even hard money lenders have when applying for a loan?
What credit score is necessary do I need to achieve when applying for a loan?
What papers or documents will I have to provide?
What are the normal interest rates charged for those loans?
Most Popular Reply

What requirements do private lenders or even hard money lenders have when applying for a loan?
Depends on what type of loan you are looking for:
Bridge loans ( fix & flip loan) 650 C.S or higher and at least 1 fix/flip completed or ownership of 2 rentals and your primary
Rental loans= 680 or higher C.S. and own 1 rental and your primary or 2 rentals and rent your primary.
What credit score is necessary do I need to achieve when applying for a loan?
Bridge loans ( fix & flip loan) 650 C.S or higher
Rental loans= 680 or higher C.S.
What papers or documents will I have to provide?
Articles of incorporation, EIN letter, lease or sales contract, bank statements and construction budget (if applicable)
What are the normal interest rates charged for those loans?
Bridge loans ( fix & flip loan) 7.49%-9.99% interest only
Rental loans 4.25%-5.75% ( 3.5% for select investors)
Hopefully this information helps when you are looking into private money lenders. I work for a national private money lender and these are our generally requirements and terms.