Clay Sparkman
The Art of the Summary
Between phone calls, emails, and on-line submissions, we receive a tremendous number of loan requests. It’s pretty common for these loans to have tight deadlines, so here are three ways to speed up the process.
1) Use the on-line proposal form and provide all the applicable information. This form can be accessed through our web-site Here. This form provides us with everything we need to know to issue you a quote. It’s very effective.
2) Leave a description of the loan transaction in a voicemail. (Note: I’ve spent days playing phone tag with brokers, only to find out that they were looking for a loan in a state that we didn’t lend in. If we get a detailed voicemail, we can respond more rapidly to the various aspects of your request.)
3) Send me an e-mail with a summary of the loan. This can be an efficient way to submit a loan request, and we can evaluate a good summary very quickly. However, that’s not always the case. If the information is lacking or hard to find, it will delay the process. We’re looking for a summary of the loan request, not pages of detailed documents. Here’s a list of information that we like to see:
The Property
– Property location
– Specs on the property (Type of property, SF of building(s), description of property, size of lot/land, etc…)
– Purchase Price and/or amount owed
– As-Is Value and ARV
– Amount needed for repairs (if applicable)
– Amount of money invested thus far in the property
The Borrower
– Monthly income
– Net worth
– Credit score
– Relevant experience
The Loan
– Broker fee(s)
– Net amount of funds required for the borrower
– Amount available for down payment
– Use of funds
– Closing deadline
– Requested term of loan
– Exit strategy (This is very important.)
A good summary should highlight the features of the loan without the reader having to hunt for information. By providing this information in a clear concise format, it will speed up our review time and ultimately close loans faster.
If you would like to discuss private money loans further or run a particular scenario by us, contact Clay via e-mail 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@privatemoneysource.com, 503-476-2909)
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
Tags: auction buying, California, commercial lenders, Commercial loans, construction loans, finding lenders, Florida, hard money borrowing, hard money brokering, hard money loans, Idaho, Las Vegas, Montana, Multifamily, Nevada, New York, Oregon, private money borrowing, private money brokering, private money loans, Quick flip loans, real estate investing, real estate rental, rehab loans, REO funding, Short sales, Washington
