tend to evaluate each deal individ- ually and make decisions based on your specific situation rather than a one-size-fits-all approach driven by policies. If hard money lending is ideal for investors looking to flip houses, that means they’re not often thought of as safe options for primary residenc- es or a second home. Many private lenders prefer to finance investment properties, since the likelihood of the loan being paid off quickly is far more secure. I’MREADYTO BUYAND FLIPA PROPERTY. HOWCAN I SE - CUREAHARDMONEYLOAN? A reputable, quality lender is key to taking the first step in this financial venture. Not all lenders are created equal and you’ll want to seek out lending firms that offer quick turnarounds, reasonable rates, and terms that allow you to invest profitably. Reach out to local mortgage brokers, mortgage banks,
or even real estate agents for repu- table contacts. Ideally, your rela- tionship with a hard money lender should be a symbiotic one based on mutual goals and gains because of the investment. As important as finding the right lender is investing in the right property. The investment project will greatly inform a lender’s deci- sion on whether to provide you with funds, since they, too, expect to make their money back. A prop- erty that can make you the most significant profit is the surest way to pay the loan back as quickly as possible. So, you have the right property in mind and have contacted the right lender. To seal the deal, you’ll need the proper documentation. While hard money lenders don’t typically go through the motions of a tradi- tional lender, they still need proof of your credibility and information on the property in question. Once it’s been shown that you can satisfy the lender’s requirements, a verbal
approval is followed by the request to fill out the loan. Ultimately, understanding what hard money lending is, finding a rep - utable lender, and understanding the terms of the agreement are para- mount to experiencing as seamless a process as possible. You, as an investor, hold power and can make decisions about what suits your financial needs. The goal is to find a lender that shares your goals and can help you reach them. • Matthew Schlegel is Director of Sales at Temple View Capital, a national private portfolio lender that offers flexible financing for investors in residential real estate. Founded by entrepreneurs with more than 20 years of residential mortgage and real estate investment experience, Temple View has been at the forefront of innovative product development since its inception. Utilizing a common sense underwriting approach, deep commitment to customer service and a well- capitalized balance sheet, Temple View enables real estate investors, correspondent lenders and brokers nationwide to optimize financing efficiency on real estate investment projects and rental properties.
thinkrealty . com | 63
Made with FlippingBook Online newsletter