Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Hard Money Loan Closing Process

By Smithmac Subscribe to RSS | June 6th 2012 | Views:
loading
 
  



You've decided to get a non-traditional loan. A hard money loan seems to be your best option at this time.Hard money loans are tools for investors, business owners, property owners, would-be property owners and others for whom conventional loans are unattractive or unavailable. Originally, the term was used to describe any loan that was secured by property or other collateral, as opposed to unsecured borrowing, such as cash advances from a credit card or bank line of credit.

Understanding the hard money closing process will help you prepare specific items relating to hard money loans that may be requested of you during the approval process from hard money lenders.

Hard money Borrower

You or the lawful enterprise for which you have power to express real estate asset. If you are performing on part of an enterprise such as a llc (LLC) or a organization, be sure to get ready a quality necessary for most hard money loans which funds you particular power to act on part of the enterprise.

Seller

The individual or legal entity from which you are purchasing the property (if applicable).

Hard money Lenders

The individual or company who manages the borrower’s loan application, processing, underwriting and provides you with a source of private investor funds for the hardmoney loan.

Real Estate Agent(s)

Licensed agent (also may be an attorney) who represents either the borrower/buyer and/or seller for purposes of sales term negotiations and contract execution (if applicable).

What happens before you sign loan documents?

The closing process actually starts back at the beginning of the process. The hard money lender, or sometimes the real estate agents orders title and escrow services and that starts the ball rolling.

The title company:

• gathers details about the client and owner (if applicable).

• conducts a search of county records for liens, judgments, easements etc against borrower, seller and/or property.

• creates a initial name review that is an offer of name insurance on the home or home.

What happens after you sign the documents?

• The hard money lenders wire the loan profits to the escrow/settlement solutions organization.

• The escrow/settlement services company records the deed, mortgages, etc with the county.

• The escrow/settlement services company disburses the funds to all appropriate parties.

• The title company issues title insurance policy(ies).

So while signing closing documents from hard money lenders may seem like a quick and final process to your transaction it is actually neither. A large amount of effort goes into getting the loan transaction to the closing table. The loan transaction is complete when the security instrument (e.g. mortgage or trust deed) documents are recorded, and funds are disbursed. The closing and loan funding process varies based on time, state laws, and county processes. As a general rule, most transactions disburse funds within 3 days after loan documents are signed. If you are planning to receive funds at a particular time, coordinate closely with your hard money broker and be alert that funds will not necessarily be disbursed right after you sign your documents.

Smithmac - About Author:
Also read about Hard Money Loan and Hard Money Loans

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/loans-articles/hard-money-loan-closing-process.htm

Related Loans Articles Subscribe to RSS

Instant cash for me- Borrow instant money as soon as possible
Published by Ponting Sarad on July 23rd 2012 | Loans
To get fast funds, it is better for you to avail instant cash for me. It is a great fiscal support e...
 
Emergency Cash Loans Bad Credit- Grab money at peak hours
Published by Alan Cruzs on November 28th 2011 | Loans
Emergency Cash Loans Bad Credit scheme is quite helpful for those residents of US, who want to take ...
 
Small short term loans- Quick money useful for everyone!
Published by Martin Bale on December 15th 2011 | Loans
If you want to get quick and small cash then it is preferable for you to apply small short term loan...
 
Month end money: End Up Your Cash Crises
Published by Michael Tory on July 2nd 2012 | Loans
Month end money is the best remedy to solve the problems on time, which occur in your life without a...
 
Short term loans- Borrow money today!
Published by Martin Bale on June 27th 2012 | Loans
If you are taking short term loans, you will be getting instant funds in order to meet cash worries....
 
Emergency loans for bad credit - Wonderful money plan for bad creditors
Published by Alan Cruzs on July 25th 2012 | Loans
If you are availing emergency loans for bad credit, it is sure that you will be obtaining instant fu...
 
Online decision loans - Get instant money and overcome financial stress
Published by Kert Kills on December 15th 2011 | Loans
If you have struggled with financial tension, then it is better for you to apply online decision loa...
 
Cash loans- Never worry about money to fight against cash crisis!
Published by Conner Abel on March 27th 2012 | Loans
If you need instant cash in the form of loan, you can now apply for cash loans to get quick funds to...
 
Long term bad credit loans- Chance to get quick money!
Published by Jaker Kmith on July 20th 2012 | Loans
If you are having financial crisis, it is better for you to avail long term bad credit loans....
 
Cash for payday- Useful small money before your payday
Published by Aldis Roy on December 8th 2011 | Loans
If you want quick money then you need to apply cash for payday scheme without any hassle....
 
3 month payday loans- Utilize money for 3 months!
Published by Jaken Smeth on June 16th 2012 | Loans
If you are availed 3 month payday loans, you can utilize money for many purposes. This is a cash sup...
 
Student loans Scotland- Get quick money and make your future bright!
Published by Keron Breson on July 12th 2012 | Loans
If you are really in need of money for educational purposes, it is better for you to avail student l...
 
Same day money- Urgent cash assistance for you
Published by Karen Flec on December 6th 2011 | Loans
In order to fulfill your short-term financial needs, you need to apply same day money that can be av...
 
Small payday loans- Utilize money till your next payday arrives
Published by Addison Maddy on May 8th 2012 | Loans
By getting quick cash via small payday loans, you can fight against any financial crisis without any...
 
Bad credit installment loans- Easy to avail quick money
Published by Gorgie Nork on July 4th 2012 | Loans
If you are availing bad credit installment loans, you can easily resolve cash hurdles with ease....
 
Five efficient ways to save money
Published by Heather Protz on February 28th 2012 | Finance
Efficient ways to save money during times of unexplainable currency drought....
 
Short term installment loans - Quick money for borrowers
Published by Ponting Sarad on May 10th 2012 | Loans
By availing small funds via short term installment loans, you can achieve small financial requiremen...
 
Installment loans online-Overcome any unnecessary burden of money
Published by Beidhi Ceeper on July 19th 2012 | Loans
With the assistance of installment loans online, you are free to fulfill your financial crisis witho...
 
Guarantee is not required,so availability of cash is not hard under it
Published by Jackfox on February 16th 2012 | Loans
Unsecured cash loans have been drafted with prolific traits. So, urgency of money does not remain ch...
 
Long term bad credit loans- Use availing money for longer period of time
Published by Jaker Kmith on June 16th 2012 | Loans
By availing long term bad credit loans, you can utilize money for longer period of time to meet cash...