Underwriting Guidelines for Hard Money Loans
Underwriting Guidelines for Hard Money Loans Are Less Strict Than Traditional Lenders, but You Must Meet Certain Criteria
Learn About our Underwriting Guidelines for Hard Money Loans
If you’re like most of our applicants, you’re probably new to hard money loans, so there are some things you’ll need to know before you get started. Just like a traditional loan from your local bank, you’ll need proof of income, decent credit, and a good work history. The big difference between a traditional lender and Capella Mortgage is we’re willing to look at the whole picture when deciding if you qualify for a loan with us. Try getting that at your local bank.
What's Required From Borrowers on Our Hard Money Programs?
Borrowers who don’t qualify for a loan with traditional lenders find hard money loans to be a great option. When they compare us to a regular bank, they find our guidelines aren’t nearly as strict as the banks. Since we’re a private lender, our Investors make the final decision on who we lend to, not board members.
Still, as a licensed broker, Capella follows all rules and regulations regarding mortgages and private lending. Before we can approve your mortgage, we’ll need information about you and the subject property.
During the application process, all applicants will be required to provide the following information:
What Isn't Allowed When Applying for A Hard Money Loan?
Capella is committed to getting funding for our Borrowers which you should realize by now. However, it should also be clear to you that we won’t loan money to just anyone.
As you can see, our applicants at Capella must provide information on their income and ability to repay a loan, and the property must meet certain criteria.
So even though the guidelines at Capella aren’t as strict as traditional lenders, there are some restrictions that we must still abide by like:
Capella Mortgage is confident we can get you a loan as long as we can verify your information and the property meets the minimum criteria, Hard money loans at Capella aren’t difficult to qualify for, and we’re willing to help, but the loan must make sense.
If you’re ready to apply for a hard money loan, fill out our easy Hard Money Loan Application.
Call Capella Mortgage today! (702) 214-4700