When you’re applying for a hard money loan, you may only deal with one or two people during the process. Behind the scenes, however, there may be several players that are contributing towards getting you the money you need quickly.
It typically starts with the private lender who is responsible for originating the loan and directing the other players to ensure your application closes quickly and you receive the money you need promptly. These people may also assist with coordinating title and escrow services and finalizing loan documents, among other things.
The private investor is the individual or entity that will provide the finances for your loan. You may also deal with a title company which will compile a title report for any property that is being used as loan collateral. This company will peruse official records to obtain pertinent information such as potential property liens and judgments. This information may also be used to factor in whether title insurance is an option. If it is, the title company will provide an offer to issue a title insurance policy.
Any reputable hard money lender will be happy to answer any questions you may have about your loan. Take the time to thoroughly understand the process and you’ll be confident in your decision.
This update is by hard money lending Miami company Monroe Funding Corporation, a direct equity lender serving clients throughout Central and South Florida. We specialize in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get you to the closing table quickly and professionally. For more information on hard money lenders Miami or hard money lending Florida, please call 954-816-0388 or fill out our application.