Hard money lenders, companies that lend short-term bridge loans outside of a bank, can be a huge help when it comes to fix and flip deals, but you have to do your part to make sure the deal works out.  Hard money loans aren’t always easy to come by and if you need one you need to assure them that you will repay the loan. Here are the top three things they are looking for:

1)      A plan. The number one thing hard money lenders are looking for is a plan for making good on the investment. They want to see that you have a clear idea of what is worth fixing on the property, how much it will cost, and how long it will take you to get it done. Before approaching a lender you need to have a plan.

2)      A time frame. Usually these types of loans are only good for a short amount of time (a year or less). Lenders want to know that you will make good on the loan quickly. If they don’t feel like you’re the kind of person who can work to a deadline they won’t lend to you.

3)      Character. Hard money lending is really about relationships. Lenders want to know that they can trust you. Practice good people skills (like active listening and being aware of your body language) so they will be inclined to work with you.

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