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elcome to Frequently Asked Questions. This is the most transparent, up to date, valuable, resource for our clients. Everything you need to know is below. Please take some time to review. We have organized questions into categories to help you navigate your questions as fast a possible.
Every Question and everything you need to know about our Lending Program, Fees, Buyer qualification and everything else is included in our FAQ. We are frequently asked when do I need to have contact with our office. We don't need to talk in person until you have a property under contract. You can get everything in a much faster manner by going through the details below. Due to fast time constraints in getting loans funded, we are very busy with applications that are under contract. When you have a property under contact you can submit your application by going to Apply for Loan.
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In fact if you have a question that is not answered on the web site simply complete the form below and we will not only answer your question but we will mail you a $100 Wal-Mart Rebate Card as our way of saying thanks. So take a few minutes and go over the details below.
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Click on Any Question and the Answer will appear. Also you can search by keyword below for your specific Question.
We only fund investors. If you are a homeowner looking for financing we cannot help you! |
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Some people when they see what we offer
- No Monthly Payment
- Up to 100% Finance
- No Credit Score Requirements
- No Job verification
- Up to 8 Month Loan terms
- Two guaranteed extensions at the borrowers option to extend
Think that this may be too good to be true. . . The bottom line is that we truly understand what real estate investors needs are. You need reliable financing that will be there for you every time you need it. You don’t want to have to worry about putting money down and want to tie up as little capital as possible. That is what DoHardMoney.com is here for.
For that answer and for more details on this question or any other questions please visit http://www.dohardmoney.com/Hardmoney-rehab-loans.php here you can find every question you may have. In fact if you don’t find the answer to your question there you can submit your question and win a $100 Wal-Mart Rebate Card.
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Some visitors to our web site are concerned that our information may be out of date. Or are concerned that we may have changed our program, or question if we are still in business. If you have spent any time on our website you can tell that we have spent a lot of time and effort to make it a professional hard money site. In fact we have two full time developers that their only job is to keep our site up to date and keep the greatest and latest features on our site. That being said everything on the web site is up to date. The second anything changes the web site is updated and we have constant monitoring on our web site to keep it the very best site for Hard Money on the entire internet.
We spend our time working with clients that have property under contract and need to be funded. Due to having such tight funding deadlines we have to keep all our efforts focused on this. If you happen to call and don’t have a property under contract you will be directed back to the web site or to email us directly at info@dohardmoney.com.
There is no need to call us. All the details on the web site are up to date and we are excited to talk with you as soon as you get your property under contract.
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There was a TV station whose motto was “Characters Welcome”. I don’t want this to come across wrong but we feel the same way. We look at the value of the property not the credentials of the individuals. We don’t look at income, debts, we don’t look at tax returns and in fact we only use credit to see if you have any judgments.
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- If you have had a Bankruptcy that is current or one that has been discharged in the last full year
- If you have unpaid and outstanding judgments
Other than that we will lend to you. The Key is buying the right property. We are going to look for your property to fit our guidelines. You don’t even need to call us prior to making an offer. Once you get the property under contract then make contact. You can even download a Proof of Funds letter right off our web site that you can use in making offers to banks, private owners, or any other seller that may want to verify that you can get the money. As long as you are not in the above two categories there is no need to talk directly with our office until you get the property under contract.
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To be blunt… It is not about You! It is about the property. As long as you don’t have a Bankruptcy or have any outstanding judgments, financing has nothing to do with you. Stop acting like we are a bank. We are not. We are a hard money lender and we lend based primarily on the value of the property not based upon the credentials of the individual.
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We don’t make any money if we don’t fund on properties. Why would we spend the time and money to develop the world’s best Hard Money website and marketing? Why would be want to be getting applications and not fund on them? We have been in business for many years and we plan on being in business for several years more. We have funded hundreds and hundreds of deals over these years and we have seen so many people be very successful real estate investors. In fact we even have a goal and track how much profit our investors make on every deal. Our goal is to help our clients make MONEY; we want to help you do the same.
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Great question. We primarily put our judgment into the property when we come up with the lending decision. We do pull your credit to make sure there are no judgments on it that are unsettled. We will not lend to someone that has outstanding judgments. If everything has been resolved with the creditors we will lend to the borrower. We won’t deny someone based on credit scores. However the scores don’t determine if we will lend or not. Credit scores below 620 do have slightly higher pricing when you get the loan. But we will give you the loan regardless of what your credit scores are.
Down payment is not required unless the values are lower than what we are able to loan and then you can bring the difference between what we are able to lend and what you are buying it for to get the loan closed.
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Great question. We primarily put our judgment into the property when we come up with the lending decision. We do pull your credit to make sure there are no judgments on it that are unsettled. We will not lend to someone that has outstanding judgments. If everything has been resolved with the creditors we will lend to the borrower. We won’t deny someone based on credit scores. However the scores don’t determine if we will lend or not. Credit scores below 620 do have slightly higher pricing when you get the loan. But we will give you the loan regardless of what your credit scores are.
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We are real hard money lenders. We are concerned about the value of the property more than the borrower. We look at how much you can sell the property for after repaired rather than your income. Banks look at your income and you as the primary factor in lending money and give very little thought to the property as long as the value is what you are buying the home for. We look at the how much of a discount you are buying the home for as your primary measurement. Income verification is not needed to get a loan with Do Hard Money.com
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Put your seat belt on this is going to be a little more complicated of an answer. Most hard money lenders get funding from banks. Therefore the banks that are funding the hard money lenders require traditional guidelines, credit, income, job history. Although the qualification may be loosened due to the lower loan to value the requirement is still there. At DoHardMoney.com we do not have any bank financing. All of our financing is private and we get to make our own underwriting guidelines rather than having to fit into the box that the bank makes. Again Banks don’t have a clue of the needs of real estate investors.
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We know how busy real estate investors are. We have set up our company to be tailored to the needs of real estate investors.
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You can get a Proof of Funds letter any time day or night. Just go to our web site and you can download the letter. Every time you request a letter it updates our computer system as to the property address and amounts so if the seller calls us we can find your details even if we have never spoken on the phone.
- You don’t have to call us until you have a property under contract. Everything we do is on our web site, our loan terms, what we charge, what we will lend on and what we won’t and even getting a proof of funds. There is no need to contact our office via phone UNTIL you have a property under contract. Even then the first step will be to submit your application online.
You can see there is no better hard money lender set up for real estate investors.
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Do you currently have a property under contract? If you have the property under contract you will want to submit a loan application by going to www.dohardmoney.com. Also if you have a property under contract you can call us at 800-284-0076 you will hit option 1. This will connect you with a Portfolio Manger that can help you out.
If you do not have a property under contract and have questions, due to the time sensitivity of our business it is nearly impossible to answer all questions over the phone. We do want to provide first class customer service so we have established a FAQ section on our web site that can answer all your questions. In fact if your question is not answered you can submit it and we will give you a $100 Wal-Mart Rebate Card. Or you can email us directly at info@dohardmoney.com
Happy Investing
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We take the After Repair Value minus the Cost of Repairs; we call this Adjusted After Repair Value (AARV):
Single Family Detached.
If the property is $60,000 or more we lend 70% AARV
If the property is $59,999 or less we lend 50% AARV
Condo, Townhouse, Rowhome, or Loft
If the property is $60,000 or more we lend 60% AARV
If the property is $59,999 or less we lend 40% AARV
We are frequently asked how we determine After Repaired Value. It is very simple. We look at the lowest comparable that is fixed up in good condition in the immediate area that is sold, and we also look at the lowest active in the immediate area that is in good condition. We then use the lower of these two. Basically Solds tell the history and Actives show the future.
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We take the After Repair Value minus the Cost of Repairs; we call this Adjusted After Repair Value (AARV):
Single Family Detached.
If the property is $60,000 or more we lend 70% AARV
If the property is $59,999 or less we lend 50% AARV
Condo, Townhouse, Rowhome, or Loft
If the property is $60,000 or more we lend 60% AARV
If the property is $59,999 or less we lend 40% AARV
We are frequently asked how we determine After Repaired Value. It is very simple. We look at the lowest comparable that is fixed up in good condition in the immediate area that is sold, and we also look at the lowest active in the immediate area that is in good condition. We then use the lower of these two. Basically Solds tell the history and Actives show the future.
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All of our products can be found on our web site under Residential Loan Fees. We are not like the traditional hard money lender that changes points and fees depending on how they feel that day. Our points and fees are standard and set; all of this is published on our web site. We want you as a real estate investor to be able to depend and rely on our rates, terms, and points charged on loans. Our web site is always up to date. In fact we have two full time web developers that ensure our web site is always delivering the easiest and best ways of doing business for our real estate investors.
You may also want to visit www.dohardmoney.tv and review the informational videos that are provided. This can help you get a property under contract, and other educational products.
Once you have a property under contract then complete in full the online application which includes an electronic signature and date. You will need to email a copy of the fully executed purchase contract. Upon receipt we will charge your credit card to cover the evaluation fee from the independent 3rd party company we use on a nationwide basis to do the evaluations.
We look forward to working with you.
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