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How To-Secure Funding For Investment Properties-Part 2-Send The Number
Now that you have found the deal that you have researched, you are ready to send the numbers to your lender. A good hard money lender will be local to your market and should only need a few numbers to judge the strength of the deal. If your lender is asking for more than these numbers, you are actually being underwritten by someone who does not know their market or a bank. You didn't come to a hard money lender to be underwritten by a bank and you certainly want a competent lender that you know will show up at closing. The 3 most important numbers to be accurate on will be the address, renovation numbers and acquisition price. If the deal is good and the lender is good, they will see this right away and find a way to get it closing for you. Your bank statements, W2s, tax returns etc are not important here. The asset having the right numbers in place would satisfy 90% of the underwriting process.
Ian Walsh
215.839.3271
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