djamal-soft
السبت، 16 مايو 2015
In order to be approved for a loan from a traditional lending institution, a prospective borrower must meet certain criteria, which typically includes a steady source of income, good credit history, and sufficient collateral. Unfortunately, not everyone fits this mold and will not qualify for financing, which is where Atlanta private money lenders should be able to help them.
Private investors often approve candidates to whom banks denied funding. A loan officer or lender is the person who has connections to these investors and acts as a proxy between them and prospective borrowers. Each client's needs differ, as do the terms and rates of these loans; it is the job of the lender to find the best match.
Lenders who officiate loans can be found through personal referrals, in the Yellow Pages, or online. It is important to do some research into the background of this person before deciding to do business with him or her. Requesting and contacting references as well as finding out the lender's foreclosure rate is advisable.
After choosing a lender they are confident in and comfortable with, the borrower will begin the loan application process. This begins with completing a "Statement of Information" form and submitting it as well as all supporting documents which are required, doing so gives the investor an overview of the applicant's financial situation. Clients should be sure to disclose any credit issues etc., with the lender, as they are in the business of finding solutions for such problems.
The particular money loan package available to the borrower depends on both the purpose of the financing as well as his or her financial profile. Clients will be offered different rates and amounts to borrow depending on the purpose for the funds and their ability to pay it back. Lenders want to hear details, so they know where the money will be going.
In the case of real estate loans, it may also be necessary to have an appraisal done, secure an Automated Valuation Model or Broker Price Opinion, and meet with an escrow company before approval. If there are any outstanding liens against the applicant or the property to be purchased, these must first be resolved, and the necessary documentation provided before a new loan can be granted.
When the investor approves the loan, the lender prepares all the contractual documents which are required to make it official. Clients must read these documents over very carefully before signing anything and ensure they fully understand the terms. Then the funds will be released to the borrower, proceeds directed to the investor, and the loan documents will be filed with the county. The loan servicing company will "board" the loan, which establishes a regular system of payments that will be in effect until the loan is paid off.
Private investors often approve candidates to whom banks denied funding. A loan officer or lender is the person who has connections to these investors and acts as a proxy between them and prospective borrowers. Each client's needs differ, as do the terms and rates of these loans; it is the job of the lender to find the best match.
Lenders who officiate loans can be found through personal referrals, in the Yellow Pages, or online. It is important to do some research into the background of this person before deciding to do business with him or her. Requesting and contacting references as well as finding out the lender's foreclosure rate is advisable.
After choosing a lender they are confident in and comfortable with, the borrower will begin the loan application process. This begins with completing a "Statement of Information" form and submitting it as well as all supporting documents which are required, doing so gives the investor an overview of the applicant's financial situation. Clients should be sure to disclose any credit issues etc., with the lender, as they are in the business of finding solutions for such problems.
The particular money loan package available to the borrower depends on both the purpose of the financing as well as his or her financial profile. Clients will be offered different rates and amounts to borrow depending on the purpose for the funds and their ability to pay it back. Lenders want to hear details, so they know where the money will be going.
In the case of real estate loans, it may also be necessary to have an appraisal done, secure an Automated Valuation Model or Broker Price Opinion, and meet with an escrow company before approval. If there are any outstanding liens against the applicant or the property to be purchased, these must first be resolved, and the necessary documentation provided before a new loan can be granted.
When the investor approves the loan, the lender prepares all the contractual documents which are required to make it official. Clients must read these documents over very carefully before signing anything and ensure they fully understand the terms. Then the funds will be released to the borrower, proceeds directed to the investor, and the loan documents will be filed with the county. The loan servicing company will "board" the loan, which establishes a regular system of payments that will be in effect until the loan is paid off.
About the Author:
Tom G. Honeycutt is a full-time real estate entrepreneur in Atlanta, GA. Tom helps readers by providing practical and useful knowledge to better understand lending choices. If you are looking for Atlanta Hard Money Lending he suggests you visit his friend's to learn more.
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