Key Takeaways
- Hard money closings take 5-14 days, with repeat borrowers potentially closing in 5 business days.
- The execution timeline requires parallel processing of valuation, title, and document preparation.
- Business-purpose hard money loans are generally exempt from TRID but subject to state licensing.
- Usury laws vary by state; borrowers should verify lender licensing and regulatory compliance.
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Test Your Knowledge
1.What is the typical timeline for hard money loan closing?
2.What compliance consideration applies to hard money loans on owner-occupied properties?
3.What document must be recorded to perfect the lender's lien on the property?