Hard money loans can prevent foreclosure. Such loans are the specialty that brings out the best and worst in non-compliant lenders (also known as hard money). If you are facing foreclosure on a property, either you own or want to buy before you arrive or are already in foreclosure, hard money lenders may be your only recourse for getting enough cash in a timely manner.
Hard money lenders can finance a real estate purchase or refinance loan in two weeks or sometimes even less from the moment all your paperwork is in their hands. Make sure you have all the documentation ready for your broker or lender. Use the following list as a guide:
Real estate appraisal written with photos
Purchase contract if you are buying the property
Personal financial statement
Borrower income statement
2-year P&L for the property if it produces income
2 year tax return for borrower
Statement of use of funds
Proof of where the fund balance will come from (such as a bank statement showing available funds) if you are purchasing the property
Being prepared with a complete package will speed up your financing.
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