Your Financing Strategy Ask questions from your bankers which of one these will benefits you most and which one could be costly to you. You can also get free checks when you open your account, you do not need to pay for checks. All checks are processed the same way that is up to you and how you manage your money. -Savings Accounts: Custom Savings, Money Market Account Checking Accounts: Economy Checking, Express Checking, -Regular Checking, Senior Checking, Student checking -Your Debit/Visa Card to use for shopping could be free when you open your account, make sure you ask for it, at times they will ask you if you want one or not. Where you use your Debit/Visa Card to withdraw money matters to your bank, it could cost you for using it at the wrong places, ask your banker for information where you could use your card without paying extra charges... Some banks charges between $1.00 up to $3.00 if you use their card to withdraw money from another bank that they do not do business with. It is your money... Each one of the above has advantages and dis-advantages, be careful when you are opening your accounts; you could loose money to the bank right away. You also need to know if your monthly statements are going to be free or not, when you make inquiries, the bank could be charging you for too many inquiries. Some things are free from the big banks and something's are cheaper from the community banks. Basic Requirements for lending you money: · Savings and Checking Account · (2) Good Credit or No Credit it depends where you are getting the money. · (3) Collateral such as your House, Car, Boat, Gold/diamond or any valuable assets they can hold on · Driver's License, · Social Security numbers · Good Employment, at least for six months. Lenders Information: Big Bank requirements- Can be very tough to meet because they have to abide by the 'Federal Reserve Bank or Federal Deposit Insurance Corporation (FDIC)' regulations. They got their money from the Federal Reserve Bank at a lower rate, however, they could turn around and loan it to the smaller banks at a higher rate, and the smaller banks loan it at higher quote rate to the public. Community Bank requirements/Credit Union: Well, the community bank is no different either, they turn to the big banks to borrow money at a lower rate so that they can loan it to their customers/clients at a higher rate to make some profit to stay in business. Private Capital market requirement: This is where the business gets tougher. The Capital Market enterprise is a big boy on the Wall Street, where they can finance just about anything they like, because they are not being regulated by the government, it is an individual rich businessmen that have money to loan out at a higher rate. They are not required to follow financing rule rigidly as the bank does, but they still have follow the consumer law that protect all of us from being taken advantage of. Family friends requirement: This one is your best source of financing, if you could find a rich friend or family friends that can loan you money without any attachment or collateral. They may ask you to pay them some small interest, or none it all depends what you are using the money for, at they would like to get a piece of the apple when they know you are going to make a lot profit. Collateralization: There some companies out there that would loan you money to meet your emergency needs, but becareful, they may ask you to give them your house, car, motor cycle or any of your valuables for collateral just in case you were unable to pay them back, but, they are very quick to take your valuables and you may not have any re-course to take them to court for doing so. I would stay away from such financing unless you have to... There is going to be a time when we are going to need finance or re-finance our mortgages, car, motorcycle, big boat, air-planes etc., that we cannot come up with up-front lump sum money to pay for it This force us to turn to our bank, family friends, private capital market, small loan companies to loan us that money. This is where we are being taken advantage of by offering us some sort of un-affordable rates. At first you would think this a great opportunity that it will not be problem, you could afford that payment being offered to you by your lender, you better think again before you sign that dotted line. They could be collecting interest from you money for long time without any of it going to your principle. Pay attention to dotted Line and Small print in the loan documents: The loan documents can be very tricky to read when you are not an attorney, the small fine prints areas are very important areas to pay attention to, because this is where they hid rates, timeline, and warrante, but if you don't pay attention to the rates they quote or offer to you in the loan document that you are going to sign you could be losing a lot of money. You probably better off to take to your attorney before you sign the dotted line. In the fine print of the loan documents is where they hid most important information that your lender did not want you to know about, especially mortgage and credit card documents. It sounds strange, but it is true, If you don't believe what I said here in this document, go to your loan documents and read the small prints in there you may find out something that you would not like to see or hear about, or if don't believe what I said here, ask yourself a question of why didn't they just print the whole loan documents in a readable format with nice fonts that an average third grader can read and understand it without having to scratch their head or look up words in the webster dictionary for interpretation of words, after all you are the consumer paying them for this services and they will be collecting interest from your financing for such a long time. 95% of mortgage homeowner never gets to the point of paying principle or their mortgage finance off before being taken away from them, but the bank or private investor already started to benefit. Yes, I understand they took the risk to finance us. I think what is fair is fair, they should make the loan documents more readable for us, and there should be no small prints that is had to read on any loan documents. They should be in a readable format that average Joe can understand; my question all the years was why are they making it so complicated to read if they do not have anything to hide? I also think the loan documents should not have so many pages when we are talking about saving the threes... Not too many consumers read all these pages, it has no value to have so many pages when no one really reads it, of course the attorney will not be making money if they these document could be reduced to minimum. My solution to this big fat loan documents should be to reduce them to minimum, all it should it be contain is, who own the house, the rate, how long is going to be paid, warranty, borrower's and co-borrower, and all other very valuable information it should not be more than 10 pages long.
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5 Tips in Dealing With Private Money and Hard Money Investors in Real Estate Financing Five Tips In Working With Private Money and Hard Money Investors on Real Estate Deals both Commercial and Residential It is no mistake that today's lending environment is a tough one to navigate through. There have been over 386 bank failures since May 2006, and many say, that the worst is far from over. Originators have been squeezed out of the business at the same speed, with only a small number of originators left to make sense out of this whole entire mess, and try to continue onward, and make the best of their chosen career. With all the Doom and Gloom in this market, there are many charlatans who pose as investors, saying that they can get you're hard to place real estate loan funded. They each have their own methods to use, mainly to defraud you, however they wear many masks, and will take your money, if you are not careful enough. The only reason for you to deal with hard money or private money in the first place, is because your loan is extremely unique and "out of the box" from the guidelines of traditional financing and institutional lenders. Some reasons why it might be unique it the legal description, whether it's a stated income deal, or also if it is a high loan amount. I have compiled a thorough "Top 10" list in how to identify with these companies, and if you might be dealing with a charlatan or swindler. Please read these carefully, as most of these tips, are from my own hard luck experiences with these individuals. TIP#1 GET REFERENCES They are soliciting you over the phone for your business, and expect you to give them a million dollar deal in a phone call. If they gave you enough confidence to where you actually think they can fund this deal, stop...BREATHE, and ask for references. If they are funding deals, they can definitely get you in contact with some previous clients who have done business with them. I would suggest at least 2 that closed in the last 3 months. Copies of settlement statements might be hard to get from the investor, however ask the client who the title company was that closed the loan, or closing attorney, and then call them to verify the loan actually closed. TIP#2 GOOGLE THEM In an age where you can put someone's name into your search box, click "ENTER", and find out everything you need to know about someone. DO IT! Cross reference names, company names, telephone numbers, addresses etc. I am trying to close a loan right now with a guy who has a $65 million dollar line of credit, however the address of his Letter Of Intent, is for a $180,000 townhouse. Seem too good to be true???? You bet. Do your research and legwork upfront, and you will save yourself time and stress later. Are they licensed to do business as an investor? Registered with BBB? Blackballed by other defrauded borrowers? Etc. You will find out a ton about someone on GOOGLE, or you might find NOTHING. And finding nothing is equally as frustrating. BEWARE! TIP#3 DO NOT SEND MONEY UPFRONT Depending on the type of transaction, you will be expected to send money upfront to an investor if they are a charlatan or swindler. THIS IS HOW THEY MAKE THEIRMONEY! Whether it is for a due diligence fee, appraisal fee, a fee after they issue a letter of intent, etc. BE CAREFUL! These letters of intent are not worth the paper they are printed on. 9 times out 10, these swindlers will say they are the investor, look at your loan, say they like, and issue a letter of intent, then expect you to send them $5000 -$25,000 upfront with no guarantee of closing. They will have a nice website, nice Letter of Intent, make it sound good, and once you send them the money, they ARE GONE! Most of them will take your upfront money, and have good intentions in trying to find an investor to fund your real estate deal, however when they realize that no money is available for this impossible, STATED SUPER JUMBO RESIDENTIAL CASH OUT DEAL THAT you quoted at 6.5%, they will give up, shut down there LLC, change there name and phone number, and start up again as someone else with a new company. It's pathetic, but this has happened to me. BE CAREFUL! TIP#4 ASK A LOT OF QUESTIONS! Question Everything. You will be proud about yourself if you just man up, and question everything. Who is the money source? Who pulls the trigger and writes the check? Is money from private investor? What kind of line of credit does investor have? Can you show me proof of funds letter? Is money coming from a hedge fund? What hedge fund, and what are the terms of the hedge fund? Can you put me in contact with 2 of your borrowers? How are you lending at such good terms? Who are selling the note to? Do you realize the consertiveness of warehouse lines of credit? How are you lending money under stated terms? Where is your business located? How come you live in a one-bedroom townhome, yet have a $65 million dollar line of credit? How come I cannot order appraisals? How come you are getting so mad at me ASKING THESE QUESTIONS??? How dumb do you think I AM?? TIP#5 Don't BE AFRAID to BLOW them UP! You put your loan scenario out there, everywhere. Broker websites, people you know in the industry, etc. It's out there for everyone to see, so expect people to contact you from all walks. You have a super tough deal you needed funded. A 7 million dollar loan, self employed builder, property is on the marker, its stated, he wants 1 million dollars cash out, and does not want to pay about 6.5%. You get the call, the investor states he can do this deal. Every objection that you have, he has an answer for, and sounds very polised in his pitch. He is a confidence MAN. He is a Charlatan. This is what he does for a living. Get the answers upfront. Follow the money! Don't deal with brokers! Avoid the broker chains! Get TIPS#1 -#4 addressed above, and then proceed. If you do not get a good feeling about this person or company, DO NOT MOVE FORWARD. If they cannot show you the things in TIPS#1-TIPS#4. DO NOT DO BUSINESS WITH THEM. Create an excel spreadsheet, and start building your BLACKLIST. If this is a career you want to get into, there is a small pool of people actually lending money, and a huge pool of crooks, charlatans, and swindlers, that are coming out of the woodworks in droves, due to a lackluster economy, with one goal in mind. TAKE YOUR MONEY AND RUN!!! BUYER BEWARE For any residential or commercial hard money or private money loans, Brian Quigley is a mortgage broker with The Mortgage Network, and Real Estate Consultant with BPQ Real Estate Consulting. You can reach Brian Quigley at 720 524 3215. He currently resides in Denver, COLORADO for the last 8 year.




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