There is no known database to obtain fundable loans. HMF was founded by two independent hard money lenders who know the unique characteristics of the hard money industry and have found funds for over one billiion in loans over the last four years. During this time these companies have realized the need of a national referral database, not only for brokers, but lenders who do the specialty loans required by the industry. HMF provides this referral database and national network. While traditional bank financing has become more cautious and bogged down in regulatory red tape, HMF has established underwriting criteria and procedures which understands the industry and the need for speed.
Funding often comes within weeks after the borrower signs the letter of interest.
Borrowers have found that a quick loan approval and funding eliminates worry of lost profits or loss of opportunity while waiting for bank financing. The loan criteria of hard money lending is not as conservative as traditional financing. Loan to value ratios are greater and, most important, the industry is more collateral value driven than banks which require extensive financial capacity and perfect credit rating. HMF is a collateral lender. The facility established by HMF to be used by its participating brokers understands this in it's underwriting criteria.