Hard Money Lending Software for Real Estate: Top 3 Tools

Loan origination software, particularly hard money lending software, is revolutionizing the lending industry by streamlining the private money loan service cycle, from application to fund disbursement, to enhance efficiency and provide a smoother experience for borrowers and lenders.

What is Hard Money Lending?

Hard (or private) money lending stands for a type of loan where property is used as collateral. The loan is usually provided by an individual or a private organization.

Real estate professionals benefit from private money lending, as it provides a big sum of money fast and without additional credit checks.

Software for Hard Money Lending

Hard money lending software is a subset of loan origination software. It automates and streamlines the private money lending process, covering tasks such as document verification, portfolio management, financial analysis, credit approval, and underwriting, with customization options for various private money loan types.

Main Features of Hard Money Loan Origination Software

Borrower Portal: Convenient hard money lending software has a dedicated portal for easy online loan applications, enabling borrowers to apply, track the loan lifecycle, receive automated notifications, and request documents.

Loan Management Tools for Lenders: Private money lending software provides a portal for lenders to manage the application process, customize forms, automate credit checks, and disburse funds, streamlining the loan origination.

Automated Underwriting: The software features tools for fast underwriting, integrating with credit risk analyzers and financial institutions to assess eligibility, risk, and determine loan terms efficiently.

Collateral Valuation: Integration with property valuation services automates the assessment of real estate collateral, providing quick estimates for borrowers and data-driven decision about loan conditions for lenders.

CRM: CRM functionalities centralize borrower information, track loan progress, and facilitate ongoing communication, enhancing relationship management within the system.

Document Management: Integrated document management systems make the generation, storage, and organization of loan-related documents easier, optimizing workflow and transparency.

E-signature: Integrated e-signature services like DocuSign facilitate digital signing, expediting the loan origination process.

Payment Processing: The software offers tools for automated payment processing, including interest calculations, amortization, and fast fund disbursement through automated NACHA/ACH or payment gateways.

Portfolio Management: These tools allow lenders to track and monitor performance of multiple loans, providing insights into status, payment history, and custom metrics for optimization and planning.

Reporting and Analytics: The software generates customizable reports, offering insights into loan portfolio performance, current assets, projected repayments, and historical performance.

Workflow Automation: Workflow automation streamlines various stages of the lending process, from application submission to disbursement, with configurable approval cycles and customized workflows.

Partners Portal: The portal facilitates collaboration between lenders and property professionals like construction or valuation specialists, optimizing the exchange of critical information for property-related lending.

Integrations and APIs: Integration with external services enhances overall functionality, connecting to CRMs, marketing tools, credit scoring agencies, and property valuation services.

Top 3 Examples of Hard Money Cloud Based Software

LendingWise

LendingWise, a cloud-based loan origination system, caters to diverse loans, including hard money lending. The platform integrates a comprehensive loan origination system, CRM, and marketplace features.

It is an all-encompassing solution with private money lending software capabilities, such as draw management and asset management, to effectively oversee the entire loan cycle for individual lenders, organizations, and brokers.

Features:

• All-in-one loan management platform
• User dashboard for lenders
• Loan pipeline and tracking
• Document storage and management
• Loan intake webforms
• Communication and real-time collaboration tools
• Complete CRM for contact and lead management
• Integrated marketing automation tools
• Underwriting, tax, background, and credit checks by third-party integrations
• Automated payments and integrated payment software

Money Lender Professional

Moneylender Professional accommodates various loan structures, allowing flexibility for any loan type and the ability to modify terms with automatic adjustments.

Serving as a central hub for lenders and borrowers, the software monitors the performance of hard money loans, offering detailed reports for individual loans or entire portfolios.

With customization options for statements and reports, Moneylender Professional is great for managing loan origination, servicing, and calculations for private money lending.

Features:

• Loan and transactions tracker
• Configurable and customized reports
• Flexible calculation system for any type of loans
• Bulk email and mail statements
• Payment management tools
• Configurable letters and statements templates
• Portfolio management and analysis
• Third-party loan software integrations
• Loan application creation
• Escrow balance tracking and management
• Automatic payment service integration

LendFoundry

LendFoundry, a cloud-based hard money lending software, optimizes the loan origination process with swift closings and adaptability for hard money lenders, borrowers, appraisers, contractors, and investors.

Tailored for various loan types, including Fix & Flips and Commercial Properties, it automates processes such as approvals, document verification, tracking, underwriting, and final term sheets for enhanced efficiency.

The software’s deployable blocks with various tools offer customizable workflows and branding, ensuring high performance and scalability, making it an efficient and tailored solution for diverse business needs.

Features:

• Automated lending platform
• Communication and collaboration tools
• Loan tracking and management
• Agile architecture, allowing users to choose the features they need
• Possibility to outsource required aspects of lending operations
• Loan application submission and tracking
• Automatic notifications and loan repayment reminders
• Account statements and loan closure documents generation
• Disbursement or payment gateway integrations
• Third-party integrations with credit risk analyzers and financial statement providers
• Communication tools
• Custom and automated loan origination workflows

How Ascendix can Help Hard Money Lenders

Ascendix seamlessly integrates advanced and flexible proptech solutions with deep real estate knowledge and exceptional customer service.

Our experienced software development team can help you and your business to

• Develop hard money customizable software for real estate;
• Integrate third-party tools into the existing hard money CRM;
• Migrate the existing data to hard money cloud-based software.

Feel free to discuss your challenges with us, and we commit to delivering a customized hard money lending real estate solution tailored to your specific requirements. Request a demo now and uncover the distinct advantages of Ascendix!

Originally published on ascendix.tech