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Text Content

The "Hard Money Handbook"

brought to you by Finley Capital

Download Now!

--------------------------------------------------------------------------------



--------------------------------------------------------------------------------

The "Hard Money Handbook"

brought to you by Finley Capital


7 STEPS


TO GUARANTEED HARD MONEY LOAN APPROVAL

Download Now!




TRUSTED BY REAL ESTATE INVESTORS IN MICHIGAN, INDIANA, AND OHIO, OUR HARD MONEY
HANDBOOK CONTAINS EVERYTHING YOU NEED TO KNOW TO GET YOUR NEXT DEAL FUNDED WITH
A HARD MONEY LOAN. 

Download Now!

236

# Loans Funded

$27,833,406

$ Volume Funded

100%

Borrower Satisfaction


HARD MONEY LOANS

The purpose of this handbook is to help you understand how to get the most out
of your relationship with your hard money lender, how to make your loan
application attractive to your lender, and most importantly how to obtain hard
money loan approvals so you can take your real estate investing to the next
level with a reliable funding partner you can count on for years to come.

Download Now!


WHAT IS A HARD MONEY LOAN?

A hard money loan is a form of asset-based financing where a borrower obtains
funds backed by real estate. These loans are typically provided by private
lenders or hard money lending firms. They require a first-position mortgage or
deed of trust on the property, a promissory note, a commercial loan agreement,
and a personal guarantee from borrowers.

Download Now To Learn More


WHY WOULD A BORROWER USE A HARD MONEY LOAN?

A hard money loan is appealing to investors looking to purchase, renovate, and
sell or rent distressed properties because traditional banks and credit unions
are hesitant to lend for such projects. These loans are a quicker alternative,
often funded in a shorter timeframe than traditional loans that involve lengthy
underwriting and appraisal processes, which can take 30 to 45 days. This makes
hard money loans advantageous for borrowers needing swift property acquisitions.

Download Now To Learn More

HOW IS A HARD MONEY LOAN AMOUNT DETERMINED?

A hard money loan's approval is based on the present and future value of the
property being used as collateral, while conventional loans place greater
emphasis on the borrower's credit, income, and ability to repay. Due to the
increased risk and shorter loan terms, hard money loans generally carry higher
interest rates and origination fees compared to conventional loans.




To access a comprehensive breakdown and detailed loan calculation, please
download our handbook today.

Download Now To Learn More


HOW MUCH DOES A HARD MONEY LOAN COST?

Hard money loans are typically short-term, with Finley Capital offering loans
ranging from 1 to 6 months. While fees can vary among lenders, a common fee
structure at Finley Capital includes a 12% interest rate, 3% origination fee, a
$700 processing fee, and 3 draw fees of $100 each.




Experience a clearer understanding of loan costs with our detailed computation.
Download the Hard Money Handbook now.

Download Now To Learn More

HOW DOES A HARD MONEY LENDER EVALUATE A LOAN?

Hard money lenders have a simpler and more flexible approach to underwriting
compared to conventional lenders, who rely on complex credit and income
criteria. Hard money lenders use common sense and creativity to evaluate each
deal, considering if the property is suitable for a hard money loan and if the
borrower is likely to succeed in their plan for it.

Download Now To Learn More



THE HARD MONEY LOAN PROCESS

At Finley Capital we have broken down the hard money loan process into 6 stages:
Apply, Process, Underwrite, Fund, Service and Repay. We will break down each
step in detail so you have a better understanding of what to expect along the
way.


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THE HARD MONEY LOAN PROCESS

1

APPLY

The hard money loan process initiates with the submission of your application
and deal details, culminating in a term sheet that outlines the loan offer for
your consideration and, upon acceptance, leads you to the next stage.

2

PROCESS

Upon signing your term sheet, the loan process advances to the document
collection phase, encompassing personal, corporate, and property-related
documents, which include financial statements, corporate details, purchase
agreements, property photos, and more, ultimately moving your loan to the
Underwriting stage.

3

UNDERWRITE

At Finley Capital, we employ a thorough underwriting process, evaluating the 4
C's: collateral, character, capacity, and credit, wherein we assess property
details, your background, financial capacity, and creditworthiness to determine
your loan's terms, ultimately advancing to the Fund stage upon satisfying
underwriting conditions.

4

FUND

During the Fund stage, the final loan conditions are addressed, including
insurance commitments and document preparation, leading to the setting of a
closing date, ensuring all parties are informed and facilitating a smooth
transition to the Service stage upon loan funding.

5

SERVICE

During the Service stage, you'll focus on property improvements, requesting
draws, and careful documentation. After repairs, you choose to sell or seek a
tenant. The Repay phase begins when you accept an offer or finalize a refinance
loan application to pay off the hard money loan.

6

REPAY

In the Repay stage, you request a loan payoff amount from your hard money
lender, and they calculate it based on various financial factors. When the
closing date is set, the title company sends a closing statement, and upon loan
repayment, the lender records a release of mortgage or deed of trust, marking
the loan as fully repaid, concluding the typical hard money loan process.

ACCESS THE HANDBOOK NOW FOR AN IN-DEPTH EXPLANATION OF EACH OF THESE STEPS.

Download Now!



THE 4 C’S OF UNDERWRITING A HARD MONEY LOAN APPLICATION

At Finley Capital we follow the “4 C’s” of underwriting: collateral, character,
capacity and credit. Let’s take a closer look at each element through the eyes
of the hard money lender to help you better understand how to increase the
strength of your loan applications.

Download Now!


COLLATERAL

In the underwriting process of a hard money loan, the lender meticulously
assesses the property's current condition to determine its estimated as-is value
and conducts an analysis to estimate the after repair value (ARV) by comparing
it to similar properties in the local submarket, often relying on conservative
valuations to mitigate risk.

CHARACTER

In contrast to traditional banks relying on complex credit assessments, hard
money lenders assess your character directly, often through conversations and
references, and may consider your experience in real estate when determining
loan terms, making it a key factor in the lending decision.

CAPACITY

In the hard money loan application process, your financial capacity to
contribute to the project, cover payments, and manage potential cost overruns is
evaluated through the analysis of personal financial statements, tax returns,
and entity information, ensuring you can handle the financial aspects of the
project.

CREDIT

In the hard money loan application process, your credit history, including your
credit score and background check, plays a role in assessing your eligibility,
but many hard money lenders, such as Finley Capital, consider multiple factors
beyond credit history to determine loan approval status, emphasizing your
ability to repay the loan.

This sounds like a lot (and it is), but don’t worry. The final section will
outline our 7 step process to follow for guaranteed hard money loan approval.

Download Now!


7 STEPS TO GUARANTEED HARD MONEY LOAN APPROVAL

Every hard money lender has their own methods for underwriting and approving
loan applications. At Finley Capital, we feel that when a borrower follows all 7
steps outlined in this chapter, it becomes much easier to say yes to the loan
request.

Download Now!


STEP 1: FIND THE RIGHT PROJECT

Prior to submitting a loan application to your hard money lender, it's
imperative to conduct a detailed underwriting of the deal from a lender's
perspective. Understanding your lender's specific lending criteria, such as the
maximum loan-to-ARV ratio, is essential for a successful loan request. By
proactively underwriting your deal and aligning it with your lender's
guidelines, you can boost your credibility and increase your chances of loan
approval.




To gain further insights and access sample loan comparisons, simply download the
Hard Money Handbook today.

Download Now!



STEP 2: DEFINE A CLEAR EXIT STRATEGY

When seeking a hard money loan, your exit strategy for repaying the loan is a
crucial element for consideration. In this process, clarity is key, and
providing a well-defined plan for repayment, whether through resale,
refinancing, or other means, is essential to instill confidence in your hard
money lender. This strategy not only ensures repayment but also enhances your
credibility in the eyes of your lender.




To delve deeper into crafting a solid exit strategy and navigating the hard
money loan process, download our comprehensive handbook today.

Download Now!


STEP 3: SUBMIT A FULL LOAN APP

While a hard money loan primarily relies on the property's value, factors like
your character, capacity, and creditworthiness still play a significant role in
the underwriting process. Most hard money lenders assess your credit profile,
financials, and corporate documents, making it essential to present a
comprehensive loan application to enhance your credibility and maximize your
chances of loan approval.




Download the Hard Money Handbook now to learn more!

Download Now!



STEP 4: INCLUDE COMPARABLE SALES AND PHOTOS

Each hard money lender, including Finley Capital, follows a unique internal
underwriting process to assess property value. To expedite this process and
establish trust, it's crucial to submit relevant and accurate comparable sales
data with your loan application, demonstrating your market knowledge and
building credibility with your lender. Additionally, including comprehensive
property photos and videos, while being transparent about its condition, further
strengthens your loan application.




Gain access to the handbook now for a comprehensive guide, including sample
photos and detailed instructions on what to include in your submission.

Download Now!


STEP 5: BUILD A COMPREHENSIVE SCOPE OF WORK

In the loan-to-value formula, the total scope of work budget is a crucial
component. It's vital to provide a comprehensive breakdown of estimated repairs
in both material and labor costs, supported by written contractor estimates, to
give underwriters a clear view of your project's financial details.
Additionally, preparing a draw schedule for funds release demonstrates your
renovation plan and safeguards the lender's investment, a practice that your
hard money lender may already have a format for.




Download the Hard Money Handbook now to learn more!

Download Now!



STEP 6: BECOME A STRONG BORROWER

Put yourself in your hard money lender's shoes – they prefer borrowers with
ample cash reserves, excellent credit, extensive experience, and strong moral
character. Strive to become this kind of borrower by saving up as much cash as
possible, building a stellar credit score, and gaining valuable real estate
experience, which will greatly enhance your appeal to hard money lenders when
seeking funding for your projects.




Access the handbook today for in-depth insights on becoming a highly qualified
borrower.

Download Now!


STEP 7: BE PROFESSIONAL

Achieving loan approval from a hard money lender requires more than just
financial competence. Maintaining professionalism in all your interactions, both
online and in-person, is a critical step towards securing their trust and
support throughout the lending process.




Download the handbook now to explore the seven essential steps leading to
guaranteed hard money loan approval.

Download Now!



SIMPLE.

Our loan application process is straight forward and streamlined.


FAST.

Our underwriting is fast so you can get your deal funded quickly.


RELIABLE.

When you receive our loan commitment you can rest assured you loan will be
funded.

The "Hard Money Handbook" is brought to you by Finley Capital, a full-service
hard money lender providing funding solutions to real estate investors. From
first time flips to a good deal you can't pass up, Finley Capital can help you
achieve your goals. 

To learn more visit www.finleycapital.us

Address: 6024 Eastman Ave Midland, MI 48640

Email: logan@finleycapital.us



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