Most lenders base their decision to extend a loan primarily on your income, credit score and other related factors. As hard money lenders, Great Stone Capital on the other hand, offer loans secured by collateral. With a hard money loan, you can get the financing you need without providing any income verification. Although we can provide financing at almost any credit score. The terms of the loan including the interest rate and the loan to value will differ dramatically based on the credit score. Great Stone Capital will also be paying close attention to the value of the loan.
Great Stone Capital therefore will want to pull your credit, and get an appraisal of the property which we will order.
Besides for that we will want to see entity document (certificate of formation ect.) for the entity you are using to purchase the property. It is important to note that Great Stone Capital along with most hard money lenders require that the investment property to be purchased under an entity. because of this borrower is advised to set up an entity (whether it be an LLC or corporation) prior to entering into a contract of sale. Forming an entity is quite easy and there are services that will set it up for you very quickly and for a reasonable price.
The other major item that Great Stone Capital will want to review is of course the title report which will be provided by the title company providing title insurance for the property.
If you have any further questions please call us at 646-513-2300 or by email at davidsteinesq@gmail.com
