Using a hard money lender

[Tamara V.]

Hello BP community, so I am considering making an offer on a property (my first) but I'm going to be using a hard money lender. My questions are: When using a hard money lender is the offer presented to the seller as an all cash offer? Also, who's name is all the paperwork in? Thank you in advance for your consideration. Tamara

[Account Closed]

@Tamara V. to answer your questions... 

Q- When using a hard money lender is the offer presented to the seller as an all cash offer?

A- No, it is a financing (contingent) offer. A pre-approval letter from the hml is necessary at some point. Getting a loan from a hml is not a cash offer.  Cash = proof of funds.  Loan = Pre-approval letter from the lender.

Q- Also, who's name is all the paperwork in? 

A- The buyer of the property, on the contract, should be the same as the borrower in the hml request. Both should match. 

Good luck in your investing endeavors.....