{"id":334,"date":"2010-08-30T12:27:46","date_gmt":"2010-08-30T19:27:46","guid":{"rendered":"http:\/\/privatemoneysource.com\/blog\/?p=334"},"modified":"2010-08-30T12:27:46","modified_gmt":"2010-08-30T19:27:46","slug":"a-way-to-find-qualified-commercial-borrowers-lendicom-com","status":"publish","type":"post","link":"https:\/\/privatemoneysource.com\/blog\/?p=334","title":{"rendered":"A way to find qualified commercial borrowers \u2013 Lendicom.com"},"content":{"rendered":"

Clay Sparkman<\/em><\/p>\n

Most private money investors choose to work with brokers.\u00a0 However it is a decision that each private money investor must make independently and with great care\u2014to use or not to use a broker.<\/p>\n

The essence of the matter I think is this.\u00a0 If you want a full-time job (and some investors certainly do) then you may well decide to go it alone (without a broker), and essentially setup your own office geared toward managing the various aspects of investing in private money loans and hard money loans secured by trust deeds and real property (including promotion, underwriting, risk assessment, loan servicing, and workout\/recovery).<\/p>\n

If you don\u2019t want a full-time job and are interested primarily in hands-on investing (in my opinion there is no such thing as hands-off investing in this niche), then you will want to shop for and eventually select a qualified broker to \u201cpartner up\u201d with.<\/p>\n

This post will be primarily of use to the former type of investor–as the first step in the process of placing trust deed secured loans is finding quality borrowers that meet your criteria.\u00a0 This is not an easy thing.\u00a0 At Fairfield, we receive about 300 loan requests per month these days and of those we end up pursuing maybe ten in a typical month.\u00a0 On average maybe six of those will survive our underwriting process, be presented to one or more of our investors, and ultimately be closed through escrow and thus actualized as an investment.<\/p>\n

If you are faced with this challenge, a web based tool known as Lendicom.com<\/a> may be of interest to you.\u00a0 The site is geared toward commercial lending, and allows borrowers and brokers to sign up and submit specific loan proposals to lenders who have also signed up online.\u00a0 The lenders may be institutional or they may be singular individual investors.<\/p>\n

If you are a hard money lender looking directly for commercial loans to fund, you may sign up as a lender and create an account that allows you to specify detailed criteria regarding the specific types of loans that you would be interested in and your particular criteria.\u00a0 Then from time to time borrower proposals that meet your criteria will be submitted to you.\u00a0 You may choose to either decline or pursue these proposals.\u00a0 Ultimately if you place a loan which came to you through Lendicom, you pay 25 basis points to Lendicom (or a quarter of a point).\u00a0 Otherwise you pay nothing for the use of this service.<\/p>\n

In the interest of full disclosure, I am an officer and a part owner of the company that offers this site.\u00a0 So consider me biased.<\/p>\n

Still, I recommend that you check it out at the link below and see what you think.<\/p>\n

www.lendicom.com<\/a><\/p>\n

— Clay (clay@privatemoneysource.com, 503-476-2909 or 800-971-1858)<\/p>\n

Clay is Vice President of Fairfield Financial, a primary source for private money loans since 1964.\u00a0 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.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Clay Sparkman Most private money investors choose to work with brokers.\u00a0 However it is a decision that each private money investor must make independently and with great care\u2014to use or not to use a broker. The essence of the matter I think is this.\u00a0 If you want a full-time job (and some investors certainly do) […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_s2mail":""},"categories":[19,24,28],"tags":[40,41,42,43,49,50,51,53,54,58,59,60,62],"_links":{"self":[{"href":"https:\/\/privatemoneysource.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/334"}],"collection":[{"href":"https:\/\/privatemoneysource.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/privatemoneysource.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/privatemoneysource.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/privatemoneysource.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=334"}],"version-history":[{"count":0,"href":"https:\/\/privatemoneysource.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/334\/revisions"}],"wp:attachment":[{"href":"https:\/\/privatemoneysource.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/privatemoneysource.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/privatemoneysource.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}