Why Choose Hard Money

Traditional Vs. Private Lending

Traditional lending is based on your ability to repay loan.  Banks will look at your credit score or debt-to-income ratio.  If your scores are too low, you have debt that’s beyond your income, or below the financial institutions’ safety level of debt-to-income ratio, then you may not qualify to repay the loan.

Hard money lending considers different factors, which is why it can be a great solution. In addition, hard money allows you to continue your projects and focus on growing your empire all while remaining protected.

One of the most attractive features of hard money and reasons people turn to it is because it allows them to close quickly, close with sub-par credit and even close with a reported income that won’t qualify.  How is this possible?

Hard money lenders based their underwriting on the value of the hard asset.  This means that if you get into a situation where you are unable to repay the loan, the lender can take the asset and get their money back, regardless of your income or credit.  Also, in terms of time, they can move exponentially faster because they don’t have the regulations of conventional lenders.

Many hard lenders will still ask you to provide your credit score, income statement and even complete a background check however, these don’t necessarily play a large factor into getting the loan or even the loan terms. In fact, the terms are usually given most favor by experience as a real estate investor.

The more experience the borrower has, the more easily the lender can structure a loan using a higher LTV, in addition to lowering closing costs.”  Many of the conventional financing options available don’t take these strengths of the borrower into account. Meanwhile, hard money lenders like LendSomeMoney.com has limitless capital to get the deal closed and for those with experience

For more information about how we can assist and protect your investments, contact Michael Barker: MBarker@LendSomeMoney.com.

Don’t be Jealous, It’s Not a Good Look

Competitive Private Money Rates

You might have noticed that conventional mortgage rates are at an all time low for the 2019 calendar year. Perhaps you’re feeling a little like the green eyed monster as you stare longingly at those offers.

The good news is, LSM is closing the gap with its competitive private money rates. We want to help portfolio builders find low rates for their long term financing too. Contact us today to learn more about how we can help you build long-lasting wealth in the real estate sector.

LSM a One-Stop-Shop

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.

  1. 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.
  2. Access – Using a direct lender means you deal directly with the source of your loan and with our loan officer and no one else.
  3. Savings – By being the originator of the loan, LSM can save you money during the loan process.
  4. 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.

How to Get Time on Your Side

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

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.

  1. Asking for a loan of at least 75K.
  2. A credit score of at least 620.
  3. 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.
  4. 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!