The Changing Faces of a Hard Money Lender

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The Changing Faces of a Hard Money Lender

Borrow from Someone You Know Like and Trust

As a lender, we are mostly concerned about the character of our borrowers.  We know that at some point everyone is going to hit a roadblock.  Everyone will have something that will keep them from being able to make their payments on time or making them at all.

Everything has a solution!

We are looking for the borrower that is strong enough to reach out to us in advance and let us know what is going on.  In most cases, we can help out with a solution to get them back on track.   In every case, our opinion of the borrower elevates just from the pure honesty and humility that the borrower displays when the “poop hits the fan”.  As a borrower, you should look to borrow from a lender with that same level of integrity and humility.  I can promise you that when it comes to money, character is always revealed. 

You want to be able to have a relationship with a lender that is willing to walk with you through the valley’s, as well as, the peaks.

Smart, experienced lenders don’t want your house!

We are lenders. Not rehabber’s or flippers.  Most of us want to keep it that way.  Many of the national lenders are interested in numbers more than relationships.  Because they lend all over the country, they just don’t have the boots on the ground to oversee a rehab or even resell the property. Sometimes they must be quick to foreclose and hope for a fast, simple courthouse sale.

A smaller, private money lender or local regional Hard Money (Private Capital) lender will most likely be more willing to work with you.  Even then, make sure you have investigated their character and then build a relationship that is beneficial for both parties.

Ask about how they have handled taking back houses in the past and see if they will share contacts.  Explain to them that you are interested in building a relationship with them and not just looking at them as an ATM. Let them know you want to ask deeper questions about how they responded during the bad times. If this kind of questioning scares them off, then you are talking to the wrong lender!!

Remember, challenges and difficult times reveals character!

Wendy Sweet
Wendy Sweet
I have been lending money to investors since 2001 as both a conventional lender and a Hard Money lender. After tossing aside conventional lending in 2008, my brother Bill Fairman and I, began growing Carolina Hard Money to offer funds to Investors, Builders, Landlords and Developers who were able to navigate the changing world of real estate. We have been successfully lending money in North and South Carolina and primarily the Southeast. We also manage a real estate fund for accredited investors in addition to brokering loans for those with money to invest.
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