Property Guidelines
As a hard money lender we have the ability to lend capital on almost all types of property. Hard Money Go provides funding for residential, commercial, industrial and mixed use property. The main approval requirement is that the property has at least 30% equity. On specific occasions we can lend higher than that.
Because we are not regulated by the government, our lending standards are set by our firm. This means we can provide more flexible financing options than other lenders. We understand the complex nature of being a real estate investor and have created our approval process based on the unique circumstances of property owners.
Whether you have bad credit, low cash flow or simply need a better rate on your existing hard money loan, we have the best mortgages programs for all property types.
Your property is your biggest qualification standard. If you have the necessary property and equity, you will be approved for a hard money loan.
Hard Money Go uses the following property guidelines in determining borrower qualification for mortgage programs.
Property Value
We conduct thorough research on the value of your property. This is done in a few ways. First, we estimate the value of the property based on recently sold comparables of the property and second we determine whether the location will help increase or decrease the value of the property in the near future.
Because hard money loans are generally short term loans, our firm must determine the probability of the value of the property value going up or down. To estimate the value of the property our real estate experts will use the average price per square foot as a measure to determine the value of the property.
Of course unique features of the property will also be used in evaluating value. Property features that may aid the value of the property being higher than similar neighboring properties is age, condition, rent collected, pool, guest house and other unique case by case factors.
Property value is determined by the land itself and the structure that is on the land.
Ownership
We verify the property owner and other parties who have an interest in the property. To do this our firm verifies all liens, judgments and other debts attached to the property. To find out all parties who have an interest in the property, we hire a title company that investigates all liens and lien holders. If there are any ownership issues that may prevent the funding of a loan, our firm will contact you and see if there is a way to change title to make the loan possible.
The ultimate work of our investigations is to find a solution. Oftentimes title issues that may arise can be solved by clearing up title. This can be done by contacting lien holders or paying off debts.
