Hi, my name is Gary Myers, and I’m the Vice President of Cogo Capital, and I’m here to talk to you about how to get a loan and some requirements that may be needed.
First, it’s easy and simple.
You reach out to the lender and talk to a loan officer.
Once you get on the line with the loan officer, they’re going to work the process with you.
Understanding the Deal
They will ask you questions about the purchase price, rehab cost, and values. They’re even going to ask you about your credit score, possible reserves in the bank, and experience.
Once they have identified that it fits their lending criteria and want to move forward, they will send you a list of possible requirements needed to get the private money loan.
Requirements for a Private Money Loan
Examples are going to be your entity documents, LLC corporation, and everything that’s needed for that entity. They’re going to want to see two months of bank statements. They want to see last year’s filed tax return.
Things a lender will want to review, include:
- Entity documents, such as an LLC certificate
- Two months of bank statements
- Last year’s filed tax return
- Photo ID
Ladies and gentlemen, if the property’s rented out, they’re going to want to see a lease agreement.
They’ll do their evaluation, get a title report, and have insurance.
It’s pretty easy. It’s pretty simple. All you have to do is get started.
Interested in getting funding to secure your next real estate purchase? Cogo Capital can help! We assist real estate investors by providing private money lending. For more information call (800) 473-6054 or apply online today.
Gary Myers is the Vice President of Cogo Capital. As a passionate educator on real estate investing and private money lending, Gary has helped thousands of investors realize their dreams of investing in real estate. An avid investor himself, Gary teaches students how to utilize private money to broker private money loans and fund purchase and rehab projects.