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Hard money loan requirements: the full checklist
Everything a hard money lender asks for on a fix and flip, in one list. Have it ready and you can close in days.
Get my termsHouston hard money lenderWhat do you need for a hard money loan?
Short answer: a hard money lender mainly needs a good deal: a signed purchase contract, a rehab budget and an after-repair value that supports the loan. You will also provide your LLC documents, ID, a credit check, proof of funds for closing costs, and insurance. With us the deal must work at 100% of purchase and rehab, up to 70% of ARV, on a loan of at least $150,000.
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Estimate only. Loan amount is the lower of 100% of purchase plus rehab or 70% of the sale price when finished (after-repair value). Minimum loan $150,000. Business-purpose loans on investment property.
The checklist
- Purchase contract on a non-owner-occupied house
- Rehab budget with a scope of work, line by line
- After-repair value: recent sales of renovated houses nearby; see what is ARV
- Entity documents: LLC operating agreement, formation certificate and EIN
- ID and credit for each guarantor
- Proof of funds for closing costs and anything above the loan
- Insurance: a vacant or builder's risk policy during the rehab
Deal requirements
| Requirement | With us |
|---|---|
| Loan to cost | Up to 100% of purchase plus rehab |
| Loan to ARV | Up to 70% |
| Minimum loan | $150,000 |
| Location | Houston area |
| Occupancy | Investment property only |
Check a deal in the hard money loan calculator.
Credit and experience
Hard money lenders weigh the deal most, then experience and credit. Our form asks how many flips you have completed and your credit band. Send the deal either way and a loan officer confirms what we can offer. New to flipping? Read hard money lenders for beginners.
Questions investors ask
Straight answers about hard money loan requirements.
What are the requirements for a hard money loan?
A purchase contract, rehab budget, after-repair value, LLC documents, ID and credit, proof of funds for closing costs and insurance.
Do hard money lenders check credit?
Most do, including us, but the deal matters most.
Do I need income documents?
Hard money loans are based mainly on the property and the deal rather than your income.
What is your minimum loan?
$150,000.
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