OfflineI want to contact the hard money lenders I have on my list but I have no idea what to say to them. Are there any scripts on the DG site somewhere I could use to send to them in an email or to use in conversation?
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HI - I'm not sure if there's a script on the site, but I recently contacted a few HML's and here's how it went.
A pretty quick series of questions by the HML:
1. Do you have the property under contract? If so, for how much?
2. What's the ARV and how did you arrive at that?
3. Do you have details of the rehab costs? Who's going to do the work? How many rehabs have you done in the past?
4. How much of your own money are you putting into the deal?
5. What's your exit strategy (i.e. how is the HML going to be repaid?).
If they're interested, at that point they'll ask you to send a document or package outlining all of the above. If they continue to be interested, they'll have you fill out the 1003 application, show proof of funds and send in a copy of your credit report.
Hope that helps,
Tom