Requirements for Credit Approval: (typically 2-3 day turnaround)
- 620 credit score minimum. We only pull Equifax bureaus, and they are always soft pulls, we will not do a hard pull on any credit.
Bank Statements - must see at least $30k in the bank.
- Driver’s License
- Current years personal tax Return – This is a must. If a customer cannot supply a current Tax Return, we will not approve them.
- Entity Docs – Hard Money loans have to be business to business, therefore we have to lend to an LLC or and Incorporation.
· Operating Agreement/By Laws
· SS-4 – EIN assignment document
· Articles of Organization
· Certificate of Good Standing
These are the requirements for credit approval. Below are stipulations on properties:
We will need the following to process your property file: (closing as quickly as 10 days from submission of fully completed app)
- Pictures of the inside and out of the property
- 3 comps (Filled out on our application, all blanks must be entered)- Itemized Repair budget (also required to be filled into our application)
- Fully executed contract & any assignments you may have.
- We reserve the right to decline deals over 74% ARV. Anything more than this is thinner than we want to pursue as a company.
- We typically do not lend on deals that have repairs more than 30% of the total loan amount.
- We do not intend to lend on deals that are more repairs than purchase, even if the customer is buying it deeply discounted.