LendFoundry helps private hard money lenders with innovative lending technology solutions bringing in fast loan closings through a flexible, automated lending platform to meet the private money lending industry’s evolving needs. We transform the way hard money lenders interact with Borrowers, Appraisers, Contractors, and Investors with our robust and agile technological innovations.
Our next-generation platform helps hard money lending companies like yours to grow your business with top-notch technology-driven solutions for Fix & Flips, Rental Loans, New Constructions, Bridge-Asset Only, Multi-family Properties, Bridge-Infill Lots, Infill Residential Development, and Commercial Properties. LendFoundry helps you win business with the promise to deliver seamless loan approvals, property document verification process, tracking of loan applications, property reports, credentials, underwriting, final term sheets, and so on with automation.
Based on an” accelerator” concept, building blocks to support originating and servicing loans LendFoundry can be deployed rapidly and then customized to fit workflows, the desired branding, look and feel.
Offered as a Cloud Service (SaaS) making startup costs low and allowing to scale the application as the business grows. Flexibility to choose to use the entire solution or just the pieces that make business sense.
Hard money loans play a critical role in real estate investing providing fast financing for fix-and-flip projects, new constructions and other scenarios. However, manually managing the origination and servicing of these complex loans can be an inefficient and error-prone process. This is where hard money loan software comes in – purpose-built platforms designed to automate and optimize lending workflows for private money lenders.
In this comprehensive guide, we’ll explore what hard money loan software is, its key features top tools in the market and how the right platform can transform hard money lending.
Also known as private money lending software or loan origination software (LOS), hard money loan software streamlines the lending process – from loan application to closing and servicing. It acts as an all-in-one digital platform to manage the loans, documents, payments, reporting, and more.
While a typical bank loan relies on the borrower’s credit score, hard money loans depend on the underlying asset as collateral. This specialized lending requires tailored software solutions to address unique workflows. The software must handle complex requirements like short-term loans, variable interest rates, intricate repayment structures, draw schedules, and specialized collateral like real estate.
Top features in hard money loan software include:
- Automated application processing, risk analysis, underwriting, and approvals
- Tools to value and assess the collateral property
- Document management for agreements, promissory notes etc.
- Payment reminders and processing
- Reporting on loan performance and portfolio analytics
Why Hard Money Lenders Need Specialized Software
Handling private money lending without the right loan management software leads to manual inefficiencies and risks. Here are some key reasons hard money lenders need tailored solutions:
Streamlined Workflows
Specialized software like LendingWise automates mundane tasks like data entry and document generation, freeing up lenders to focus on their clients.
Operational Efficiency
Software with features like rules-based underwriting, collateral valuation, and digital document signing accelerates lending decisions and approvals.
Portfolio Oversight
At-a-glance dashboards and detailed reporting provides visibility into the performance of loans and the overall portfolio.
Risk Mitigation
Automated compliance checks, audit trails, data security features, and integrations with credit bureaus safeguard lenders.
Enhanced Borrower Experience
Borrower portals, smooth communication, and transparency provided by software improves the experience for borrowers.
Must-Have Features in Hard Money Loan Software
Not all loan software are equipped to handle the unique needs of private money lending. Here are some key features lenders should look for:
- Configurable workflows – Ability to set up conditional logic, approvers, notifications etc. to match processes.
- Collateral valuation – Tools or integrations to assess real estate assets used as collateral.
- Draw management – Handle complex disbursement schedules based on project milestones.
- Short-term repayment schedules – Flexible settings for payment schedules, interest calculations for short-term loans.
- Portfolio analytics – Reporting on concentration risk, exposure to borrowers, projects etc. across the portfolio.
- Compliance – Features like audit trails, lending practice analysis etc. to prove adherence.
Top Hard Money Loan Software Solutions
Now let’s look at some leading options lenders can consider:
LendingWise
LendingWise is an all-in-one platform combining LOS, servicing, CRM, and more. It is designed for various loans including fix-and-flips, rentals, and commercial financing.
Key features:
- Automated workflows and lending decisioning
- Collateral evaluation through integrations
- Document management and e-signing
- Portfolio analytics and risk management
- CRM and communication tools
LendFoundry
LendFoundry focuses on automation and collaboration for hard money loans like rehabs, new constructions etc. Its modular architecture lets lenders configure ideal workflows.
Key features:
- Customized lending workflows
- Loan tracking and application submission
- Third-party integrations for analysis and documents
- Communications and notifications
- Reporting on loan performance
MoneyLender Professional
MoneyLender Professional provides flexible calculators and management of any loan type. It is ideal for complex, unstructured hard money loans.
Key features:
- Handles variable rates, fees, and repayments
- Custom letters, statements, and reports
- Payment processing and reminders
- Integrations with other lending systems
- Loan tracking and transactions history
Mortgage Automator
Mortgage Automator covers origination, servicing, and investing – supporting various real estate loan scenarios.
Key features:
- Document generation and management
- Automated underwriting
- Lender marketplace/search
- Payment reminders and processing
- Portfolio analytics for lenders
- Investor portal
Transform Hard Money Lending with Specialized Software
Handling intricate hard money loans without the right software leads to inefficiency, risk, and poor experiences. Lenders need purpose-built solutions to optimize workflows, minimize errors, improve oversight, and delight borrowers.
With the emergence of specialized platforms like LendingWise, LendFoundry, and others, lenders now have access to tools that can transform private financing. By automating manual work, providing insights through analytics, and enabling seamless experiences, hard money loan software unlocks the next level for lenders.
Modular Hard Money Lending Software
Our low-code modular architecture powers the hard money lending platform to offer a high degree of reusability, agility, dependability, and ease-of-customization to build solutions tailor-made to suit unique business requirements, from generating documents and disclosures to processing payments and transactions, via check or NACHA/ACH. Deepen your customer relationship with the power of personalized omnichannel contextual experiences. Whether you prefer to manage everything in-house or outsource certain aspects of your operation, our flexible and agile private and hard money loan servicing platform is the ideal lending software to meet evolving needs of modern hard money lenders.
- Online all the way for a seamless truly digital paperless experience
- Multi-Channel application input support for easier Hard Money lending
- Borrower self-service portal for transparent tracking through the application process and loan lifecycle
- Configurable mobile and email management to automate notifications
- Event-driven Statement of Account and Loan Closure document generation
- Works smoothly with any loan type; Fix & Flips, Rental Loans, New Constructions, Multi-family Properties, and Commercial Properties
- Online all the way for a seamless truly digital paperless experience
- Separate portal for application submission and tracking
- Fast disbursement via ACH or payment gateway
- Configurable mobile and email management to automate notifications
- Event-driven customized workflow for leads management
- Appraiser/Contractor Portal for ecosystem partnerships and affiliates
- Connection with key credit risk analyzers, bureaus, watchlist, financial statement providers, etc. to establish pricing and decision models with optimal loan risk
- Streamlined workflow with configurable approval cycle
- System driven consent capture & communication for speedy funding
- Easily configurable loan terms
- Custom Workflows to support Credit & Risk Assessment
- Quickly launch new loan products on the same single platform for easy onboarding
- Configurable Payment Hierarchies to align to business events
- Variety of Amortization schedules, Actual/Actual, 30/360
- Supports multiple Repayment calculations – Equated Installments, Balloon, Bullet
- Easy to configure additional discounts or fees on loans
- Stop, skip and delay payments while maintaining yield targets
- Multiple solutions for repayment processing including automated NACHA/ACH, Debit Card enabled funding, and repayment files creation
- Configurable mobile and email management to automate notifications
- Event-driven Statement of Account and Loan Closure document generation
- Highly Secured & Scalable Platform
- SOC Type 1/2 certified
- API for seamless integration with existing and future technology
- Multilingual capability
- User credential and role-based access
- Complete transaction log generation and storage for future audit purposes
- Integrated document storage with classification and access control
- Comprehensive Investor Reporting and Analytics for current business requirements and supports long term business vision
LendingWise CRM & LOS software for hard money lenders
FAQ
What is the best loan management software?
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companyName
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marketShare
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CoreLogic Credco
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54.42
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Snap Finance
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11.03
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Calyx Point
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8.54
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Bectran
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5.25
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What is a hard money loan?
What are typical terms for a hard money loan?
What is loan servicing software?
Loan Servicing Software. Loan servicing software is designed to automate the ongoing management of loans after they have been originated. It includes features for payment processing, interest calculations, and communication tools for borrower interactions.
What is hard money lending software?
Hard money lending software is not limited to a single kind of software for lenders and/or borrowers. In reality, there are multiple types of software for these purposes. Most common types are Loan Origination Software and Loan Servicing Software: they facilitate a full cycle of lending, from loan application to payback.
What is hard money lending?
Hard money lending is a form of lending that involves securing the loan with a high-value collateral, usually the property of a borrower.
What is private money lending software?
A competitive feature of this private money lending software is its versatility, as the platform combines various loan types and structures within the hard money lending space. The software integrates with accounting systems, automates payment processing, and facilitates borrower communication.