Clay Sparkman
May articles I’ve come across lately suggest that more and more private money lenders are putting their funds into the long-term residential home market, and doing so at a fairly roate (low by private money standards). The article here–Private Lenders Remodel the Mortgage Market–is a good discussion of precisely this movement, and approaches the subject from a personal point of view.
Due to regulatory issues, average term, and average rate of return–we at Fairfield have not made a point of moving into this sector of the market. However, there are two exceptions:
(1) If the home is not Owner Occupied, and the owners/buyers don’t intend to occupy it as a permanent residence, then we can do all kinds of loans/projects with SFR homes.
(2) If the loan is a *bridge* loan for the acquisition of a residence, with a plan to exit or replace out loan within one year, we can make loans on OO SFR properties. This is quite often the case when either (a) a property needs some “work” prior to qualifying for a bank take-out loan, or (b) the borrower needs time to make changes to his/her personal situation prior to qualifying for a bank loan at some point within the year.
We don’t do a lot of these, but when they make sense, we have no problem doing them, so keep us in mind.
If you want to run such a loan by us (or any loan for that matter), I recommend that you go to the following link on our website and it will step you through the questions that need to be answered regarding your loan proposal.
http://www.privatemoneysource.com/loanproposal.php
Best, Clay
If you would like to discuss private money loans further or run a particular scenario by us, contact Clay via email 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 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: commercial lenders, construction loans, hard money borrowing, hard money brokering, hard money loans, Idaho, Las Vegas, Montana, Oregon, private money borrowing, private money brokering, private money loans, rehab loans, REO funding, Short sales
