People use hard money and private money loans to accomplish a variety of goals and objectives. Most people who work in the private lending industry have some great success stories about their clients. Please share your own success story, or a story about one of your clients, below in the comments section.
I will tell 2 of our stories here and hope they inspire you….
Belinda – A first time real estate investor, Belinda was presented with an opportunity to purchase a small, mixed-use commercial building from a family friend. The building was fully rented and had good cash flow. The family friend had to sell the property quickly and was willing to sell it to Belinda far below market value. But only if she could come up with the cash in one week. Belinda’s credit has been hit, but she had enough cash reserves for a down payment. Because she was getting such a low purchase price on the building, we gave her a commercial hard money loan and she brought in the down payment. We were able to close within a week to satisfy the seller, and Belinda was able to get into a positive cash flow investment. Not too shabby for a success story eh?
Tomas – With his brother James, our client Tomas owns a small, commercial office building in a busy part of town. Inherited from their father back in the early 90’s, the office building was in bad need of a facelift and upgrades. Even though the location was ideal, with the shabby exterior, the building had trouble attracting new tenants. Because the building had no debt, Tomas was able to get a hard money loan that he and his brother would use to renovate the property. Even with good credit, the brothers both had trouble getting a commercial loan from their banks to use for the renovations. The hard money loan allowed Tomas and his brother to renovate and upgrade the building without having to wait months for a loan approval. Since the fix-up, the building has stayed fully rented and Tomas’ investment has increased in value.
Thanks for reading these 2 success stories. Please share yours below in the comments section.