First, head to our platform by clicking the "Find Lenders" button in our menu bar. This will take you to our application portal to provide information about you, the property you're looking to purchase (or refinance / get cash out of), and the project you're undertaking (if rehab / construction).
Information is King
We've found that the more information you can provide about the project, your experience and your credit history, the quicker lenders respond, the more offers you'll receive, and the better your terms will be. So, take 5 minutes to highlight essential information in the info sections to improve your application.
We're Here to Help
We've designed the application to be as simple and intuitive as possible, but if you run into any issues or questions, don't hesitate to reach out. You can use our online chat on this site or get in touch using our Contact Us page, and we'll be more than happy to help out.
Once you've submitted an application, our technology works instantly. Our software takes your deal information and matches it to the lenders best suited to fund it based on the criteria details each lender has provided.
Instant Terms
Moreover, some of our lenders have already onboarded their exact loan pricing onto our platform. If you match any of these lenders, you'll be able to see their offer instantly on the platform after you apply.
Offer Notifications
For all other lenders, they will manually review your inquiry and submit offers, usually within a couple of hours if it's during their business hours. When those lenders have submitted new offers, you'll receive email notifications so you can sit back and let the offers come to you!
When you get multiple offers, our platform makes it easy to compare like-for-like. We summarise the interest and fees of each offer into a single cost estimate to help you see which offers are the most competitive.
Profit Calculator
In addition to this, you can use our profit calculator. By selecting the time you think it will take to repay and inserting any additional costs that apply to your project (e.g., legal), we help you determine the estimated profit you'll earn from the deal if everything goes as planned.
Selecting an Offer
When you see an offer you're happy with, click on it, review the terms and then click the button at the bottom to proceed. We'll let the lender know you've chosen their terms and connect you both by email so you can proceed to underwriting and closing.
Once the lender gets in touch, they may wish to clarify a couple of details, after which they'll typically provide a term sheet. It's a good idea to check that the terms align with your offer on the platform and ensure you're familiar with our Term Sheet Guide.
Appraisal & Underwriting
Upon signing, the lender orders the appraisal on the property (assuming they require one), which you'll pay for, and you'll need to put your attorney and insurance agent in touch with their team for underwriting.
Every lender's underwriting requirements vary, but they are typically a lot more straightforward than working with a mortgage lender. Functionally, underwriting is there as a safeguard to ensure that:
You are who you say you are.
The property and project stack up.
So does your experience.
Once your loan passes underwriting, the lender will issue loan documents to your closing attorney. Again, you want to ensure that the terms match what's in your term sheet and on the Hardback platform. If your appraisal comes in lower than expected, the lender may need to adjust the terms of your loan to adjust down to their leverage "ceilings." However, please let us know if there are any other significant changes to the terms!
Closing
Ideally, this whole process should take no more than 2-3 weeks, after which you'll be ready to close. Please let us know when you do, as we'd love to celebrate with you!
