Start Here . . . USE HARD MONEY TO GET A LOAN YOU NEED
Be a Creative Borrower—A Hard Money Loan May Be What You Need

IF REGULAR LOAN MONEY FROM BANKS is tough to get, consider applying for hard-money funding. Many people think of hard money as high interest money. This is only partly true. Actually, hard money is:

• Funding based on a “hard” asset, such as the land and/or

building in a real estate funding deal.

• Funding provided in deals that may be a trifle riskier than

traditional lending from banks and similar lenders.

• Funding made at a somewhat higher interest rate than

conventional financing from banks or mortgage companies.

• Funding that may be made with fewer credit checks or

borrower investigation than conventional loans.

HARD-MONEY LOANS can be your saving source of business and real estate money in good times and bad times. To get money from a hard-money lender, take these easy steps:

1. Figure out how much money you need; then round it off to the next higher common loan amount. Thus, $98,568, you’d round to $100,000. Why? Because, lenders think in “round” terms when they’re making loans. And they talk to each other in these round terms. You make it easier to say YES to you!

2. Know the exact purpose of your loan. Hard-money lenders want to know the exact use you’ll be making of their money. Why? Because hard-money lenders are often in the same business as you are. So they are interested in knowing what you will do with the money. They may even advise you on its use!

3. Include a short (1- or 2-page) Business Plan with your Loan Application giving details of your project. Show how, and where you’ll use the loan money, and the return you expect.

4. Be sure your hard-money lender is looking for your type of loan. Study your lender’s printed information to be sure you’re applying at the right lender for the correct loan! Thus, some hard-money lenders in the IWS “New Hard-Money Loan Program” list WHAT they Regularly Lend On; WHAT They Sometimes Lend On; WHAT They Do NOT Lend On. With such a list it’s easy to see if the loan you seek is acceptable.

Another hard-money lender says: “Project types limited to Office, Retail, Hotel, Multi-Family Only.” So don’t go to that lender with a religious or industrial building Loan Application! You’ll waste your time and the lender’s time! Borrow smart!