One of the biggest challenges for hard money lenders is finding time review deals (paperwork), site visits and manage funding. Its critical to make sure the borrower is prepared or has a very concise “story” of the deal. Reading 100 page appraisals, 30 page executive summaries is probably not going to happen on the front end and not a good way to present deals. Thats for underwriting and due dilligence. We see borrowers make the mistake of presenting too many files and information upfront without really putting much thought into the “story”, the part that really paints the picture of the deal.
A story should include:
short intro about borrower
collateral description
brief history of project up to why funding is needed
exit strategy
Its really simple and goes a long ways towards funding.
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