FAQ
How quickly can you close?
Although most of our loans close within several weeks of initial borrower contact, we can close within 3-4 days if all the paperwork and title is in order.
Do I need good credit to get a loan?
We do pay attention to the credit background of the deal; however, a borrower does not have to have good credit to close with us.
Do I need cash to close?
Not always, but most of the time we do require our borrowers to have some cash to settle, pay interest over the course of the loan and be able to deal with cost overruns with the rehab project.
Do I need experience to close?
Having experience is very helpful but we do lend to first time borrowers.
Will you finance loan points?
In certain circumstances, yes.
How do I start?
Fill out a Loan Pre-Qualification Application or email us with a basic deal summary. You need to perform your own due diligence on the deal first. We will review your submission and contact you. If we think it is a viable deal, we will set up a time to meet you in person and discuss the deal.
What initial paperwork do you need?
We do not require any initial paperwork, however it is very helpful to us if you provide a loan application and a deal summary. Even better if you also have a purchase contract and a proposed scope of work. And better still if you also can provide us with some value comparisons for the target property.
What is your loan structure?
We offer a six month loan that is interest only until maturity and with a three month minimum, and no prepayment penalty. Learn more about our Loan Programs.
Will you lend to an individual?
No, we only lend to some kind of entity – LLC or Corporation.
Do you require personal guarantees of the principals?
Yes.
Do you lend to owner occupiers?
No, we only lend to investors. All of our loans must be non-owner-occupied.
Will you take a 2nd lien position on a loan?
No, we are a 1st lien lender only.
Do you offer new construction financing?
Yes, but only to experienced contractors or builders.
Are you a direct lender?
We are a direct lender with control of our own funds and decision making.
How soon can I expect a preliminary approval from Wisconsin Hard Money?
Within 24 hours if the submission is complete.
Will you roll loan costs into the loan?
Yes, but it depends upon the particular circumstances of the loan and individual circumstances of the borrower.
What is the minimum credit score you require for a loan?
We do not have a minimum credit score, however, we do examine our borrower’s credit, and look at payment patterns. If your credit is poor we will look for other parts of the deal that make it safer for us.
What income requirements do you require?
We do not have set income requirements for the borrower, but the borrower must be able to demonstrate the ability to pay scheduled interest.
Do you ever speak and meet with the borrower directly?
Yes, always preferred since we are a relationship based company.
What are your lending limits?
$50,000 – $10,000,000
Are there any properties you do not lend on?
We do not lend on primary residences, co-ops, mobile homes, or extremely rural properties. We lend when we can value the asset with a high level of confidence.
Will you lend 100% deal cost?
Yes, as long as the deal requirements are met on our end.
Will you lend 100% of rehab costs?
Yes. But we carefully examine your scope of work and draw schedule.
What properties will you lend on?
We concentrate on single family and multi family residential properties. We also lend on commercial and mixed use commercial properties with a residential component.
FAQ
How quickly can you close?
Although most of our loans close within several weeks of initial borrower contact, we can close within 3-4 days if all the paperwork and title is in order.
Do I need good credit to get a loan?
We do pay attention to the credit background of the deal; however, a borrower does not have to have good credit to close with us.
Do I need cash to close?
Not always, but most of the time we do require our borrowers to have some cash to settle, pay interest over the course of the loan and be able to deal with cost overruns with the rehab project.
Do I need experience to close?
Having experience is very helpful but we do lend to first time borrowers.
Will you finance loan points?
In certain circumstances, yes.
How do I start?
Fill out a Loan Pre-Qualification Application or email us with a basic deal summary. You need to perform your own due diligence on the deal first. We will review your submission and contact you. If we think it is a viable deal, we will set up a time to meet you in person and discuss the deal.
What initial paperwork do you need?
We do not require any initial paperwork, however it is very helpful to us if you provide a loan application and a deal summary. Even better if you also have a purchase contract and a proposed scope of work. And better still if you also can provide us with some value comparisons for the target property.
What is your loan structure?
We offer a six month loan that is interest only until maturity and with a three month minimum, and no prepayment penalty. Learn more about our Loan Programs.
Will you lend to an individual?
No, we only lend to some kind of entity – LLC or Corporation.
Do you require personal guarantees of the principals?
Yes.
Do you lend to owner occupiers?
No, we only lend to investors. All of our loans must be non-owner-occupied.
Will you take a 2nd lien position on a loan?
No, we are a 1st lien lender only.
Do you offer new construction financing?
Yes, but only to experienced contractors or builders.
Are you a direct lender?
We are a direct lender with control of our own funds and decision making.
How soon can I expect a preliminary approval from Wisconsin Hard Money?
Within 24 hours if the submission is complete.
Will you roll loan costs into the loan?
Yes, but it depends upon the particular circumstances of the loan and individual circumstances of the borrower.
What is the minimum credit score you require for a loan?
We do not have a minimum credit score, however, we do examine our borrower’s credit, and look at payment patterns. If your credit is poor we will look for other parts of the deal that make it safer for us.
What income requirements do you require?
We do not have set income requirements for the borrower, but the borrower must be able to demonstrate the ability to pay scheduled interest.
Do you ever speak and meet with the borrower directly?
Yes, always preferred since we are a relationship based company.
What are your lending limits?
$50,000 – $10,000,000
Are there any properties you do not lend on?
We do not lend on primary residences, co-ops, mobile homes, or extremely rural properties. We lend when we can value the asset with a high level of confidence.
Will you lend 100% deal cost?
Yes, as long as the deal requirements are met on our end.
Will you lend 100% of rehab costs?
Yes. But we carefully examine your scope of work and draw schedule.
What properties will you lend on?
We concentrate on single family and multi family residential properties. We also lend on commercial and mixed use commercial properties with a residential component.