Hard Money Loans for Acquisitions

[Najeh Davenport]

I understand the concept of hard money loans, but I'm currently navigating the process of applying for one myself. The lender plans to finance 80% of the purchase price and 100% of the renovations for my property, which is approximately 3000 square feet, renovation loan amount of around $50,000. However, I encountered a hurdle in the form of a scope of work requirement. Despite providing a detailed bid from my contractor, I was informed that it wasn't comprehensive enough. After revising the bid to include one-liners detailing the work and materials, I'm now awaiting further feedback. Has anyone else experienced a similar process when applying for a hard money loan? Any insights or advice would be appreciated.