Clay Sparkman
Private lending is a constantly changing business. The factors that drive the types of loans that we can do are as varied as the structure of the deals themselves. That’s why, despite the fact that we may have turned something down in the past, it never hurts to ask again.
We are based in Portland, Oregon, lending in various parts of the country, and adding new capability all the time. Normally, with smaller loans we like to stay close to home. We like lending in areas where we know the location and have a good feel for the properties. However, we recently added additional funding capability. As a result, we’ve been able to do larger loans and loans in all fifty (50) states of the USA.. This is an example of how changes in our funding capacity expand and enhance our ability to lend geographically over time
We’re also starting to become more comfortable with lending on lots. Over the past few years, we’ve shied away from lot loans. There wasn’t a great deal of sales activity and accurate valuations were difficult. Lot sales however have picked up as builders are once again building more houses and buying lots, and thus we have a greater comfort factor in this area once again as well.
Loan scenarios themselves can change. Often times when we’ve turned something down in the past, it has returned to us in a more acceptable state. Perhaps sales comps that are more supportive have become available, or maybe an additional borrower has been added to the scenario with stronger financials. If the picture of a loan has changed for the better, it’s certainly worth giving us for a second look.
So, if you have a loan that was declined by us previously, consider submitting it once again. You may like the results.
If you have a loan that might fit with these parameters, please e-mail me at clay@privatemoneysource.com or submit by entering a brief summary at http://www.privatemoneysource.com/loanproposal.php. 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, but is able to source loans nationwide. To submit a loan to Fairfield for consideration: http://www.privatemoneysource.com/loanproposal.php
Tags: Commercial loans, construction loans, finding lenders, hard money borrowing, hard money brokering, hard money loans, private money borrowing, private money brokering, private money loans, Quick flip loans, real estate rental, rehab loans, REO funding, Short sales, subordinate loans
