Get Pre-Approved Today to Fund All of Your Future Real Estate Deals
Completing this initial application is the first step to getting hard money funding for your future real estate investments. The great thing about working with Hard Money Lenders of Kansas City is that once your line of credit is approved and you successfully complete your first transaction, your line of credit does not expire, which means you can use our capital for all of your future real estate transactions up to the credit limit.
Hard Money Lenders of Kansas City's has this pre-approval process in place to determine how much capital we can allocate to your deals at any given time. So, if your line of credit is approved for $100,000, well, you may only be able to do 1 to 2 deals at any given time. On the other hand, if you're approved for $500,000, you might be able to do 5 to 10 deals concurrently.
Let's cover what we are evaluating at this stage of the process. First, we consider your income, cash reserves, and available credit. It's important that a borrower has the ability to financially support a deal if it goes sideways. For example, if you are doing a fix and flip, it's very common to have unexpected, costly issues arise in a rehab, and if it's above and beyond the hard money loan amount, you need to have the ability to eat that cost. Secondly, we look at your credit reports and scores. As far as score, we generally like to see it above 650, but no less than 600. The most important thing we consider on a report is the history of loan repayment and open bankruptcies, collections and/or judgments. A previous bankruptcy or foreclosure is typically not an issue if it appears to be an isolated event. It's when there is a consistent history of not repaying loans and collections where this would become a concern. We understand that we're all human, and everyone makes mistakes, but a "repeat offender" again and again may not be a great fit for our program. Lastly, we look at your experience as a real estate investor. If this is your first rodeo, we will weigh our decision more heavily on your income, reserves, and credit history. We may request additional information about your contractor, mentor, or strategic partners, that can help your case.
On a lighter note, we offer very competitive terms and rates, and we close deals fast, so don't wait any longer. If you don't yet have a deal needing funding, get your line of credit approved today, as it will be one less thing that needs to be completed when that awesome deal comes flying across your desk next time.
Complete the form to the right. If you have questions or concerns, call us at (816) 293-2999.