Clay Sparkman
It is our opinion and the opinion of many others that banks, though they’ve bounced back in certain areas, have not picked up the slack when it comes to funding rehab, construction, and development loans.
I have been on about this before, so I won’t go into great detail here. I think that the following post makes the case pretty effectively.
2013: Think construction loans
Getting down to brass tacks, we feel that this is a great opportunity for those in the private money business. In particular, we at Fairfield see enormous opportunity, in that (a) this need exists in such a desperate way, and (b) we have been funding and servicing such loans for many years—so it is an easy pickup for our company and for the many brokers that we partner with.
If you aren’t already familiar with our programs in these areas, please consider educating yourself further. Feel free to e-mail me at clay@privatemoneysource.com with any questions that you may have, and/or we can setup a time for a phone call to go over all this.
With that in mind, I shall point you toward some prior posts that might help you get a handle on the particulars of our lending in these areas.
Here is our Rehab and construction loan FAQ.
This next article focuses more particularly on quick flips: 2013: The year of the quick flip.
Here is a post regarding our Draw process for rehab and construction loans.
And this post tells you how to go about Calculating LTVs for rehab, development, and construction loans.
I’ve always felt that people learn best by example. So with that in mind, here is an example of an actual loan that we placed.
Let me know if you have any questions, or if you think that you’d like to consider pursuing this particular type of lending opportunity.
– Clay (clay@privatemoneysource.com, 503-476-2909 or 800-971-1858)
Clay is Vice President of Fairfield Financial, a primary source for private money loans since 1964. Fairfield works with a broad range of private money investors, in a broker capacity, finding, underwriting, presenting, closing, servicing, and when necessary, assisting in the workout of difficult loans.
Tags: hard money investing, hard money lending, hard money loans, investing, private money investing, private money lending, private money loans, trust deed investing, trust deed lending, trust deed loans
