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By Corey Curwick on January 18th, 2010
You aren’t the only one who is having a tough time financing commercial property under $1 MM. Banks just aren’t lending right now on the following types of property:
· Mixed-Use Commercial under $1 MM
· Multi-Family Commercial und...
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I wanted to continue on this discussion from last week’s post, “Checklist for Fast Closings of Private or Hard Money Loans.” I found a few good items that I wanted to add to this checklist. In an older article out of the Scotsman Guide, written by John Kutac of Western Capital, some oth...
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Most investors who seek private or hard money need it fairly quickly. Reasons can include: –Other Notes coming due –An unexpected interruption in funding –A quick takedown of real property being offered at a deep discount Or, the worst, a Note being called due by the bank wi...
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I found this interesting blog post recently that discussed current changes in lending and future changes: New World of Lending: 2009 Economic Forecast. Some of the facts in this post I found to be a tad bit shocking but unfortunately very believable. One of these facts was that 40% of foreclosures...
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I wanted to continue on the discussion about Stated Income Loans from a post on the blog from a few weeks ago, “Stated Income Loans – A Thing of the Past?” A banker friend of mine shared an interesting fact about her bank’s portfolio of stated income loans. Less than 1% of this said portfoli...
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I have an awful story to share with a good ending. A developer friend, who I have put deals together for in the past, called me frantically yesterday. With a halfway completed commercial office building, his private banker of over ten years, just told him that the bank would be pulling his line of...
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If a loan has to be funded quickly, the Loan to Value is a factor which determines how quickly the loan could be funded. (Not the only factor but a factor). Private Money lenders are obviously more conservative with loan to value now than they were even six months ago. Particularly on less desir...
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“..Be fearful when others are greedy and to be greedy only when others are fearful.” Warren Buffett. Blake Reese -told me this quote and now it is one of my favorites. With so much fear in the market, placed in every nook and cranny by the media, its easy to forget that now is the time...
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Credit is getting tighter and tighter. Many people say it’ll NEVER go back to the glory days of 2005 and 2006 when banks were just giving money away. But why is credit so tight? There are so many reasons, but one of the biggest reasons is that no one is buying the paper they were buying even 6...
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Real estate investors with access to Short-Sales, Foreclosures, and REOs rely on hard money to take advantage of rare opportunities. When flipping a property, hard money is just a tool to acquire it and make a decent buck quickly. However, unless these same properties are resold at fire sale or de...
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