FAQs

Q?What is a Hard Money Loan?

A.

Hard Money is commonly known by several other names, rehab loans, bridge loans and construction loans. Hard Money is a form of financing available to purchase property that does not conform to conventional underwriting standards.

Q?How do I get pre approved (Hard Money)?

A.

Fill out the form sheet on the website or contact a sales representative to get started. We will go over the process with you and will invite you to fill-out a Hard Money Loan application and answer any of your questions.

Q?What is the term of the loan (Hard Money)?

A.

The loans are for six month terms with two possible extensions available subject to a successful review of the original terms. Additional costs may be incurred from extending the life of the loan.

Q?What type of properties do we loan on (Hard Money)?

A.

Single family residential loans only. The properties are designed as investment properties. The home needs to be detached and below market value, the usual borrower is someone looking to become a landlord or to buy fix and sell for a profit. We do not provide funding for land or commercial property.

Q?What are the requirements to qualify (Hard Money)?

A.

A credit score equal to the current market refinance score in necessary. The loans are not available to first time homebuyers and the homes cannot be occupied by the purchaser during the life of the loan.

Q?Where do you loan (Hard Money)?

A.

Currently loans are only available in Texas

Q?Do you require inspections (Hard Money)?

A.

Sherman Bridge Lending will order all inspections. These will include an appraisal, survey, pest inspection and home inspection. The borrower will not be responsible for providing any reports and Sherman Bridge will not accept any submitted reports if the borrower does order one of the above.