NOW LENDING IN CALIFORNIA AND OKLAHOMA!
Fairfield Financial Services, Inc. has joined the ranks of California hard money lenders and has also expanded its services to Oklahoma! We have been coordinating hard money loans (also called private money loans) in the Pacific Northwest (Oregon and Washington) since 1964; in 2000 we added Idaho, Colorado, Montana, Wyoming and Alaska to the list of states in which we can serve as a hard money lenders source; and now, at long last, we are excited to announce that we are able to coordinate hard money loans in California and Oklahoma. We feel that hard money lenders are an important alternative for many who own, buy, and invest in property and real estate projects. Our mission is to offer a full range of private money options to our clients--both borrowers and investors--and to do so in a sincere and professional manner. We believe that good business is about building relationships.
Throughout its 40-year period of growth and change as a hard money loan source, Fairfield has remained true to two basic objectives: (1) to specialize in brokering strictly private money loans through private, "hard money" lenders, and (2) to emphasize doing so with professionalism and integrity.
Private money is generally used as a bridge: a way to get from point A to point B. It is a short to medium term solution (1-6 years), and there is nearly always an exit strategy going in. It is used for all types of real estate secured financing: commercial, retail, restaurants, hotels/motels, marinas, elder care facilities, industrial, agricultural, raw land, land development, construction, rehab, multi-family, single family homes, manufactured homes, and floating homes. For a list of our loan programs, click here.
There are many reasons whey a borrower would choose to use private money over a cheaper institutional option. For example, professional real estate investors like to use private money when buying because they are able to make offers which are not constrained by long timelines and numerous rigid conditions. Often times speed is a very significant factor in completing a profitable transaction and in those cases it often makes sense to pay for a short-term private money option rather than loose the deal. Frequently the condition of a property won't allow for the initial financing with conventional money, and in those cases private money may be used. Often the type of property is a factor: banks don't like lending on raw land and lots, but private money lenders are more inclined to do so. Cash leverage is another factor. Fairfield Financial, for example, loans based on the true value of a property, not the purchase price, so sometimes we lend 100% of the total acquisition cost for a property. The structure of the deal may be a factor. Most private money lenders allow the buyer to establish their equity through the mechanism of a seller carry back; banks won't do this. The list goes on and on.
