The process of real estate investing is complex and ever-changing. It doesn’t matter if you’ve been doing it for 20 years, or if you’re just looking to get started, there will be times when you’ll need a helping hand from someone you can trust. Perhaps the biggest risk in the whole process is the company funding your projects—the hard money lender. It’s imperative to that you choose the right creditor, one that is committed to you and your investing future, not just their own profits. So what should you ask your hard money lender?
8 Questions to Ask Your Hard Money Lender
- Do you require a minimum credit score?
- Do I have to have previous experience in house flipping?
- Do you look at contractor bids to ensure everything is in line, including cost accuracy and completeness?
- Do you help generate a detailed ARV estimate?
- Do you oversee the repair progression?
- Do you fund my repair costs, points and interest?
- Do you provide a detailed, itemized list of ALL closing costs?
- Do you provide tools/resources/training to help me succeed?
Starting Your Real Estate Investment Journey
Getting the above questions answered beforehand will help ensure that your real estate investing experience will be the best it can possibly be. It only makes sense that you have a guiding and informative voice in your ear throughout the rehabilitation process, as you stand to gain (or lose) a large amount of money - and fast. So make sure you’re happy with your hard money lender’s answers to the above questions BEFORE signing on the dotted line!
Want to know how Catalyst Funding answers the above questions? Download our informative white paper 8 Need-to-Knows When Selecting a Hard Money Lender to find out! (hint: we think you’ll be pleasantly surprised by our answers)
Catalyst Funding is not only here to be your hard money lender...we also want to build (and maintain) a long-lasting, mutually-beneficial relationship with you. Accelerate your future in real estate today by contacting us at 832.648.3626.