S. Clay Sparkman
Just about every broker should have a private money option to go to. Here are a few quick tips on how to get that going.
(1) Find a Lending source that you like and trust. Also, make sure that they will work with you, guiding you through the process AND giving you quick feedback as to loans that you run by them on an ongoing basis.
(2) Read through their loan specification guidelines and discuss these with them so that you have a decent idea of where private money might be a better option than a bank loan.
(3) Find out what their sweet spots are. Ask them: Where do you bring options or value that a bank cannot?
(4) If they want large non-refundable deposits up-front, I suggest that you don’t work with them.
(5) Whenever a loan comes to you that doesn’t fit your ordinary lending criteria, think about private money. Would this scenario be a good fit?
(6) If you feel like talking this out a bit with someone in the industry, give us a call. We are a small family business, started in Portland, Oregon in 1964. I myself have been at it for about 25 years, and I’m still learning new things every day.
All the best in your endeavors, Clay
– Clay Sparkman (clay@privatemoneysource.com, 503-476-2909)
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