Comments on: How to Get Your Hard Money Loan Funded Quickly – Part III http://privatemoneyutah.com/how-to-get-your-hard-money-loan-funded-quickly-%e2%80%93-part-iii/ Just another WordPress weblog Thu, 15 Jul 2010 16:12:32 +0000 hourly 1 http://wordpress.org/?v=3.0 By: lenora http://privatemoneyutah.com/how-to-get-your-hard-money-loan-funded-quickly-%e2%80%93-part-iii/comment-page-1/#comment-161 lenora Mon, 01 Mar 2010 22:40:06 +0000 http://privatemoneyutah.com/?p=268#comment-161 How do you find good hardmoney lenders? How do you find good hardmoney lenders?

]]> By: lenora http://privatemoneyutah.com/how-to-get-your-hard-money-loan-funded-quickly-%e2%80%93-part-iii/comment-page-1/#comment-160 lenora Mon, 01 Mar 2010 21:58:26 +0000 http://privatemoneyutah.com/?p=268#comment-160 I was with a broker connected with California Equity Lenders I was approved in september it took time to get an offer excepted but when i did they would not fund and they had documentation for months. still in escrow my broker found another lender ,were at the end of escrow and just just did their drive bye, it seems like they don't want to give us that final approval,i hope i don't have to dissappoint my kids again, we are people that have alot to loose also,were putting down alot of money and our kids need a foundation. I was with a broker connected with California Equity Lenders
I was approved in september it took time to get an offer excepted but when i did they would not fund and they had documentation for months. still in escrow my broker found
another lender ,were at the end of escrow and just just did their drive bye, it seems like they don’t want to give us that final approval,i hope i don’t have to dissappoint my kids again, we are people that have alot to loose also,were putting down alot of money and our kids need a foundation.

]]> By: Corey http://privatemoneyutah.com/how-to-get-your-hard-money-loan-funded-quickly-%e2%80%93-part-iii/comment-page-1/#comment-96 Corey Thu, 23 Jul 2009 21:59:27 +0000 http://privatemoneyutah.com/?p=268#comment-96 Gui, I especially agree with what you said about not shopping for better rates. Most brokers will promise that they can get better terms than those that are on the table. I can't tell you how many borrowers have come crawling back after walking away from the table, all because another broker or lender told them that they could get a way better rate. It's frustrating for all parties involved: the borrower, the broker, and the lender. Thanks for your comment! Gui,
I especially agree with what you said about not shopping for better rates. Most brokers will promise that they can get better terms than those that are on the table. I can’t tell you how many borrowers have come crawling back after walking away from the table, all because another broker or lender told them that they could get a way better rate. It’s frustrating for all parties involved: the borrower, the broker, and the lender.
Thanks for your comment!

]]> By: Gui Orliac http://privatemoneyutah.com/how-to-get-your-hard-money-loan-funded-quickly-%e2%80%93-part-iii/comment-page-1/#comment-95 Gui Orliac Thu, 23 Jul 2009 21:57:30 +0000 http://privatemoneyutah.com/?p=268#comment-95 Corey - You have touched most points. I would add the following: - Don't shop if you get a commitment from a lender that can fund the deal at a reasonable rate / point then take it. If you shop you may get lower rate/points but most likely the deal will not get funded. Because there is a "standard cost of money" and professional lenders are mostly on the same page. - Make sure the borrower is real. We approved deal and put terms together all the time and in most cases they don't go anywhere. - Loan officer and borrowers need to be realistic in terms of what can be delivered. - Have a clear exit strategy. - We underwrite commercial and residential somewhat in the same way. We focus on value and real or potential income if we have to take over the property. Gui http://www.sbcapital.com/ Corey – You have touched most points. I would add the following:
- Don’t shop if you get a commitment from a lender that can fund the deal at a reasonable rate / point then take it. If you shop you may get lower rate/points but most likely the deal will not get funded. Because there is a “standard cost of money” and professional lenders are mostly on the same page.
- Make sure the borrower is real. We approved deal and put terms together all the time and in most cases they don’t go anywhere.
- Loan officer and borrowers need to be realistic in terms of what can be delivered.
- Have a clear exit strategy.
- We underwrite commercial and residential somewhat in the same way. We focus on value and real or potential income if we have to take over the property.

Gui
http://www.sbcapital.com/

]]> By: Brad Versteegh http://privatemoneyutah.com/how-to-get-your-hard-money-loan-funded-quickly-%e2%80%93-part-iii/comment-page-1/#comment-94 Brad Versteegh Thu, 23 Jul 2009 21:34:48 +0000 http://privatemoneyutah.com/?p=268#comment-94 I cannot stress enough, my agreement with #2.... I have struggled with "wanna be's" who have told me they are real and either have or are connected directly to the money sources. Most are daisy chain wholesalers who have no funds and no direct connection to anyone with funds. They are simply trying to find a way to make some money referring you to someone just like them. Be sure to ask a lot of questions and ask for verifications in writing before disclosing too much. I'm just saying... I cannot stress enough, my agreement with #2….
I have struggled with “wanna be’s” who have told me they are real and either have or are connected directly to the money sources. Most are daisy chain wholesalers who have no funds and no direct connection to anyone with funds. They are simply trying to find a way to make some money referring you to someone just like them. Be sure to ask a lot of questions and ask for verifications in writing before disclosing too much. I’m just saying…

]]> By: Craig http://privatemoneyutah.com/how-to-get-your-hard-money-loan-funded-quickly-%e2%80%93-part-iii/comment-page-1/#comment-91 Craig Tue, 21 Jul 2009 22:01:49 +0000 http://privatemoneyutah.com/?p=268#comment-91 Just wanted to add something to the "documentation" piece. Be prepared with a 'Draw Schedule' for funds, particularly for rehab or construction type deals. A draw schedule can be fairly time-consuming to put together, so have your CPA or CFO put one together in advance. If you get a lower contractor bid while in the process of underwriting, revise it as needed. Don't wait until the lender requests it! Just wanted to add something to the “documentation” piece. Be prepared with a ‘Draw Schedule’ for funds, particularly for rehab or construction type deals. A draw schedule can be fairly time-consuming to put together, so have your CPA or CFO put one together in advance. If you get a lower contractor bid while in the process of underwriting, revise it as needed. Don’t wait until the lender requests it!

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