STEP 2Getting the Property Approved

Thanks for your interest in working with Hard Money Mike for your flip and or bridge lending needs.

At Hard Money Mike it is our mission to form a partnership with good quality people and help them profit now and in the future.

The first step in the process is to obtain an overall approval on you and your entity. If you have not completed that step please click here to go to STEP 1 of the process.

 

PROPERTY APPROVAL COMES IN 2 FORMS:

  1. Preapproval for your property (prior to contract) or if closing on a property under contract that is more than 10 days out. We will need the following to start the process:

    1. Address and proper details (square feet, beds, baths, garage etc…)

    2. Exit strategy of flip or hold

    3. Property purchase price

    4. Scope of work and budget

    5. Current as is picture of inside and out

    6. Your ARV and comps

  2. Under contract and ready to close in 10 days or less. We will need the above plus the following.

    1. Signed contract and any and all amendments/agreements

    2. Proof of funds to close

    3. Closing title and or escrow company and the contact information

    4. Insurance agents contact information

    5. Broker Price Opinion

CLICK HERE FOR A COPY OF THE PROPERTY APPROVAL CHECKLIST

Once we both agree on loan terms we will send out a term sheet that will detail the loan offer.

The term sheet will need to be reviewed, signed and returned to start the process.

At the time of approval we do require a $500 fee (fully credited back at closing) for the valuation expense be sent in with the signed term sheet. This amount is non-refundable if you do not close this loan.