Fairfield Financial Services, Inc. - Private Money Loans, Lending & Borrowing

Private money as a source for home mortgage loans

Clay Sparkman

May articles I’ve come across lately suggest that more and more private money lenders are putting their funds into the long-term residential home market, and doing so at a fairly roate (low by private money standards). The article here–Private Lenders Remodel the Mortgage Market–is a good discussion of precisely this movement, and approaches the subject from a personal point of view.

Due to regulatory issues, average term, and average rate of return–we at Fairfield have not made a point of moving into this sector of the market. However, there are two exceptions:

(1) If the home is not Owner Occupied, and the owners/buyers don’t intend to occupy it as a permanent residence, then we can do all kinds of loans/projects with SFR homes.

(2) If the loan is a *bridge* loan for the acquisition of a residence, with a plan to exit or replace out loan within one year, we can make loans on OO SFR properties. This is quite often the case when either (a) a property needs some “work” prior to qualifying for a bank take-out loan, or (b) the borrower needs time to make changes to his/her personal situation prior to qualifying for a bank loan at some point within the year.

We don’t do a lot of these, but when they make sense, we have no problem doing them, so keep us in mind.

If you want to run such a loan by us (or any loan for that matter), I recommend that you go to the following link on our website and it will step you through the questions that need to be answered regarding your loan proposal.

http://www.privatemoneysource.com/loanproposal.php

Best, Clay

If you would like to discuss private money loans further or run a particular scenario by us, contact Clay via email at clay@privatemoneysource.com. Otherwise, if you would like to get a better feel for our company and the types of programs we do, please browse our web site at http://www.privatemoneysource.com.

– Clay

Clay is Vice President of Fairfield Financial, a primary source for private money since 1964.  Fairfield is currently targeting loans in OR, WA, AK, CA, CO, ID, FL, GA, ID, MT, NV, NY, OK and TX.  To submit a loan to Fairfield for consideration: http://www.privatemoneysource.com/loanproposal.php



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