GMA Hard Money accepts and funds loans for residential rental acquisitions and commercial real estate projects that do not meet the strict requirements of traditional bank underwriting.
Borrowers must have experience in real estate construction, remodel, rehab, development, general contracting or they must hire someone who is experienced to execute the construction project within the term of the loan. After the Borrower submits the loan application, the lender will contact the Borrower or offer him a Letter of Intent (LOI) that states the lender would like to begin official underwriting for the hard money loan. At this point in the process, there is no obligation for either the Lender or the Borrower. If the Borrower elects to move forward with the underwriting process, it is their responsibility to discuss the loan terms and underwriting fees with the lender directly. The lender will inform the Borrower of any further documents required for official underwriting.