January 7, 2022

Hard Money Lending Software Guide

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The hard money lending industry is booming, with no signs of slowing down.

If you're a hard money lender, you know that the best way to grow your business is through technology-driven solutions that will help you meet the needs of borrowers, appraisers, contractors, and investors alike.

  • Borrowers are looking for a fast, flexible, and automated lending platform that can close loans quickly.
  • Appraisers are looking for a user-friendly interface to streamline the appraisal process.
  • Contractors are looking for an easy way to get paid.
  • Investors are looking for a reliable partner who can help them grow their portfolio.

With Infinity Software's innovative lending software solution for private lenders like yourself, we transform the way you interact with all four groups through our robust and agile technological innovation.

Let's take a deeper look at hard money lending software and its benefits.

What Does Hard Money Lending Software Do?

Hard money lending software can help lenders with a number of different tasks that improve the lending process.

For starters, the software can automate many of the tasks involved in lending such as generating contracts and proposals, handling invoicing and payments, creating reports, and more.

This automation can speed up the process considerably – allowing for a faster turnaround time from application to funding.

In addition, hard money lending software can provide an online portal for borrowers, making it easier for them to submit their information and track the progress of their loans. This can help reduce turnaround times and make the entire process more efficient.

Hard money lending software can also help lenders meet compliance requirements and reduce risk by gathering both borrower data and property information in one place.

Additionally, the software can help with some of the more mundane aspects of lending such as document storage, making it easier to manage large amounts of paperwork that must be kept on hand for audits or future loans.

As you can see, there are a number of benefits that hard money lending software can provide lenders.

By choosing the right software, you can streamline operations, improve workflow, and make the entire lending process much easier.

Why Hard Money Lending Software Matters

For hard money lenders, technology is key to success.

Lenders need to be able to quickly and easily process loans, get them funded, and have a streamlined system for dealing with borrowers, appraisers, contractors, and investors.

Hard money software can help lenders automate many of the processes involved in making and managing loans.

This can be crucial for hard money lenders, who often need to move quickly to get loans funded.

It can also help lenders manage their relationships with other parties involved in a loan. For example, a good piece of hard money lending software should be able to automatically generate and send loan applications to appraisers, contact borrowers with updates on their loans, and let investors know when a loan is funded.

When choosing hard money software, it's important to consider the capabilities of the software and how it can help your business grow.

Make sure the software you choose has all the features you need to make loans quickly and efficiently. Be sure to ask any questions you have about how the software works and what it can do.

Hard Money Lending Software Capabilities

With a software solution, hard money lenders can:

  • Easily calculate and collect interest rates on a daily basis
  • Automate loan document creation for borrowers while ensuring compliance with state and federal laws throughout the loan process
  • Digitally store borrower documentation in an easily accessible location
  • Quickly and easily find potential investors through an online search function
  • Track the progress of all loans in process, from application to closing
  • Reduce or even eliminate the need for physical office spaces.

Hard Money Lending Software Benefits

Hard money lending software can be a valuable asset for any hard money lending company. As the industry continues to evolve, lenders that embrace technology will be able to enjoy a number of benefits.

Calculate and Collect Interest Daily

Hard money lending software allows you to calculate and collect interest daily on the entire balance of a hard money loan. 

This allows lenders to have more funds available which can lead to larger loans being made, as well as increased profits from those larger loans.

Automate Loan Documentation Creation

If you're a hard money lender, you know all too well the tedious and time-consuming process of creating, signing, and notarizing loan documents.

With hard money lender software, you can automate the creation of these forms so that they can be completed quickly and easily.

This can save a lot of time for your agents who will be able to spend more time closing loans instead of filling out paperwork.

Digitally Store Borrower Documentation

Documentation is a key part of any hard money lending business.

When you have software that can help you digitally store all information, you'll be able to easily access it when needed.

This is important for both current and future borrowers, as it ensures that you'll have all the information you need readily available.

Find New Potential Investors

One of the biggest benefits of hard money lending software is that it can help you find new potential investors.

By automating the process of reaching out to new investors, you'll be able to spend more time focusing on loans that are already in the pipeline.

This will help you grow your business and increase profits over time.

Track The Progress Of All Loans In Process

The best hard money lending software will allow you to track the progress of all loans in process, helping you to stay on top of any potential issues that may arise.

If there's a problem with an appraisal, for example, it can be addressed immediately before it becomes a bigger issue.

Similarly, if there is a need to renegotiate a loan, you'll be able to see if the borrower is making their payments on time and what additional concessions may help them stay in good standing.

By being proactive about these types of problems early on, you'll have fewer headaches down the road.

Reduce Or Eliminate Office Space

Leasing a physical space means higher overhead costs, which are difficult for new businesses to afford.

The best hard money lending software is cloud-based, allowing you to work remotely and eliminate expensive office spaces.

By combining multiple jobs in one, and improving overall business efficiencies, hard money lending software can save you a great deal of money in monthly or yearly rental costs.

Instead of chasing after clients and capital in search of loans, hard money lending software helps you focus on the most important thing: growing your business with innovative loan products.

Decide Whether Or Not To Close Loans Faster

Another benefit of hard money lending software is that it tracks all loans in process and gives you the ability to make better decisions about which ones should stay open or be closed.

Knowing the best times to close loans can help you stay on top of your hard money lending business!

Keep An Eye On The Competition

It is important to keep track of what the competition is up to.

Hard money lending software can help you do this by providing detailed and up-to-date reports on all aspects of your business, including who you're lending against and what they're doing.

This can go a long way in helping you stay ahead of the curve and keep your hard money lending business competitive.

Increased Loan Volume

Technology solutions can increase your business’s efficiency and ability to close more loans in less time.

Better efficiency means more time to focus on profits, which will ultimately boost your overall business performance.

How To Choose The Right Hard Money Lending Software For Your Business

When it comes to hard money lending software capabilities, there is no one-size-fits-all option. Different businesses will have different needs, so it’s important to find software that can meet your specific requirements.

Some things you may want to look for include:

  • The ability to manage and track loans
  • Automated document management capabilities
  • A user-friendly interface
  • 24/365 customer support 

The Infinity hard money lending software platform is an extremely advanced online solution that offers you all of the above-mentioned features and much more. 

Our innovative technology will help you boost your business performance, increase loan closing rates, reduce costs, and automate time-consuming tasks.

Get Started With Infinity Hard Money Lending Software Today

Hard money lending software combines the best of automation with the personal touch to give you a competitive edge in the industry.

When it comes to hard money lending, having the right software can make all the difference.

Infinity Software's next-generation platform helps hard money lenders automate their processes and work remotely, saving them time and money.

With our robust and agile technological innovations, hard money lenders can grow their business with top-notch technology-driven solutions.

Schedule a demo today to learn how Infinity Software hard money lending software can be of service!

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