How do we close deals?

Hard Money Mobile is managed by seasoned real estate lenders who seek to help you succeed in your real estate investments. Our process is quick, no fuss, and customizable to fit your unique circumstances.

1. Initial Contact


When a real estate investor contacts CCP for a possible loan, our first step is to assess whether the project meets our general loan criteria based on the information gathered from the loan application. If necessary, we will gather more data on the potential borrower, the project, as well as a summary of the proposed deal. After obtaining this information, we can usually already tell the potential borrower whether HMM can fund the loan. If we can, then the next stage is the underwriting process.

2. Underwriting


If the deal falls within our criteria, further documents will be required to proceed with the process, such as:

  • a purchase contract for the property,
  • a written anticipated scope of work for the property.

Our appraiser will then appraise and inspect the property and obtain any additional documentations that are pertinent to closing the deal. These might include documentations related to the project contractor, property title and insurance. Further process would include formation of borrowing entity since we don’t loan to individuals, which means the requirement of the formation documents and EIN.

3. Loan Closing


Generally there will be two transactions during loan closing: the property purchase and loan settlement. Prior to closing, we will review all documents necessary to ensure a smooth process. There will be various documents relating to the loan which the borrower is required to sign, including mortgage note, investment affidavit, assignment of rents and leases, etc. After the documents are signed and reviewed by the parties, the loan proceeds will be disbursed either to an escrow agent for further disbursement, property seller, or directly to the borrower.

4. Servicing


In case of a rehabilitation or a new construction loan, the funds will be released in stages, where each installment will be transferred to the borrower’s (entity) account upon the completion of a particular draw stage as verified by inspection of work.

Generally, the money will be wired within 7-10 days since the initial draw request. Other than providing draw management service, HMM provides support related to insurance and payment of interests.

5. Payoff


When the loan is due, we work with the settlement agent to ensure that the process is as straightforward as possible. In addition, HMM does not charge a prepayment penalty, in case the borrower pays off the loan before it’s due.

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