Even if you’ve landed that great bank-owned property and require a loan to buy, it can be disappointing if a few hard money lenders have turned you down.
The truth is that you might just not be good at selling a deal and for this, you can get started by getting a binder from Office Depot with tabs that you can print on.
So, here is some information you can add so as to help you get a money loan:
#1: About Me
You FNMA 1003 loan application, driver’s license, credit card statement, resume and a list of references should be added here
#2: Purchase contract
The purchase contract with addendums
Appraisal made by a real estate BPO needs to be added here.
#4: Insurance binder
A copy of the commitment to insurance made by your insurance provider.
#5: Title Commitment
A copy of the title commitment should be added here.
Color photos of both inside and outside the property covering as much detail as possible needs to be included here.
A professional inspection report should be added in this tab
#8: Repair Estimate
A repair estimate from a licensed general contract.
Provide details of the numbers such as purchase, closing and holding costs and repairs as well as realtor fees.
The outline of your construction project
Once you have this portfolio, you should be ready to go ahead and sell your project properly for a hard money loan.