Where Can I Find Suitable Private Lenders?
Private Lenders are all over the landscape! You just have to look in the right places for them. Good places to look include:
Your large-city Sunday newspaper under "Capital Available. Local business magazines in industrial and manufacturing areas. Business newspapers and newsletters such as the Wall Street Journal and International Wealth Success. The "Private Loan Money and Funding Success Kit described at the back of this article. Local attorneys and accountants who have wealthy Private Lenders as clients. Members of nearby golf, tennis, and yacht clubs. Business capital clubs that meet monthly to hear presentations by BWBs seeking funding. Angel groups in various parts of the country. Internet sites under the heading "Private Lenders. Your author, me, Ty Hicks, who has access, through research, to data on hundreds of active Private Lenders.
Most Private Lenders will give you excellent service, compared to busy, crowded, and overworked Loan Officers in other money sources. You can expect Private Lenders to:
To help your Private Lender give you the better service you expect from him or her, take these Smart Borrower Steps to help both yourself and your lender:
1. Prepare a detailed Loan Package on the specific real estate property, or project (such as a development or rehab job) you need the funding for. REMEMBER: You can talk all you want about the great deal you need funding for. But a lender won't really have a clear picture of your proposal until he or she sees it in writing. A Loan Package can tell a winning story for you! Further, you must have a Loan Package available for a Private Lender to make a favorable decision on your Loan Application.
2. Establish a friendship with your Loan Office or other contact at the Private Lender. Most Private Lenders are working for themselves. So you're talking to the "top honcho. Being friendly with your direct Private Lender can put you into the big loan leagues quickly. REMEMBER: Borrowing money is not an adversarial relationship! Instead, it is a friendly relationship and a shared interest in real estate and its moneymaking future.
3. Do not push your Private Lender for an instantaneous answer. You will usually get your approval in just hours. So don't pressure your Private Lender. It only causes friction.
4. Be familiar with ALL the numbers of your deal. Don't be caught stuttering about unknown numbers. Know the Price, the Annual Income, the Annual Expenses, and the Down Payment better than you know your own name and you'll get your loan!
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