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

The Private Money Broker

The kinds of things we are doing – an example

December 4th, 2012

Clay Sparkman
From time to time, I like to publish the prospectus for a loan that we have placed. I do this for two reasons. One: so you can get an idea of the kinds of loans that we do, and two: so you can see how a nice tight loan presentation should look.
The prospectus which is shown here is the high level presentation, or executive summary of the loan.  Having read the prospectus you should have a pretty good idea what the loan/borrower/project is all about. So here you go. If this reminds you of any loans currently sitting on your desk, consider getting in touch with us. We may be able to assist.

Kristopher Gillmore

Fairfield Financial Services, Inc

16055 SW Walker Road, #247, Beaverton OR 97006

Phone (503) 319-7294 / Fax (503) 419-4219 / E-mail: gillmore@privatemoneysource.com

REAL ESTATE PROSPECTUS


SECURED LOAN
Cash out refi of property in Pacific City, OR
Loan Details

  1. Loan Amount: $320,000
  2. Term: 36 Months
  3. Interest Rate: 12%
  4. Monthly Payments: $3,200.00  Interest Only
  5. Security:  Deed of Trust in 1st Position security interest in real property at xxx, Pacific City, OR
  6. Value by Borrower CMA:  $637,175
  7. LTV based on Borrower CMA:  50%

Loan Overview
xxx, LLC purchased the subject property in 2006 for $780,000.  Currently, they owe approx. $150,000 on the property, and they are looking for cash out refi of $320,000 to provide funds for a subdivision project in California.
Since the purchase of the property in 2006, the following improvements (xxx – managing member of yyy, LLC) have been made:
“We newly painted the entire interior and applied oil based preservative on the exterior shingle siding.  We widened the concrete driveway 3′ and perimeter house walkways 1′.  We installed new granite kitchen counters and all new appliances.  We installed all new custom blinds throughout the house, as well as new light fixtures in the dining area.  We installed new carpet throughout the house.  We installed a new Master Bath shower with custom tile & glass block from Germany, and a new shower head.  Finally, we installed a comprehensive security system.  The total cost was $45,000+/-.”
Currently, the property is only used as a 2nd / vacation home by the borrower.  It is not being rented out, although the borrower believes that it could be rented out for a min. of $300/night or $36,000/year (based on occupancy 1/3 of the year) as a vacation rental.
To exit this loan, the borrower has stated 2 options.  For the first option, the loan would be paid back from the proceeds of the sub development project, which xxx believes will come to fruition in the next 12-18 months.  The other option would be through the sale of this property, or another property that he owns.
Property / Valuation
The property is a 4 bedroom, 3 bath home of 2,317sf.  It sits on .11 acres, and is reported by the borrower to be the best location in Shorepine Village, at the base of the beach ramp with no houses between it and the ocean.
To estimate the value of this property, a CMA has been provided by xxx.  It should be noted that the comps used in the CMA are all active listings.  A search on Zillow.com http://www.zillow.com/homes/comps/62823756_zpid/ was performed showing all the sales of public record in this area, although there is a tremendous difference in the $/SF of these sold properties.  There are not many sold houses with a comparable location with regard to an open view of the beach.  There is however on sale on record a few doors down for $171,000, which is just under $100/sf.  Compared to the other sales and active listings in the neighborhood, this number seems abnormally low.
Income
A signed 1003 has been provided by xxx, stating a monthly income of $13,500.  He states total assets of $3,349,175 and a net worth of $2,918,143.
Credit
A recent credit report has been provided showing scores of 678, 698, and 728.  There is 1 30 day late payment reported on a Shell Citibank card that occurred over 2 years ago, but otherwise his credit history is perfect.
– 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

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Posted in Private money loan examples, Private money loan uses, Submiting loans | No Comments »

Good news for real estate markets: could this be the actual turn around we've been waiting for?

November 12th, 2012

Clay Sparkman
During the past five years we’ve–most of us who make our money in the real estate market (in one way or another)–had a pretty rough time. Certainly, few of us ever anticipated that we were in for a slump of five+ years. And, of course, there have been the false-starts along the way (several)—real heart breakers.
But now, for the first time, I believe it is safe to say that there is solid evidence that a real turn around—however slow—is underway. And it seems that many of the big thinkers in RE markets would tend to agree. In that spirit, I thought we should celebrate a little. I wish to share (here) three articles that I found to be both compelling and encouraging.
Economists: Housing recovery finally here
CNNMoney, 10/3/12
http://money.cnn.com/2012/10/02/news/economy/housing-recovery-economists/index.html
Home Prices Rise Again, This Time on the Low End
The New York Times, 9/25/12
http://www.nytimes.com/2012/09/26/business/home-prices-climb-again.html?_r=0
Housing Market Recovery Hits New High in September
Forbes, 10/23/12
http://www.forbes.com/sites/trulia/2012/10/23/housing-market-recovery-hits-new-high-in-september/
– 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

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Posted in Analysis, Commercial loans, construction loans, General perspective, Investor perspective, Real estate market general | 1 Comment »

Getting high quality loan submissions that fit your programs via Lendicom

October 11th, 2012

Clay Sparkman
If you are a broker or borrower of real estate secured commercial money, Lendicom may be of particular interest to you. This site is geared toward commercial lending, and allows borrowers and brokers to sign up and submit specific loan proposals to lenders who have also signed up online.
Presently we have a database of 200+ direct lenders, and they are quite varied, ranging from large institutional to individuals who are private money lenders. These lenders have submitted the particulars for one or more specific proposals. These are held in the Lendicom database.
When a broker/borrower enters a new proposal, Lendicom looks for a match with the various proposals in the database. If one or more matches is found, a list of lenders is provided, and brokers/borrowers have the option to decide which of the lenders they would like to submit their proposal to.
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 is no cost to brokers/borrowers for using Lendicom.
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.  Maybe that’s why I like it so much.
You will find it at: www.lendicom.com
We hope you like it too.
– 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

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Posted in Resources, Submiting loans, Tools | No Comments »

A private money loan prospectus – Hood Canal, Washington

September 24th, 2012

Clay Sparkman
(In October of 2011, I posted this item on my Private Money Investor blog. I thought it might be useful to brokers as well—the idea being so that you may (a) see how we present loans to our internal working investors, (b) gain perspective on our entire private money loan process, from start to finish (we pride ourselves in being 100% transparent with regard to all parts of our process, and (c) get a better idea of how you, as a broker, might want to present working summaries of loans that you are working on. This is the nitty gritty of it—where the rubber meets the road. This is the heart of what we need to know conceptually in order to make a decision and move toward a quote on your loan.)
From time to time, I post a prospectus for a loan that we are currently in the process of placing. This serves three purposes: (1) It gives readers a window into the kinds of loans that we are placing, (2) It provides an example of how are loans are initially presented, and (3) It gives investors the opportunity to inquire about the investment if they are interested in doing so.
The prospectus, which is shown here, is the high-level presentation, or executive summary, of the loan.  Having read the prospectus you should have a pretty good idea what the loan/borrower/project is all about and what this loan looks like as a potential investment.
When an investor wishes to fully evaluate a loan investment, we send a full packet in Adobe Acrobat format (generally between 50 and 200 pages) password protected, and with all backup documentation to support and inform the investor in detail regarding the known relevant particulars of the loan.
Please note that this prospectus has been redacted (name and address info) since it is being broadly distributed. If a particular investors is interested in evaluating a loan, then of course the presentation is not redacted.
If you are interested in discussing private money loans in general or this one in particular, you may contact me at sparkman@lendicom.com or Kris Gillmore, who is coordinating this loan, at 503-319-7294, or gillmore@privatemoneysource.com.

Kristopher Gillmore

Fairfield Financial Services, Inc

3327 SE 50th St, Portland, OR 9706

Phone (503) 319-7294 / Fax (503) 419-4219 / E-mail: gillmore@privatemoneysource.com

REAL ESTATE PROSPECTUS

SECURED LOAN
Cash out refi of SFR in Tahuya, WA
Loan Details

  1. Loan Amount: $200,000
  2. Term: 36 Months
  3. 6 months minimum interest
  4. Interest Rate: 13%
  5. Monthly Payments: $2,166.67  Interest Only
  6. Security:  Deed of Trust in 1st Position security interest in real property at XXXXXXXXXX, Tahuya, WA 98588
  7. Current Value by Appraisal:  $390,000
  8. LTV based on Appraisal:  51%

Loan Overview
Mr. xxx is the owner and president of a software development company, YYY, Inc.  Beginning in 2002, both the company and Mr. XXX’s family experienced some setbacks which would ultimately put him behind on his payroll taxes.  Mr. XXX’s attorney is ready to file the taxes, but they are waiting for the funds before they file.  The estimated cost of the payroll taxes is $137,000 + interest.  A detailed letter of explanation has been provided.
In 2010, Mr. XXX’s mother in law passed away, leaving the free and clear (minus 2009-2011 property taxes) subject property to Mr. XXX and his wife Mrs. XXX.  The borrowers have requested this loan to pay the back payroll taxes.  The borrowers have a great emotional attachment to this house, so their intent is to keep this property as a vacation home and exit this loan with a conventional refi.  If the payments are too much to handle, they would then consider renting the property.  As a 3rd option, if they are unable to refi and/or find a suitable tenant they would sell the property to exit this loan.
Property
The Subject property is a 2 story 2,321sf house located on the Hood Canal in Tahuya, WA.  There are 3 bedrooms, 3 baths, and the house sits on a .15 acre lot.  Photos and more details of the property can be found in the appraisal that has been provided for your review.
Valuation
A recent appraisal with an inspection date of May 31, 2011 has been provided.  Four comps were used by the appraiser to value this property, leading to a suggested value of $390,000.  There is a large range in the date of these sales, and the appraiser does make adjustments to the price given the declining market.  A search of Zillow.com shows a number of houses (of reasonably comparable size) for sale in this area ranging from $310,000 to $795,000.  Given the decrease from original list prices on the higher priced homes on the appraisal, and the overall feel of the market right now, $390,000 seems to be a reasonably conservative estimate of value.
Income
Mr. XXX states a monthly income of $8,180 and Mrs. XXX states a monthly income of $5,000.  In addition, Mr. XXX sold a portion of his business and has been receiving monthly payments of $5,000.  There is a balloon due on May 1, 2012, in which Mr. XXX should receive approx. $100,000.  A copy of this note has been provided.   Mr. XXX and Mrs. XXX state a combined a net worth of $341,402.  A 1003 has been provided for your review.
Credit
A recent credit report has been provided showing scores of 655, 627, and 644 for Mr. XXX, and scores of 686, 698, and 705 for Mrs. XXX.  Please note – there are red flags on this report with regard to the SSN entered for Mrs. XXX.  When this credit report was pulled, 6124 was incorrectly entered as the last 4 digits of Mrs. XXX’s SSN, when it should have been 5124.
– 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

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Posted in General perspective, Investor perspective, Private money loan examples, Private money loan uses, Structuring loans, Submiting loans, Uncategorized | No Comments »

Hard Money – Not As Expensive As You Think

August 22nd, 2012

Clay Sparkman
We’ve had a lot of developers call us over the years to talk about construction loans for single-family homes (or fix and flip type properties). They’ve traditionally gone through banks and have enjoyed rates as low as 7% for their projects. However, these days, some of those banking relationships aren’t there anymore, so they’re looking for alternatives to finance their projects. At first look, our rates of 12-14% can cause some builders sticker shock. However, once you put those rates into perspective, they don’t tend to seem so expensive after all.
Let’s use the example of a $250,000 construction loan on a house that would sell for $400,000. Let’s say your borrower has traditionally paid 8%, interest only, for their rate, paid 2.5 points and incurred an additional $3,500 in fees from the bank. The total cost for a six-month loan with interest and fees would be $19,750. That would represent about 5% of their total home price, for financing costs.
If the same loan were done through Fairfield, the rate would most likely be 13%, 5 points and about $3,500 in fees. The total cost for a six-month loan would be about $32,000. That would represent about 8% of the total home price, for financing costs.
So, you can see there is only a 3% increase in the margin for using hard money. In the big picture, that’s not as large of a difference as you may have thought. This is potentially much lower than an equity partner who may want up to 50% profit participation. And, it’s certainly worth considering if your borrowers are looking for alternative means to finance their construction projects—and in particular, if they want to move quick and easily.
There are many benefits to using hard money: faster processing, less documentation (no tax forms), no pre-payment penalties, and frequently, a very low down payment required. Hard money begins to look downright attractive. We encourage you to give us a call and let us price out a construction loan for you and your borrowers. The cost of using hard money is not as high as you think.
– 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

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Posted in Analysis, construction loans, Rehab and constuction loans, REO funding, Short sale funding | No Comments »

In the way of good news

July 9th, 2012

Clay Sparkman

I am re-posting two short articles that I posted on the investor blog recently. Why? Because they are quite positive and credible in their outlooks, and I feel that we could all use a dose of optimism with regard to real estate markets about now. (It has been a long five years.)
Too good not to share
I figured this was too good not to share. After all, when The New York Times speaks …
http://www.nytimes.com/2012/06/28/business/economy/new-indications-housing-recovery-is-under-way.html
I’ll try to get back to posting more frequently. I’ve been a bit at a loss as to what to post lately. If anyone has anything they’d like to know more about, please let me know.
Another good piece of data for real estate markets in the PNW
This from a recent article in The Puget Sound Business Journal:
“Sales of larger apartment buildings in King County are on the upswing, setting a record average price per square foot in 2011, according to data supplied by Dupre + Scott Apartment Advisors Inc.
Investors last year paid an average price of $136,509 per unit for apartment complexes with 20 or more units in King County, Dupre + Scott data show. That’s the highest price paid in more than a decade, topping the average price of $135,371 per unit set in 2007.
That record price is especially surprising considering sales are still well below their 2005 peak …”
Good news for Pacific Northwest real estate markets continues to mount. Let’s hope it (the market) continues to follow the recent indicators.
– 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

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Posted in General perspective, Real estate market general | No Comments »

The Doc List

June 19th, 2012

Clay Sparkman

On several occasions, I’ve discussed the importance of a good loan summary. A good loan summary is fairly crucial, as you approach us with a new loan request, as it speeds up the approval process (or denial) to a surprisingly significant degree.
Given that, it seems logical to discuss how to speed up the rest of the process.
Once a loan scenario is approved, we start our underwriting process which begins with the collection of the following documents.

  • Residential loan application (1003) or equivalent (MUST BE SIGNED BY BORROWER)
  • Signed and completed Fairfield Disclosure Forms
  • Credit report (tri-merge) (if loan is submitted by broker; if borrower submits directly, Fairfield will
  • Trio of subject property
  • Comps, an appraisal, or some other objective measure of value
  • Photo(s) (if not included in an appraisal)
  • Cover sheet describing/summarizing parameters of loan
  • Preliminary Title Report(s) for all properties

Each loan is unique. In addition to these documents, we may request additional information depending on the type of loan. For a more extensive listing of these documents, please visit our website at http://www.privatemoneysource.com/packaging.php
The timing of the delivery of these items is critical. We can’t underwrite a loan unless we have all the information related to each specific scenario, so the speed in which we can work is largely up to the borrower.
Once each applicable item on the doc list is received, reviewed, and approved, we schedule an inspection to verify that the property matches what has been represented on paper. The property inspection is the final stage of the underwriting process.
There is a story behind each loan, and we want to know all the details. When brokers and borrowers know what items we need in advance and understand our process, we can reduce our underwriting time and ultimately close more loans.
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

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Posted in Submiting loans | No Comments »

No yesterday might mean Yes today

June 2nd, 2012

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

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Posted in General perspective, Submiting loans | No Comments »

Hard Money the Old Fashioned Mortgage Alternative

May 9th, 2012

Clay Sparkman

Now that the Sub-Prime market for mortgages on home purchases and refinances is a thing of the past, we’re back to the situation in the ‘80’s when, if you couldn’t qualify for a black and white conventional mortgage, your only alternative was hard money. Quite frankly, now that I’ve been in this business awhile, I’m shocked at the high LTVs and lack of underwriting that went on in the Sub-Prime hay-day. It seems to me that the Wall Street guys actually got in to the hard money business and rationalized away the risk with some fancy mathematics based on some quant’s calculus fever dream. The combination of easy money and low rates was certainly a recipe for disaster.
Considering the rigor with which we at Fairfield analyze the risks, the train wreck the sub-prime mortgage industry is in now seems like it was inevitable. It’s my opinion that the investment banks on Wall Street tried to institutionalize the art of what we do at Fairfield. You just can’t do that. There are too many unique factors that can spell disaster for a non-traditional loan. Hard money loans have to be carefully and skillfully screened to be a successful investment. Most importantly, there was no cushion in the LTV to absorb the sins that were being committed.
So we’re back to where we were in the ‘80’s. Now, if you have a client that can’t get a conventional mortgage, hard money is really the only option. As before, the game is really now about equity. You should be preparing your borrowers for higher rates and fees, lower LTVs and shorter terms. For creative ways to keep your LTV down see the article, “Creative Funding”, here:
http://www.privatemoneysource.com/mailing.php?mid=107
The max term we can do without seriously drilling down on your borrower’s ability to re-pay is 12 months for new purchases (we can go with a longer term or do refinances, but that requires more underwriting on the borrower’s ability to repay). This may be enough time for your borrower to get their finances in order. In situations where your borrower has equity and the ability to do debt service, but may have challenged credit or is just coming out of a bankruptcy, we can help. See the article, “Off the Beaten Path” here:
http://www.privatemoneysource.com/mailing.php?mid=9
In short, we’ll look at any worthwhile deal.
I’m glad we’re here to fill the gap. Welcome back to hard money. Contact me and find out how you can give your borrowers an alternative.
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

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Posted in Private money loan uses, SFR mortgage loans | No Comments »

Creative Funding

May 2nd, 2012

Clay Sparkman

As you all know, sometimes we have to be creative to get loans done in this market. One of the most critical aspects of any loan is the Loan to Value ratio, and there are often options for reducing the LTV to make the deal more attractive.
For purchases, the seller carry back is a great strategy. We all know that it’s a buyer’s market, so a motivated seller is going to have to really entice those buyers. In some instances, the seller will simply accept that the market demands a lower price. However, under the right circumstances, the seller could be willing to carry back 20% of the purchase price as a note in 2nd position. This opens up a lot more financing options.
Sometimes if a deal is close, but just a little high on the LTV, brokers will allow us to hold their fees in one of our client trust accounts until certain conditions are met. With riskier development loans, it can make a big difference to the lender if that LTV is a few points lower. By carrying fees in this manner, it gives the lender additional security if the deal goes bad. If the broker is confident in the project, and has the ability to hold off on those fees, it can sometimes make the difference between a pass and an approval to fund.
Another option is to cross collateralize an additional property. If the borrower is able, putting up an additional property can potentially lower the LTV. At the very least, it will add security to the loan, and show the lender an increased level of commitment by putting more skin in the game.
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

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Posted in Structuring loans | No Comments »

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