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

The art of the summary

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

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