It’s a Done Deal
Plus, Insider’s Tip
Ever have a deal get denied with no explanation as to why? Do you find it confusing when some of your deals are pushed through no problem while others seem to struggle down the pipeline? If you’re a newer investor maybe you’ve simply never been educated on the qualities that make an attractive deal. Here are five things that Lend Some Money looks for when presented with an opportunity.
- Asking for a loan of at least 75K.
- A credit score of at least 620.
- This includes: contracting, wholesaling and of course, investors who have previously bought, renovated and resold property. In addition, those who hold property for rental purposes are considered to have experience.
- Hard money lending deals with cash. It’s ideal if you understand the value to having money to bring to the table in addition to the cash you borrow.
And last but not least; location, location, location! Properties in metropolitan areas, by water and in well-kept neighborhoods make an application appear more attractive. This is because the resale opportunity is likely higher.
If you’ve got a deal that meets the aforementioned qualities then let’s work together! If you’re not quite there yet, don’t worry! Contact us today and we’ll help education you on the necessary steps to take to become a lenders ideal customer.
Insider’s Tip: In addition to getting your deal accepted, everyone wants a quick close. The industry standard is two weeks although, most loans will require a longer amount of time. The reason is for that is usually due to the appraisal process. It takes time to obtain, process and deliver. One work-around is by having a property in a hot location, or an area where we’re able to used preferred appraisers. Our preferred appraisers move fast and understand the important of an ARV appraisal. Which helps us cut down time and close faster!