Welcome to Great Plains Funding, LLC.
Hard Money Loans for real estate investors & professionals.
A fast & courteous service to fund your next real estate transaction
What
is a Hard-Money Loan?
A “Hard-Money Loan”
is a loan that emphasizes the value of the
real estate instead of the 'credit worthiness' of
the borrower. The collateral itself is 'usually' more
important than the qualifications of the borrower, though both are
considered. Hard Money Borrows are individuals or businesses that have opportunities in real
estate that doesn't fit well into an institutional lending rules. The acquisition of distressed properties
requires speed or flexibility unavailable through more conventional
means.
What
Great Plains Funding (GPF) Can Do For You:
GPF has the speed and flexibility you require, plus our process is easy; so you don't need
to run all over town, being turned down and losing the property you
wanted. In this market, rehabs seem to go fast and you have to
move quickly to lock one in.
We do short-term loans (up to six months) to
purchase properties and rehab them. Sorry, we don't finance
owner-occupied properties. We are placed in 'first position' on
the mortgage or deed, as it serves as collateral. NOTE:
landlords, you too are approved to apply for hard money from us.
We will loan on properties up to quad-plexes.
GPF normally doesn't pull credit, because we evaluate your ability to
rehab the property more than what your credit says about you.
Lets face it, we have all had a hit a time or two. If you have
the ability to renovate a property but can't get the money to do it,
its time to talk with us.
The Process:
1. You need to lay out a plan of attack on what you
want to achieve and how you will get there.
2. You need to locate and
secure a property in Oklahoma City
or its surrounding area. (Call about other areas in Oklahoma,
785-272-4800, you want to rehab. Once you have found one, you need
to contact us so we can get involved with you and supply a 'pre-approval letter' to give to the seller and show that you are
serious about buying his property.
First,
you need to fill out the following forms:
- Form # 2 - Credit Authorization
- Form # 3 - Loan Request
- Form # 4 - Repair Detail
These are
form-fillable so you complete them on your computer, print them, sign them
and send them off. When they are completed, you can fax them
to Stan @ 785-273-1442. We prefer that you scan them and email them
back to to
stan@greatplainsfunding.com. But we understand that not
everyone is tech savvy, these days.
When you have completed these forms, you will also need to send a
check for the analysis fee ($500) and appraisal fee ($450) to Stan.
At this point, we will need access to the property to do our
analysis of the property, so plan for our access to the inside of
the house
Once all this is complete, we’re ready… Tell us what you want
to offer the owner for the property and we'll send you the
letter
of intent, so you can lock the house up.
(Note: normal business hours apply, if you require a letter
after normal hours, please call Stan 785-273-1442 during the regular
business hours to let him know.) Remember, without a letter of
intent the owner might not take you seriously enough and sell the
property right out from under you, causing you to start the process
of looking for a house all over again!
You might want to have a backup house in case the first one falls
thru. Keep looking for another property to rehab and keep us
in the loop, so we can be ready to pull the trigger on another
letter of intent, if the other deal falls through with the owner.
Once you have made an offer, you will then need to fill out
the final two other documents which are:
Form # 5 -
Commercial Loan Application
Form # 6 -
Now it’s just a matter on waiting to close
on the property and get you funded. Normally this takes
approximately 10 days to complete, after appraisal. And, while
you’re waiting on the closing, you need to be planning how you’re
going to complete your project. Once you own the property, you need
to be ready to begin the construction phase, per your submitted
repair detail.
That's about it for now, happy hunting and if you have any
questions,
let us know, thanks.
Every investment is unique and our loans are structured to meet the investor's needs. |
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