Hard Money Loans Frequently Asked Questions

What is a hard money loan?

A hard money loan is a loan made by a private individual or individuals that do not have to follow conventional lenders and banks rules because it is their own money. Usually these loans are short-term bridge loans to help someone get financing quickly when they otherwise couldn't through a bank because of time or because they were turned down. These are great loans for those who do not want to jump through banks' hoops or because they need the money fast.

Do you allow broker participation?

We do allow broker participation. As you are aware, certain "residential" loans require the broker to be licensed and their company to have a "PLM" license before we can pay them. Commercial transactions do not have that requirement.

Why is hard money expensive?

Hard money allows the borrower to not have to conform to conventional lender guidelines and put up with much of their nonsense. Not only are we much easier to work with, but we are much quicker. We can close a loan within a couple hours instead of weeks like most lenders. The basic idea is can you justify spending a little more to save a deal, get a loan done quickly with less hassle, get a loan done the banks won't do? We will always make sure our money is worth it to you.

What do I need to turn in to begin the loan process?

Please give us a call with your loan scenario. To begin we need a title report and a standard 1003 Fannie Mae loan application which can be faxed to us at 801-269-9985 or you can fill out our online loan application for free right here. Other items may be requested for further due diligence.

Do you do second mortgage hard money loans?

No, we do not do second mortgage hard money loans. To do a hard money loan we must be in first position. We can do conventional second mortgages, though.

Where do you fund loans?

    We only fund loans on property located in Utah.