Finding active hard money lenders may require some research, because they're not nearly as obvious o...

1. Mortgage & Debt :: Selecting Hard Money Lender - Five
Things You MUST Know
Finding active hard money lenders may require some research, because they're not nearly as
obvious or numerous as conventional lenders. Many only lend money in their immediate geographic
areas in order to be able personally visit properties before making loans. Check with mortgage
brokers, because they often represent some hard money lenders. You can also find hard money loans
through newspaper ads and on the Internet; but always verify lender credentials beforehand, as you
should before working with any kind of professional mortgage lender. You've decided to get into
rehabbing properties. A hard money loans seem to be your best option to fund these ventures. Here
are a few ideas and questions to ask designed to help aid your search for a reputable hard money
lender, broker, or referring source:
1. Hard Lender Experiences: Ask how long they've been in business. How many successful deals
have they made? How many collective years of experience do all key people at the company have?
Look for a hard money lender that has "direct hard loans lender" in their advertising. It's a good
sign.
2. Industry Connections: How many hard money
lenders and investors does this company work with?
Go with one who has several funding sources (Hedge
funds, Mortgage pools, Private Equity Groups, etc.).
The more connections they have to direct hard
money lenders with ready cash, the faster - and
better they'll get the job done.
3. The Commercial Real Estate Market: How is the
market in your area? The better the market's doing,
the lower your hard loan interest rates may be. If the
market is slow you may end up paying much higher
interest rate. Make sure you know the market in
your area.
4. Brokers: The Company or referring source that
helps you with your search for your hard money loan
will have a lot of influence. Make sure they are
competent. How? Ask someone who has dealt with
hard loans before. Ask your lawyer. Do as much
research as you think you'll need. Hard money
brokers will help you shop many investors and
lenders to find a loan that works for you.
5. Direct Money Lender: Some hard wholesalers or direct lenders can fund your loan directly. Direct
money lenders are a more direct way to get your loan underwritten and eliminate the use of search
engines a broker or referring source but, may have to start the application process all over again if
you started with a broker. Either way, make sure you are working with a reputable company who
has a proven record of success with hard lending.

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