Posts in category "Terms"
The purpose of a loan term sheet is to give a loan applicant a sense of the parameters and terms of the loan they are requesting. Understanding a hard money loan term sheet can be difficult for new real estate investors, or those not familiar with the process. Here is a breakdown of common lending terms and requirements. Hard Money
Transactional Funding is typically a one-day loan used in wholesale transactions requiring a double closing. When the wholesaler does not have enough cash to close the transaction or the title company will not allow a pass-through closing, transactional funding is needed. With transactional funding the transactions close simultaneous, which ensures all parties to the transaction are able to fund the
Finding trustworthy hard money lenders in Atlanta, GA for business purposes is easier than you might think. If you are looking to buy and sell real estate properties, then DFW Hard Money has loan options for you. With the greater Atlanta area now included in our service areas, we are providing funding for a variety of real estate transactions. Easy
DFW Hard Money Loan Requirements Investor non-occupant loans only Individuals, LLC’s, and corporations are allowed Personal guarantee will be required Lender will take a 1st lien position Insurance required Lender should be named as mortgagee on insurance policy Title policy is required, both owner and mortgagee Tax Certificate Survey may be required ACH draft required for monthly payment
Easy Application Requirements for Your First Investment Property Loan with DFW Hard Money Copy of drivers license Three months bank statements on all bank accounts Most recent personal and company tax returns if applicable Credit check authorization Background check authorization Signed draw form Completed W9 form If you have an entity: All formation documents and operating agreements pertaining to your
Terms & Fees 24 hours closing possible Loan terms are 6-12 months depending on borrower and project Interest rate ranges from 10%-13% 1.5-3.5 points/loan origination fee Interest payments will be due monthly No prepayment penalty for paying off loan early 30-90 day extension at lenders discretion All closing costs and points are due from borrower at closing Loan fees may
Borrower should have funds to begin initial repairs Draw fee is $150 per draw Up to five draws allowed Improvements must be inspected prior to draw being issued No charge for inspections Proof of paid receipts and invoices must be provided Final draw will not be funded until the project is completed If permits required, borrower may be required to