Hard Money Loan Application Checklist

Hard Money Loan Application Checklist

Prepare these items before applying for hard money financing to speed up your approval.

1. Required Documents

Personal identification:

• Government-issued ID (driver’s license or passport)
• Proof of address (utility bill, bank statement)

Entity documents (if borrowing as LLC or corporation):

• Articles of incorporation or organization
• Operating agreement
• EIN confirmation letter
• Certificate of good standing (if required by lender)

2. Property Information

Purchase deals:

• Purchase agreement (fully executed)
• Property address and legal description
• Purchase price and source of funds for down payment
• Title report or preliminary title (if available)

Refinance or cash-out:

• Current mortgage statement
• Proof of ownership
• Current property value (appraisal or BPO if available)

For all deals:

• Property photos (exterior, interior, any issues)
• Preliminary title work
• Any existing liens or encumbrances

3. Financial Information

Proof of funds for down payment:

• Bank statements (last 1–2 months)
• Proof of wire or certified funds availability
• If using partners or private money, signed commitment letters

Income (if required):

• Last 2 years of tax returns
• W-2s or 1099s
• P&L for self-employed borrowers

Note: Many hard money lenders focus on the deal, not personal income. Asset-based underwriting means the property and your equity matter most.

4. Deal-Specific Documents

Fix and flip:

• Scope of work or contractor bid
• Renovation budget breakdown
• ARV comps or appraisal
• Expected timeline (purchase to sale)

BRRRR or rental:

• Lease agreements (if tenants in place)
• Rent roll
• Property management agreement (if applicable)

Construction:

• Construction budget
• Draw schedule
• Contractor license and insurance
• Permits (if applicable)

5. Exit Strategy Documentation

Clear exit plan:

• Sale: List price, comps, expected days on market
• Refinance: Target LTV, lender type, timeline
• Other: Explain in writing

Lenders want to know how you’ll repay. A detailed exit strategy builds confidence.

Quick Checklist

• [ ] ID and proof of address
• [ ] Entity documents (if applicable)
• [ ] Purchase agreement or proof of ownership
• [ ] Property photos and address
• [ ] Proof of down payment funds
• [ ] Contractor bid or scope of work (fix/flip)
• [ ] ARV comps or appraisal
• [ ] Exit strategy in writing
• [ ] Timeline from close to exit