With less than two months left of 2016, it may seem like any deal will need to wait until the new year to close. However, with their short turnaround times, a hard money loan can be the ideal solution to your year-end financing problems. In order to get the quickest turnaround on your hard money loan request, here are the things you should have ready to hand over to your hard money lender:

1. Purchase contract and escrow instructions. If you’re requesting money to purchase a property, then you’ll need to provide the purchase contract and any escrow instructions to your lender.
2. Repair bid and cost estimates. Regardless of whether you’ll be making any necessary repairs to the property yourself or contracting out for the work, your lender will want to know how much you plan to spend on repairs. If you are doing repairs yourself, this can be pointed out as some of your “skin in the game,” especially if you have less money to use as a down-payment.
3. Photos of the property. Photos can be a crucial part of selling your deal to your lender, especially if he or she is unable to make a personal visit to the site. You should take care to provide photos of all parts of the property and any buildings on it, especially areas that you plan to improve or repair.
4. Loan application and financial documentation. While not all hard money lenders will require a formal loan application, they will wish to look over financial documentation for yourself, your company, and the property, especially if it is a rental property with current tenants.
5. Proof of insurance. This is most necessary if you’re buying a distressed property to rehabilitate it, in which case your hard money lender is likely to want to see that you have quotes for hazard and liability insurance on the property.
6. Appraisal and title report. Your hard money lender will probably also request their own appraisal and title report, but if you have already obtained one, sharing it with your lender can speed up the application process by a few days at least.

Each hard money lender will have his or her own particular requirements, so it’s important to ask them what all they will need when you make your initial loan request. The better prepared you are ahead of time, the more likely you’ll be able to close on your loan before the end of the year.  Call Montegra at 303-377-4181 to discuss your real estate loan scenario.