Getting started in the real estate investment world can be a lot of information to absorb. We made it the hard money aspect of things simple with a list of frequently asked questions in the ALPHAbet: The ABC’s of Hard Money.
Read about A: After Repair Value in our last blog.
B is for Borrower Interview.
Every hard money lender’s process looks slightly different than the next. At Alpha Funding Solutions, we take pride in using a holistic and consultative approach for our funding decisions. In doing so, part of the underwriting process includes a borrower interview with our in-house underwriting team.
After completing your fix and flip application, you will be set up for an over the phone interview with one of our underwriters. Interviews typically last about 20 minutes with the goal of understanding the whole picture.
They will want to understand the nature of your project from beginning to end along with your plans to complete the work. They will ask questions about where you are purchasing the property from, how much money you’re looking to borrow, whether or not you have any experience, about your income and upfront funds available, your plans for the property, your exit strategy, and so on.
When speaking to the Alpha underwriting team, they are getting to know you as the borrower on a level that is beyond your credit score and application. We take our time to really understand and know who each borrower is while also giving the opportunity for you to ask questions and gain a full understanding of who we are.
After your borrower interview, you will either be pre-approved if there is not a specific deal up for discussion or if there is, we will order the appraisal and move towards closing.
The entire process from application to closing is typically about 10 business days that begin what we hope will be a long term business relationship with you.
Be on the lookout for the rest of the ALPHAbet coming your way!
We can’t wait to work with you!