Hard money loans are different from conventional loans in many ways. And one of those many ways is the qualification process. Qualifying for a conventional loan is not easy if you have bad credit. And even then the application process is time-consuming and tedious.
The qualification process for a hard money loan is quite simple on the other hand. Many hard money lenders try to limit the documentation to a minimum. And even if they do require various documents, credit scores and employment don’t usually have a significant bearing. Here’s a simple list of documentation you might be required to turn in during a hard money application process.
Usually, there will be an investor application which you will have to fill out. The size of this application form depends on whether it is your first time borrowing from them or not. If that’s not the case, usually the form will be exempted or quite small.
You might also be asked to turn in documents verifying your income and credit scores. If you do have bad credit or doubtful employments, it is best to let the lender know beforehand. Although this will not have a significant impact on the qualification process, utmost good faith is a good practice.
Franklin Hard Money Loans providers, BridgeWell Capital, is your trusted hard money lender. They are one of the few who provides funding even to people with comparatively lower credit scores and self-employed borrowers. While conventional financial institutions will most probably reject such applications, BridgeWell Capital does not. On the other hand, they help you get out of the tight situation that you are in. Consider it time for you to contact BridgeWell Capital to request funding for your next venture. Call now!