Utah Hard Money Loans Process

Utah Hard Money Loans

How Utah Hard Money Loans Work.

A Comprehensive Guide

Overview

Utah Hard Money Loans specializes in providing flexible and fast financing solutions for real estate investments, including fix-and-flip projects, rental properties, and commercial developments. The process involves several key steps from initial consultation to loan approval and closing. Here’s a step-by-step guide on how Utah Hard Money Loans work:

1. Initial Consultation

Sales Associate Role:

• We meet with our client to understand their financing needs and investment goals.
• Explain the benefits and risks associated with hard money loans.
• Discuss eligibility criteria and gather preliminary information about the client’s property value, and investment plan and exit strategy.

2. Application Submission

Required Information:

• Name: First and Last Name
• Contact Details: Email and Phone Number
• Property Details: Address, Purchase Price, Property Value
• Loan Amount: Desired loan amount.
• Property Type: Residential, Commercial Real Estate.
• Exit Strategy: Detailed plan for repaying the loan.
• Additional Comments: Purpose of the loan, outstanding debt on the property, how you heard about Utah Hard Money Loans. We reward referrals.

Sales Associate Task:

• Assist the client in completing the application form.
• Collect necessary documents, including property details and financial information.
• Submit the application via email (mailto:[email protected]) or other designated channels.
• https://utahhardmoneyloans.com/application-forms-signatures/

3. Title and Deed Checks

Title Search:

• Initiate a title search with a trusted title company.
• Review the title report for any liens, encumbrances, or legal issues affecting the property.

Deed Verification:

• Verify the validity of the deed, ensuring it is properly executed and recorded.

4. Loan Evaluation

Private Investor Role:

• Assess the application based on property value, exit strategy and title check.
• Determine loan terms, interest rates, and repayment schedules.

Loan Terms Overview:

• 10-15% Down
• Loan-to-Value (LTV): Up to 75% for residential and commercial properties; 50-65% for land.
• Loan Amounts: $5,000 to $3,500,000
• Collateral Based Loans Acceptable
• Term: 1 month to 7 Months
• Origination Point Fee: 1-3 points depending on length and LTV
• Rates: 9.5-24%
• Collateral: Real estate only (Residential, Commercial Property)
• Location: Primarily Utah.
• Up-front Fees: $995 Processing Fee. 1-3 Point Origination fee. (Taken out of Loan)
• +.5% Per Month for 6 Months
• Closing Time: As little as 24 Business hours or 3 Days, varies with complexity.
• Appraisal: Not Required.
• Credit Score: Not usually required; loans based primarily on the value of real estate.
• Lien Position: First position liens only; seconds available if LTV is very low.

5. Loan Approval and Closing

Approval:

• Once loan officer is satisfied with the evaluation, due diligence is complete we approve the loan.
• The compliance officer reviews all documents to ensure adherence to regulatory requirements.