Lend Some Money is Now a Direct Lender
What does this mean and how does it benefit you? Take a look at some of the advantages provided to you by working with a direct lender versus a mortgage broker.
- Relationships – Our customers matter and we strive to build relationships that lead to more lending. Meaning, we’ll prove ourselves to be a reliable partner you can trust for each and every transaction.
- Access – Using a direct lender means you deal directly with the source of your loan and with our loan officer and no one else.
- Savings – By being the originator of the loan, LSM can save you money during the loan process.
- Time – Time is money and we want you to have both. Direct lending is the fastest route between loan application and closing.
In order for us to make a deal we are looking for applications which:
- Start at 75K
- FICO Minimum of 620
- Renovations are half the purchase price or less
Our loan expert, Michael Barker is on standby, waiting to hear from you. Visit our website to chat with him or call/text: 860.670.4309 today!
A message to brokers. We understand the value of your role! This is why we have a strong focus on our relationships with the brokers we work with, offer broker protection, and work expeditiously with you so you can deliver the same service to your clients.
Quick Loan Approval
We all know that hot properties move quick. Sometimes they sell before they’ve barely hit the market or spend less than a day on MLS. What should you do when find yourself scrambling to scoop up a property other people are interested as well? First, you’ll need to make sure you’ve got a partner that can provide you quick and reliable financing so you don’t have to worry about missing out on the investment.
We spoke last month about the average time it takes to close on a loan. Two weeks, but what if you don’t have two weeks to wait around to see if you’re financing will pull through? One thing that can help is by building a rapport with one lender. At Lend Some Money, we can close on loans faster with those who have borrowed from us in the past. Some of the reasons behind this are, because we know the investor has experience and we likely already have their credit, background and LLC information on file.
Additionally, the hotter the property and the more potential the investment has, the easier it is push the deal through and to close at a quickened pace. We also mentioned last month that who you choose to use for the appraisal can help get a little more time on your side. By using a lender, verified appraiser you know you’ve partnered with someone who understands that the turnaround time needs to be immediate.
When you think about building your investment business, carefully consider who is on your team. Starting with trusted partners from the beginning can help move your career along smooth and faster. Our goal at Lend Some Money is to earn your trust and help you do business over and over again. Contact us today, let’s chat and get this party started!
It’s a Done Deal
Plus, Insider’s Tip
Ever have a deal get denied with no explanation as to why? Do you find it confusing when some of your deals are pushed through no problem while others seem to struggle down the pipeline? If you’re a newer investor maybe you’ve simply never been educated on the qualities that make an attractive deal. Here are five things that Lend Some Money looks for when presented with an opportunity.
- Asking for a loan of at least 75K.
- A credit score of at least 620.
- This includes: contracting, wholesaling and of course, investors who have previously bought, renovated and resold property. In addition, those who hold property for rental purposes are considered to have experience.
- Hard money lending deals with cash. It’s ideal if you understand the value to having money to bring to the table in addition to the cash you borrow.
And last but not least; location, location, location! Properties in metropolitan areas, by water and in well-kept neighborhoods make an application appear more attractive. This is because the resale opportunity is likely higher.
If you’ve got a deal that meets the aforementioned qualities then let’s work together! If you’re not quite there yet, don’t worry! Contact us today and we’ll help education you on the necessary steps to take to become a lenders ideal customer.
Insider’s Tip: In addition to getting your deal accepted, everyone wants a quick close. The industry standard is two weeks although, most loans will require a longer amount of time. The reason is for that is usually due to the appraisal process. It takes time to obtain, process and deliver. One work-around is by having a property in a hot location, or an area where we’re able to used preferred appraisers. Our preferred appraisers move fast and understand the important of an ARV appraisal. Which helps us cut down time and close faster!