- Posted by Dave Johnson
- On August 21, 2017
- 0 Comments
The selection of a credible, viable and reliable financing partner is crucial to the success of any given real estate project. What then makes for a reliable, private first or second mortgage provider?
The short answer for those considering this type of financing strategy is to understand potential lenders’ motivations and criteria. From there it becomes a matter of aligning wants and needs with financing solutions from the private sector; not all lenders are a match for all projects and vice versa.
To begin with, the process from start to finish is usually much shorter and gets the desired funding into the hands of the borrower in a shorter time frame. Private lenders tend to be much more “people oriented” and concerned with the development of a lending relationship rather than an in-depth financial analysis as is the case with more traditional lending institutions. While their primary motivation remains profitable transactions, private lenders are more willing to accommodate unique projects. They can build more flexible terms into any agreement to help meet the borrower’s needs. Overall, private mortgage lenders, based upon their flexibility and desire to involve themselves with a much broader scope of opportunity, are more open to more applicants.
Lendmore Financial powered by DLC Bedrock Financial Lic: 12775