Clay Sparkman
Fairfield Financial works hard to establish good working relationships with Loan Brokers. Though we do work directly with borrowers, we push toward being more of a wholesaler, and emphasize building relationships with professionals who can help their clients understand when private money might be an appropriate option to pursue. We will work with brokers in one of two ways:
- The broker refers a client directly to us, and we package the loan, working directly with the borrower. In this case, the broker must contact us initially to let us know that the referral is from them and to make arrangements for us to get together, and after that need not be involved directly. We pay the lesser of 1% of the loan amount or 20% of our total commission to the referring broker.
- The broker submits a full and complete package to us, and remains “in the loop” throughout the loan transaction. In this case, the broker is free to price the end product to their client, adding whatever reasonable fees they are able to negotiate with their client.
In the event that you are a licensed Loan Broker and wish to submit a loan package to us, you may want to run the concept past us first. (You may wish to use our Loan Proposal Form to do so.) Once we have established that the concept makes sense, please prepare a package using the guidelines on our Packaging Guidelines page, and then call us to arrange a handoff.
Our Guidelines:
Region:
Alaska, California, Colorado, Florida, Idaho, Georgia, Montana, Nevada, New York, Oklahoma, Oregon, Texas, Washington, and Wyoming
Loan Amounts:
No minimum, no maximum.
Interest Rates:
10 – 15% on firsts. (Typically 12-13%)
Term of Loans:
1 to 5 years (Typically 1-2 years)
Amortization:
Interest only
Broker Fee:
Typically 5%
Other Fees:
Document preparation: $675 to $2,900; Loan servicing fee: $470 plus $1 for each $1000 of the loan amount; Property inspection: Typically $250 to $1000.
Pre-pay Penalties:
None
— 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: hard money brokering, hard money loans, private money brokering, private money loans
