Frequently Asked Questions
1. What is Hard Money?
Hard Money is commonly known by several other names, rehab
loans, bridge loans and construction loans. Hard Money is a
form of financing available to purchase property that does
not conform to conventional underwriting standards.
2. What type of properties do we loan on?
Single family residential loans only. The properties are
designed as investment properties. The home needs to be
detached and below market value, the usual borrower is
someone looking to become a landlord or to buy fix and sell
for a profit. We do not provide funding for land or
commercial property.
3. What is the term of the loan?
The loans are for six month terms with two possible
extensions available subject to a successful review of the
original terms. Additional costs may be incurred from
extending the life of the loan.
4. How do I get pre approved?
Fill out the qualification sheet on the website or contact a
sales representative to get the pre approval sheet filled
out and you will receive a response within a 24hour time
period
5. What are the requirements to qualify?
A credit score equal to the current market refinance score
in necessary. The loans are not available to first time
homebuyers and the homes cannot be occupied by the purchaser
during the life of the loan.
6. Where do you loan?
Currently loans are only available in the Dallas/Fort worth
area of Texas
7. Do you require inspections?
Sherman Bridge Lending will order all inspections. These
will include an appraisal, survey, pest inspection and home
inspection. The borrower will not be responsible for
providing any reports and Sherman Bridge will not accept any
submitted reports if the borrower does order one of the
above.
8. Do you refinance?
Sherman Bridge will not do refinance loans. Sherman Bridge
will provide loans to purchase homes only and will only be
in first place.
9. How many loans can I have at one time?
Depending on the borrower a max of two loans at any one time
will be allowed at this time.
10. What is the maximum loan amount I can get?
Currently we will fund up to $250,000.00. In special
circumstances and depending on the situation this could be
increased. |
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