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Private Money Consultation
The best way to start the private money loan process is
with a brief consultation. With a 15 minute phone call, we can
discuss your situation and suggest a solution based on your loan
request. This is a quick process, and allows us to quickly
evaluate your scenario.
Information and Paperwork
If on our initial conversation we
seem to have a private money loan that can meet your needs and the
needs of our investors, we will then start gathering paperwork.
The paperwork required for each private money loan will vary.
Some loans may require very little paperwork, while other loans
(such as construction loans) will require much more paperwork.
By having an upfront private money
consultation, we will be able to provide you a list of items needed
for your particular situation.
Property Inspection/Evaluation
Once we begin the process, we will
want to ensure the property is as presented. The main
underwriting guideline for private money loans is the collateral, so
this is an important step.
We do not always need an
appraisal, sometimes we will visit the site with our investor,
sometimes we can order a brokers price opinion, and sometimes we
will need a full appraisal done by a third party appraiser.
The type of inspection/evaluation needed will vary from transaction
to transaction and depends on a number of factors.
Investor Review
Once all of the paperwork and property
information is in, we will do a final review with our investors.
It is important that both you, the borrower, and the investor find the
terms of the private money loan acceptable.
Docs
Once we have done our final review, we will order
docs.
Closing
Once docs are signed, funds will be transferred to
escrow to facilitate the closing.
Timeline
Every private money loan is
unique. The timelines can vary, but a typical loan will take
2-4 weeks from start to finish. In some circumstances we can
close quicker, much quicker in occasions where it warrants. On
the other hand, in some circumstances it can take longer. This
is usually due to unforeseen events that may occur.
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