The role of the rewriter in the Hard Mani Underwriter loan

The role of Undertaker Underwriting in Hard Mani
What is the share of the under-writer (hereinafter "rewriter") in the "hard money" loan? And why is this role more complex as opposed to a regular “conventional” mortgage?

In this article, we will review and summarize the complex role of the loan reporter in borrowing Hard Mani.
It should be noted that this position is usually filled by a person with rich experience in real estate, who is familiar with the area in which the property subject to the loan is located, and has extensive financial knowledge.
Underwriter is the person who rewrites the actual loan. This is, of course, subject to company procedures and by its rules.
It is incumbent upon it to examine all relevant documents in depth for a minimum of time, in order to close the loan at maximum speed.
Because in most cases, Hard Mani loans are taken to close quick deals and if the closing is not quick, the investor may lose the property.
In a conventional loan, on the other hand, the bank will wait until it receives the full details (such as tax returns, six-month bank statements, etc.) and therefore, the time pressure plays to the detriment of the copywriter.

The first details that Andre Reiter will ask for are:
Property address and cost?!?! Is this an original contract or is it an Assignment Assignment? (If it is an project, is the price of the project realistic in relation to the market?!? In addition, the underwriter will ask for general information on the nature of the renovation, which will include the soft cost expenses (ie, building permits, engineer, interior designer, etc.). The beam to understand the nature of the property (rooms, single apartment, multi-family, zoning, etc.).
Once the copyist has received all the preliminary details, he will examine the property on various real estate sites (Zilo, Trollia, etc.) to see the condition of the property (are there windows, walls, etc.), and compare the information he received from the investor. Thus, the Camps Comps in the area will be checked.
A high-level rewrite will be able to distinguish at this early stage and according to the first data provided to him whether it is an amateur investor or a serious investor.
In the next stage, the reporter will ask for the SOW Scope of Work and will examine it in relation to the budget declared by the investor, which reflects the state of the property from the inside and outside. The assessments will be checked with respect to the SOW submitted to him and will thus be able to elicit efficient information from the assessments, and if it correctly reflects the VAR and the CAMPS that were tested with respect to the renovation.
Other points that are examined in appraisals are flood zones, hurricanes, etc., that if these are indeed areas prone to disaster, the hard money company will ask to be protected by an appropriate insurance policy.
If this is a zonnig change, the reporter will examine the chances of obtaining a zoning replacement certificate (contacting the municipality). Therefore, it is always advisable to use an appraiser who knows the area as his hand, although it is always recommended to check it independently.
In addition, it will check whether there are any problems that have arisen from the title company, and whether the title company insures up to the value of the property after the renovation. In Philadelphia, for example, there are many intruders who claim ownership (fake deeds, etc.) and therefore the mortgage lender must make sure that the title insurance will protect him in the event of immigrants.

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• There is a Hebrew word: signed.
• Most accurately, conventional lenders will be asked for two months bank statement rather than six months, but the rest is accurate
• There are also conventional loans to investors that are based on tax returns, and there are remodeling loans that are based on the future value of the property. God
  The role of the mortgage broker or broker is to collect the relevant data and documents from the borrower and to present the underwriter with a package that will help him make a positive decision in a minimal amount of time.