We do not fund foreclosure sale transactions as the time frame for the funds to be paid for the sale is very short (usually within 24-48 hrs) of the sale. Our typical time frame from the time of a fully executed contract and receipt of our application is 7 to 10 business days. If you are purchasing at the foreclosure sales I would recommend if you can fund them yourself then after you get the Deed we could do a refinance to get some if not all or your funds back.

Note that we do not have a minimum loan amount. We do not fund any of the rehab costs no matter what LTV you would be at. Due to the number of states and counties we lend it this becomes an accounting nightmare plus we do not have staff on the ground in the areas we lend to do the inspections and draws because that would be cost prohibitive. The rehab costs are the responsibility of the client/borrower along with the minimal closing costs with closing of the loan. We will add our points on top of the amount we will lend.

Yes. And we do all the time. Prior to making application on a short sale you will want to have the short sale approval letter. If there is a first and a second loan you will need an approval letter for both the first and the second prior to making application.

We work with REO or Bank owned properties all the time. You can download a Proof of Funds letter that they will more than likely require directly from our web site. In addition once you get the approval from the bank you will make application online and we can work to get the deal funded.

We do not provide funding on commercial properties.

No, we will not wire funds to open escrow. You as the client have to put the earnest money deposit down. We would recommend you work with an attorney or mortgage broker when applying your deposit so you have a clause written into the deposit based on the funding criteria.

We do not provide funding on commercial properties. You can try searching for local commercial lenders in your vicinity.

No Problem. You don’t have to have final bids to do the application. We just want to have a close idea what you think the costs will be to get the work complete.

No. We would like to have as much detail as possible; the name and phone number of who is doing the work would be nice but not required.

The application process is done online. On the last page of the application process there is a credit card authorization and that is where and how the fee is paid for the evaluations done by the nationwide independent 3rd party company. Hope that helps.

Yes as long as the property meets our loan to value requirements.

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 Manager 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

We LOVE to work with Mortgage Brokers. Our fees and terms remain the same. You just need to quote your fee on top of our standard fees. You would then have to provide the title company a fee agreement so that your fee can be added on the HUD statement and paid directly to you. We do not pay brokers directly. Let us know if you have any transactions we can help you with.

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.

1. The most important element is the property. We lend money based primarily upon the property and not the person. If the property you are buying is a short sale we need a letter with bank approval. If it is a bank owned property we need to have banks approval already on the offer. You can obtain a proof of funds letter from our web site. We can give you a value we will lend on a property that is not under contract.

2. Credit. We will pull your credit for credit score requirements and to be sure there are no judgments, collections or charge offs that HAVE NOT been paid off. In some cases we will allow up to $500 in collections. We will also obtain a background report. If credit has any of the items listed or there is something on the background report we will charge 1 additional point to do the loan.

1. First find a property. If you are buying from a bank (or a short sale), you MUST have bank approval with a BPO (Bank Purchase Opinion).

2. Complete the online application form and property sheets.

3. Complete online, or email the purchase contract, signed acknowledgments and authorization disclosures, and legible copy of driver`s license.

We will call you within business hours of getting your application to approve the loan.

After the property has been approved and we have all required paperwork, we can close in 24 to 48 hours.