Having a local, truly experienced and educated Hard Money Broker behind you for your purchase or refinance is more important than you may think.
A recent Hard Money article in Trust Deed Capital BLOG covers the importance of this quite nicely. Titled “Qualities of Top Hard Money Lenders”, posted by Broker Meyer.
I can say with complete certainty that after 28 years of Northern California real estate and mortgage experience under my belt, I can let a home buyer, investor or another real estate agent know within just a few minutes if they are qualified for a hard money loan or not.
Having extended my reach throughout California over the past 6 or so years, my family owned and operated alternative finance Brokerage is become more and more expert with the real estate in the Southern and Central California as well.
I have included the original link to the above mentioned article as well as the article itself below, it is important to share with anyone who is considering an alternative source of real estate financing due to poor credit, being turned down elsewhere, being self employed with difficult to prove income or you just need fast financing.
Best, Broker – The Guy in the White Hat
Co-owner and Hard Money Broker of Sun Pacific Mortgage & Real Estate
www.Sunpacmortgage.com
Qualities of Top Hard Money Lenders
Posted by Broker Meyer on Tue, Dec 08, 2015
While it may seem, to the inexperienced, that hard money lenders operate in a “no man’s land,” the reality is, the top Hard Money Lenders have certain key characteristics in common. If you do decide to retain the services of a hard money lender, here are some of their best practices that you should be on the lookout for:
Excellent Reputation
If you are looking for a hard lender because you have been rejected by a bank, then you might be tempted to run to the first hard lender you can find to get your loan quickly. But do your due diligence first. Some hard lenders are genuinely interested in helping you finance your real estate project, but others are little more than loan sharks. Ask yourself some of the following questions as you areassessing potential lenders:
1. Does the lender have someone that you can meet with and contact? Some hard money lenders operate in all 50 states, but you might consider finding one who operates in your state. The most reputable hard money lenders will want to see the property you are planning to purchase firsthand.
2. Does this lender have a legitimate web site? Many hard money lenders have web sites that are designed to gather your information before passing it along to a third party. Avoid these kinds of sites.
3. Is the lender in good standing with its investors? Does the lender have any pending lawsuits from its investors over bad loans or foreclosed properties? If it does, this can be a red flag as to the financial health of the lender.
Seasoned Investing Knowledge
Most hard money lenders are not the mindless paper-shufflers that you find at a traditional lending institution that need to get acceptance for every decision that they make. Instead, they are seasoned investors who have been to this particular rodeo more than once and can quickly and efficiently vet a deal that is worthy.
Experience
Most hard money lenders have been in the real estate game for most of their adult life. They understand that manyproperty deals do not fall into the neat categories set by the traditional lending institutions in the industry. Their vast experience, however, allows them to evaluate a deal on its merits, rather than on some arbitrary criteria set up by a lending committee.
Trust
The hard money lending industry is a reputable one that recognizes the value of secure business transactions. For this reason, hard money deals are structured along the lines of traditional mortgages. That is, appraisals and inspections are done, escrow accounts are established, and standard written contracts are utilized. The whole point of the process being to protect the interest of both the borrower and the lender.
oOo
If in need of a hard money loan or if you are interested in investing in trust deed offerings for California real estate, send me a message or call my office 707-523-2099 and see how we can help. We have been in business since 1988 and are always looking for more investors for our hard money lending business.
