{"id":67,"date":"2010-06-29T13:11:17","date_gmt":"2010-06-29T20:11:17","guid":{"rendered":"http:\/\/privatemoneysource.com\/broker-blog\/?p=67"},"modified":"2010-06-29T13:11:17","modified_gmt":"2010-06-29T20:11:17","slug":"top-ten-clues-that-you-should-probably-re-consider-using-a-particular-private-money-lender","status":"publish","type":"post","link":"https:\/\/privatemoneysource.com\/broker-blog\/?p=67","title":{"rendered":"Top ten clues that you should probably re-consider using a particular private money lender"},"content":{"rendered":"

Clay Sparkman<\/em>
\nI remember when I first came into this business 15 years ago, the general attitude toward private money\u2013and private money lenders and brokers\u2013was quite negative.\u00a0 And to a certain extent, the reputation was not completely unearned.\u00a0 It was an industry that seemed to harbor a small handful of crooks and a great many more just plain unprofessional \u201cbusiness people.\u201d\u00a0 And yet, what many people didn\u2019t understand is that there were also a good many honest, professional individuals and entities offering a legitimate, useful, and important product.
\nAs time went by, the rap on private money lenders improved significantly, and it almost got to the point over the years where you might say that private money was a bit \u201csexy.\u201d\u00a0 Everyone wanted to have a piece of that market.\u00a0 Most of the players these days are honest, in my opinion, and many are highly professional, but still I think I\u2019d like to have a go at those still in the market who are either dishonest or unprofessional or both.\u00a0 Some private money lenders quite simply don\u2019t belong in the business.\u00a0 If not dishonest, they are paranoid and distrustful of every borrower that comes to them, and as such, they tend to go too far in trying to protect their investment.\u00a0 This TOP TEN LIST is dedicated to those folks.\u00a0 (They know who they are.)
\nDrum roll please\u2026
\nTop ten clues that you should probably withdraw your loan request from a particular private money lender:
\n10. One number and two words:\u00a0 $25,000 non-refundable deposit.
\n9. The investor insists on moving in with the borrower to \u201ckeep an eye on\u201d his investment.
\n8. The investor insists on language in the loan agreement to the effect that: borrower will not eat junk food during the term of the loan, you will not engage in bar fights, will certainly not smoke any sort of substance, and will not jump out of airplanes or otherwise engage in so-called extreme sports.
\n7. The lender requires a lien against borrower’s pet corgi Noodles as additional collateral to secure the loan.
\n6. Lender keeps referring to the subject property as \u201cmy property.\u201d
\n5. Rates are by the day (uhhh … you know, like car title loans)
\n4. Lender keeps saying ka-ching at the end of every phone conversation.
\n3. The product on offer involves a one week term with a one week extension option.
\n2. The investor wants to become a co-signer on the borrower’s checking account.
\n1. The investor requests a perpetual easement to ride his ATV on borrower’s property\u2014and the borrower’s lot is only 4,000 square feet.<\/p>\n

\u2013 Clay (clay@privatemoneysource.com, 503-476-2909)<\/p>\n

Clay is Vice President of Fairfield Financial, a primary source for private money since 1964.\u00a0 Currently targeting loans in Oregon and Washington, with potential to loan in:\u00a0 AK, CA, CO, ID, FL, GA, ID, MT, NV, NY, OK and TX.\u00a0 To submit a loan to Fairfield Financial for consideration: <\/em>http:\/\/www.privatemoneysource.com\/loanproposal.php<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Clay Sparkman I remember when I first came into this business 15 years ago, the general attitude toward private money\u2013and private money lenders and brokers\u2013was quite negative.\u00a0 And to a certain extent, the reputation was not completely unearned.\u00a0 It was an industry that seemed to harbor a small handful of crooks and a great many […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_s2mail":""},"categories":[11],"tags":[42,43,45,46,54,55,57,58],"_links":{"self":[{"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=\/wp\/v2\/posts\/67"}],"collection":[{"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=67"}],"version-history":[{"count":0,"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=\/wp\/v2\/posts\/67\/revisions"}],"wp:attachment":[{"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=67"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=67"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=67"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}