Top 7 Tips for Smooth Private and Hard Money Loan Closures
In this video, Jack and Marcy provide tips for successfully closing a private or hard money loan, emphasizing the importance of preparation and transparency for both brokers and borrowers. Key tips include ensuring clear property titles, verifying the accuracy of LLC documents, and realistically assessing property values. They also stress the need for detailed financial documentation, such as rent rolls and proof of net operating income, while cautioning against unrealistic assumptions. Brokers are advised to thoroughly vet deals, ask the right questions, and understand the borrower’s situation upfront to avoid delays or complications during the closing process. Ultimately, success hinges on gathering accurate information early on to ensure smooth and timely loan closures.
Category: Deals Done,Education,Loan Programs
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