Hard money loans can possibly forestall a foreclosure. Such loans are usually the specialty which displays the best and the worst in non-conforming (known as hard money) loan companies. If you are dealing with some foreclosure on any property - perhaps one that you own or one that you would like to purchase just before it hits or may be already in foreclosure hard loan providers may be your lone resource for adequate cash in a judicious manner. If you have enough equity in the property that will allow for payments to be escrowed for not less than a period of six months most hard money lenders will consider financing your loan. Typically the property must be in a desirable neighborhood which has a marketing time of 1 year or less. Hard money lenders have no desire to place themselves in an identical position your last lender was in.

Hard money lenders, like Mager Capital, can finance a real estate purchase or re-finance loan in a fortnight or so - or sometimes even less - from the time all your documentation is actually in their hands. Make sure to have all your documentation ready for the broker or financier. Use the following list as a guideline:

Prepared real estate appraisal with photos

Purchase contract in case you are acquiring the property

Own personal financial statement

Earning statement for the borrower

2 years P&L for the property or home if it is income producing

Two years Tax returns of the borrower

Statement of use of funds

Evidence of where the balance of funds will come from (such as a bank statement documenting the cash available) if you are buying the property

Being ready with an entire package will speed your funding.

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