If you are already flipping properties or planning to start, getting pre-approved for a hard money loan is a simple and quick process (within 24 hours at Coastal Equity Group), there is no cost, and we won’t run your credit when you fill out an application.
As a Private Money Lender, we focus heavily on the collateral (i.e. the investment property) and the borrower’s financial resources. It’s highly recommended to have a pre-approval on future real investments so you have more leverage with the seller and the underwriting process can move faster.
Let’s breakdown the criteria for the Pre-Approval process:
Documentation
The amount of paperwork you are required to provide will be minimal in comparison to a traditional lender. A few basic requirements include your bank statements, entity documents about your “LLC” or “Corporation”, credit score range, current property information (if applicable) and discussion of your experience.
Experience
Coastal Equity Group works with both new and experienced borrowers. First-time borrowers may pay a higher interest rate than an experienced borrower who has demonstrated ability to fix and flip properties, which means less risk to the lender. Establishing a relationship with a lender, will most likely lead to lower rates on future deals.
Location
Location does take into a count with a private money lender since not all lenders provide funding for rural properties and cities with minimal population. Property location can be a factor with many local, private lenders.
Property Type
Every lender does have different eligibility. Loans for private money and hard money lenders are typically for residential units that are non-owner occupied including single family (1-4 units), condos and townhomes. Coastal Equity Group offers commercial loans for multi-family residence (+5 units) and on raw/vacant land for new construction.
Getting pre-approved with Coastal Equity Group simply starts with an application to tell us about yourself, the investment property, and your experience. If you’re interested in getting Pre-Approved with Coastal Equity Group reach out to our team by calling us at (843) 737-0182 or email us at info@coastalequitygroup.com.