Clay Sparkman
If you don’t believe that lenders are getting hard to find, read this article from the New York Times: In Hard Times, One New Bank (Double-Wide). Kind of scary, huh?
If you are having trouble finding the ever elusive lenders that you need for your particular client transactions and projects, a web based tool known as Lendicom.com may be of interest to you. The site is geared toward commercial lending (including construction, project, and development loans), and allows borrowers and brokers to sign up and submit specific loan proposals to lenders who have also signed up online.
Brokers and borrowers are able to enter specific commercial loan proposals for matching with the pre-qualified database of lenders. Upon submission, Lendicom presents a list of matches and close matches, with some basic information regarding the lenders, and the brokers/borrowers may select up to four lenders for automatic submission of their proposals.
Product highlights include: individual home pages for each user with complete pipeline information pertaining to all loans processed through Lendicom, the ability to manage all outstanding loan programs/proposals from a single location, and the ability to setup whole offices on the system and coordinate the various users.
There are no subscription costs and the service is completely free for borrowers and brokers. A small fee is paid by lenders on transactions that close (and that is how the site is monetized).
The tool is designed for a wide cross-section of lenders. Commercial banks, life insurance companies, CMBS conduit lenders, sub-prime lenders, private lenders, and various funds are all accessible with a single submission.
In the interest of full disclosure, I am an officer and a part owner of the company that offers this site. So consider me biased.
Still, I recommend that you check it out at the link below and see what you think.
www.lendicom.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: commercial lenders, Commercial loans, construction loans, finding lenders, hard money borrowing, hard money brokering, hard money lending, hard money loans, private money borrowing, private money brokering, private money lending, private money loans, Quick flip loans, real estate, real estate investing, rehab loans, subordinate loans
