In this episode, Ian talks about how hard money lenders work and what type of investors they are for.
Key Takeaways:
– Private lending is very much deal driven.
– An all in exposure loan can be 65% of the after repair market value.
– Most people think they have a deal that is not a deal… Know your market.
– Private lenders can tell a ton by the numbers that the investor puts out.
– The deal lives or dies by the numbers, but there is more to consider.
– It’s hard to impossible to close in a week with a bank.
– Build the cost of borrowing into your bottom line.
– The speed that the borrower moves at has a ton to do with how cheap the capital is.
– True lenders do not want to foreclose.
– If you want to be a lending, learn your market.
– If you really know your market, you don’t need to use your own money.
– The 50 house rule to get the experience you need.
HARD MONEY BANKERS is a full service and self-funded private/hard money lending company providing fast and flexible financing for residential and commercial investment real estate deals. We are currently lending in Maryland, DC, Virginia, Pennsylvania and New Jersey.
Our mission is to make the hard money process as smooth and fast as possible while maintaining the highest level of honesty and professionalism. The terms and structures of our loans are extremely flexible. We don’t dictate stringent lending guidelines because we believe every deal is different and can be profitable if structured properly. In fact, if you need help with a deal you’re working on, feel free to contact us – we will offer our knowledge and expertise to assist you in turning your next real estate transaction into a winning hard money deal.
At Hard Money Bankers, we’re making hard money work hard for you!
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