Hard Money Loans

We Have Money And Are Lending It. As we enter the middle part of the 2nd quarter of 09, nbsp we are still going strong nbsp lending money for commercial and residential hard money requests. The quality of the loans remain incredibly high as we are getting borrowers who have tremendous equity and credit As we enter the middle part of the 2nd quarter of 09, we are still going strong lending money for commercial and residential hard money requests. The quality of the loans remain incredibly high as we are getting borrowers who have tremendous equity and credit looking mainly for shortterm bridge loans. The opportunities have never been better for brokers and borrowers to contact us to discuss their hard money needs. We do not have prepayment penalties and do not rely on minimum credit scores, tax records or formal appraisals. We do not charge upfront fees and can fund quickly. In my previous post, I discussed a checklist of factors to consider when evaluating loan requests for commercial properties. Today, I will list those factors to consider when looking at residential requests . Notice that there is a crossover of many of the factors listed from the commercial loan underwriting checklist. Location is there a large inventory of homes on the market if so, how long have they been on the market and have there been substantial price reductions Are there numerous foreclosures in the neighborhood What is the demand for these types of homes Is the home situated in a sought after school district Is there shopping and transportation close by Is there pride of ownership in the neighborhood Property Value Is there a recent appraisal or broker opinion who did the evaluation and when Purpose of the Loan What will the funds be used for Is it a purchase or refi If its a purchase how much are they putting down and what is the source of the downpayment If it is a refi, are they getting cash out If it is cash out , what will he funds be used for business or personal reasons Will they be replacing an existing loan and if so with whom If a Refi, How Long Have They Owned the Property What did they pay for it and any improvements Note if the borrower is married or holds title with another individual or entity, it is important to know that all parties to the loan are on board with the concept of doing the loan. If the property is owned by a Trust, an estate, or an LLC for example, then it is also important early on to get the proper documents relating to the particular entity borrower to the title company for their review. Reminder We are a direct hard money lender lender doing both residential and commercial hard money loans covering all of California including San Francisco Marin County Sonoma Santa Rosa Napa Contra Costa Walnut Creek Alameda County Oakland San Mateo Hillsborough Redwood City Santa Clara County San Jose Palo Alto Santa Cruz Monterey Carmel Los Angeles Beverly Hills Santa Monica Palos Verdes Venice Orange County Laguna Beach Newport Beach Irvine San Diego La Jolla Carlsbad Del Mar Coronado Lake Tahoe Sacramento I am asked daily what my sweet spot is for doing hard money loans. And I always say it depends on the deal. There are many factors that go into deciding whether a loan request is fundable and often it truly becomes more art than science. For commercial properties, I have developed a list of factors to consider when getting those requests. Were getting more requests than ever for private money hard money loans. The worsening credit markets are forcing borrowers and brokers to seek out alternative funding sources. We are filling that need now more than ever both residential and commerical equity loans. We lend up to 65 loan to value and up to 20m on any one transaction. The documentation is easy and our response to a request is swift. Feel free to contact me anytime if you a have a question about obtaining a private money equity loan.Less