Setabay Private Hard Money Lender: hard money loan

Showing posts with label hard money loan. Show all posts

Friday, August 3, 2018

How do Hard Money Lenders Differ from Each Other?

Know your lending options so that you are educated on what to expect when you’re ready to obtain that first commercial loan. There are several things to consider when evaluating hard money lenders.

The following are the varying differences you will encounter when obtaining a commercial loan:

· What is the loan to value ratio of your project? If the ratio is high, the more cash that you will receive for your project.

· What is the minimum and maximum loan amount of the lender?

· Are the hard money lenders that you’re talking with direct lenders (funds in house) or are they a broker? Brokered loans can delay delivery unless dealing with agents that have an extensive rolodex.

· Is the lender local or what geographic region do they serve? Where is your project located?

· What are the closing costs and interest rate?

· Can they close the loan quickly? Are they responsive to you and your project?

· Is the lender trustworthy and experienced in the type of project you are seeking to fund?

When searching for hard money lenders, a Google search will produce hundreds of options. Be sure to look for the following:

Experience. The lender you are talking with should have plenty of experience in the real estate industry as well as experience in the niche industry of hard money loans. An experienced lender will have knowledge in the specifics of hard money loans. The experienced lender will also have the knowledge of procedures and regulations that must be followed which will simplify the process.

Licensed. A hard money lender should hold licenses with state and local real estate bureaus and associations. If the lenders originate consumer loans, then they should be registered with Mortgage Licensing System (NMLS).

Rates and Terms should be Competitive. Look out for lenders who charge interest rates that seem too good to be true. This may be indicators that the lender you are talking with or negotiating with is either unexperienced or untrustworthy.

Transparency is Key

Some lenders will use a bait and switch tactic. Published rates that are very low are often used to attract novice investors looking for the best deal. In all communications, a reputable hard money lender should be clear and upfront about rates, fees and terms.

Quick funding is one of the most common reasons that real estate investors choose to obtain capital from a lender specializing in hard money.

You locate the real estate you want to invest in, your offer is accepted, and now the clock runs, and time is of the essence. You may be choosing this type of lender because of the time-consuming process a conventional lender takes to approve a loan. Then, of course, there is the massive documentation that is needed with a conventional lender. Hard money lenders are known to deliver the loan quickly. As many an investor will tell you, if you do not get the loan funded quickly, you may very well lose the deal. If the lender you’re working with cannot fund the loan in an expeditious manner, you may want to seek capital elsewhere.

Happy senior business man making his notes at work Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com

About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.

Technorati Tags: private hard money lender,owner occupied home loans,hard money loans,hard money loan

Wednesday, April 4, 2018

Real Estate Values Are Continuing to Climb Up to Record Levels Again! You’re Making Moola Again!

Technorati Tags: Private Hard Money lender,fix and flip,hard money lender

With a booming economy and a strong GDP coupled with low
interest rates, home values in the South West are marching to
new record highs. Southern California home values are approaching
the boom prices that last occurred in 2006. Many home owners
are selling their homes within days, and the demand is continuing.
Some home owners are receiving multiple offers and builders are
experiencing very strong demand. Although the demand is not as
it was in 2006, with home builders using a lottery system to pick the
buyers and buyers camping at the sales office for days, there has
been a steady increase in demand.

Las Vegas had the biggest dramatic swing in prices. From the
peak in 2006 to the bottom in 2002 sellers were getting out of their
homes by the 1,000’s. However, over the past 5 years prices have
increased an average of 14%/year with the last 12 month's average around 12%.
San Francisco is the hottest market with prices rising like a rocket and demand
is at a very hot pace.

Over the past 5 years San Francisco price increased a
whopping 15%/year. However the past 12 months have slowed
a little with an appreciation of 10%.

(For a PDF of this Graph Click Here)

Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC

Wednesday, October 25, 2017

Why, why did you wait till the last minute to call me for help?

It’s happened all the time.

Every Friday, just before I’m ready to go home the phone rings.

On the other end is a frantic home owner who desperately needs to refinance their loan.

They say “Now. I mean NOW! “ Why I ask.

They say “because we are in foreclosure and the sale
is set for Monday at 10AM.”

You mean like next Monday, in 3 days?

Now what do we do?

I tell the owner they have a few options that I can think of:

Start packing dude, you are going to be moving.
Call an attorney and explore the options of bankruptcy.
Sign a deed over to us and we will pay off the existing note Monday at 9 AM and the home owner (now the ex-home owner) can stay in the home. (To be honest, I’ve never done this.)
Get a new loan, pay off the existing loan and stay in the home.

They usually go for Option 4 – a new loan. (Dude, you dummy, that’s why I’m calling YOU!)

The big problem is that there is not enough time to get the deal done.

We cannot move fast enough, and I’ve have learned that you should never do a deal until you have a preliminary title report and a commitment for title insurance.

But overall the real big problem with option 4 is that:
I have a hard time getting you a new loan when
you have not made good on the current loan.

I say, “How can I expect you to make the new payments when you
did not make the current payments? I’ll be the next person doing a foreclosure.”

I usually hear F*** You , and they hang up.

Sometimes they go into a long explanation of how it’s not their fault, and so and so caused them to not make the payments. Usually it’s an ex something or other that caused the problem, or some other hard to understand why explanation as to the reason they did not make the payments. Never do they admit it was their own fault; it’s always someone else’s fault.

I just don’t know what to tell these callers when they call. Do you have any ideas?

Maybe I should keep some boxes in my office and they can come and get them?

Anyway, there is going to be a home for sale on the court room steps Monday at 10AM.

Maybe I’ll get a call from the lucky buyer and get them a Fix/Flip loan. Yeah that’s it. That will work!

Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701

About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.

Technorati Tags: commercial loans,commercial lending,commercial mortgage

Wednesday, January 11, 2017

Level 4 Funding LLC Arizona Private Hard Money Lender

Dennis Dahlberg Broker/RI/CEO/MLO
Level 4 Funding LLC
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com
http://www.Level4Funding.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701

About Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true.

Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.

Tuesday, August 2, 2016

What would you do without hard money loans?

Here are a few testimonials from actual clients that benefitted from a hard money lender California:

Robbie claims: “My company experienced a disastrous fire that nearly destroyed us. No conventional lender would help us. A hard money lender did. Because of them, we were able to borrow what we needed and continue in business. We were then able to settle our insurance claim, repay their loan and prosper…I will always be grateful for the help hard money lending gave to me, when no else would.”

Katie said: “I am very thankful to have found California hard money because without it I would not have a home of my own. They made all of my and my children’s dreams come true. They are very understanding and willing to work with you. Not everyone in the world has perfect credit or the perfect life but they can help. Thank you for everything. I am so grateful.”

Last but not least, a cook in Indiana said: “I believe I represent the view of many when I say that hard money lenders have been a godsend to our community for giving people credit when no one else will take the chance. After banks, loan companies and mortgage companies refuse to extend credit, people turn to them for help. These people often represent a high credit risk and takes on that risk when they make loans to them. No one is forced to borrow money from anyone under any terms the company offers. Each person is responsible for his or her own actions. They tell customers up-front about the interest rates and terms offered in each loan, just as any other lender would. I’m sure there are many who need his type of loan services but have not known about this door of opportunity offered.

About the author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true.

Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.

Speed dating with hard money loans

In the world of finances and real estate loans, hard money lending is a lot like speed dating -- they are designed to be temporary, and the interest rate on an California hard money loan gives you an incentive to move on as quickly as humanly possible. First, interest rates are generally higher on a hard money loan. You should not be surprised to pay more than 10% APR or anything in the high teens percentage wise, and you can easily pay several times that. A hard money loan should be used to help with a temporary need, like flipping a property, not as something you’ll keep around forever like your student loans. You may not even have the choice to keep a hard money loan going for long. Most loans require you to repay in full within one to five years, so you have to plan ahead. In addition to higher interest rates, you’ll often pay more points to get a hard money lenders California. Five points or more would be reasonable, but you’d need a good reason to pay that much on other loans. Again, a hard money loan is a shorter-term loan, so you’ll amortize those points over a shorter period of time. They drive up your borrowing costs and like your cholesterol that’s not a healthy thing to raise.

Keep all this in mind when you walk into the office of a hard money lender. You want to diligently understand your own position as well as the position of the person sitting across from you.

Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.

Friday, July 29, 2016

Hard money – the easy way to financing your project

You wouldn’t know it unless someone told you or you were a super smart accountant or knew a lot about investing, but hard money lenders California is actually easy. It’s so easy, almost anyone could do it – and what’s that Geico slogan? A caveman could do it? It’s so true it hurts, but the sentiment remains – it’s simple, it’s a breeze, it’s easy.

Let’s look at it this way: Phoenix, California has a population over 1.44 million and that number is only expected to rise in the coming years, like a helium balloon inside of another helium balloon. Yet, it’s not a very condensed place, spread out to the far reaches of the horizon. So many houses were built in the real estate bubble a few years ago, but many of these properties now stand empty, neglected and decaying.

You could easily start a few projects where you rehabilitate these homes, or “flip” them as the industry big shots say and all you’ll need is an approval from private money lenders California. Why do you want to go the hard money route? Because it’s much more easy than heading to a bank or mortgage company. They want buyers and loaners that will stick around a lot longer than someone just wanting to fix a property up. You go through the middle man and soon, everyone is happy.

That’s why there’s no need to break a sweat – just learn the in’s and out’s of hard money, which would take only a few weeks, and then you could start doing business your way.

Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.

Monday, June 20, 2016

How to Apply For and Pay Off Your Commercial Real Estate Loan

In this brief write-up you will learn the basic ins and outs in regards to a commercial real estate loan. We will primarily cover the different institutions that are available to you; we will also cover different payment methods as well.

The transition from an online business to having a physical location is a very daunting task. One problem that many business owners run into besides finding the right location is finding the money they need. This article will help you with the basics of getting your loan.

You want to make sure you look in different places before you commit to an institution. Basically, when it comes down to it, you have four options; large banks, small community banks, life insurance companies and private hard money lenders.

When it comes to going the bank route, you have two options large banks--we’ll use the Bank of America as an example--or a smaller local bank in your city. Most bigger banks have a minimum and maximum loan amount. The Bank of America has a maximum of $2 million, but will make exceptions for higher amounts if certain criteria are met. Adversely if you are applying for a commercial real estate loan with a smaller bank you do not want to go that high. You should always do your research with the local bank in your city, and be sure to compare all the features thoroughly.

You have to weigh all of your options when looking for a commercial real estate loan

The other two options you have are life insurance agencies and private hard money lenders. Life insurance companies have pretty good rates, however, they tend to grant loans to businesses that are in good locations. Private hard money lenders outsource a lot of the money used from investors. This method of getting a loan is usually the fastest, however, the interest rates are a little higher than banks and life insurance companies.

Qualifying and paying off your commercial real estate loan.

Now that you know where you could apply for a commercial real estate loan, you are probably asking yourself, what do I need to qualify? Having a plan on what you want to accomplish with your business is key. Make sure before you go into your consultation you have a concise and clear business plan. For some companies, a solid business plan will be enough to get you the loan that you are seeking.

So you have figured out what lender you are going to go with, and you have a clear plan on the business that you are trying to your potential lender. Your lender has taken an interest in your proposal and is looking to go forward with your commercialreal estate loan. The next thing you have to decide on is how you want to pay back your loan. You have two options when it comes to this: an interest rate reset or a balloon payment.

With an interest rate reset payment plan for the initial years of your loan you have a fixed interest rate. After that period is over the rate can decrease or increase depending on the economy. In regards to a balloon payment over a time period, the debt that you owe gradually reduces over time. After the initial years, you have to pay a lump sum of the remaining balance.

Now that you have the basics, you should feel confident in getting your first commercialreal estate loan, giving your business a physical location.

Dennis Dahlberg Broker/RI/CEO/MLO

Level 4 Funding LLC
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
dennis@level4funding.com
www.Level4Funding.com

111 Congress Ave |Austin | Texas | 78701

Dennis has been married to his wonderful wife for 38 years. They have 2 beautiful daughters 4 amazing grandchildren. Dennis has been an Arizona resident for the past 32 years.

Setabay Private Hard Money Lender

Friday, August 3, 2018

How do Hard Money Lenders Differ from Each Other?

How do Hard Money Lenders Differ from Each Other?

Wednesday, April 4, 2018

Real Estate Values Are Continuing to Climb Up to Record Levels Again! You’re Making Moola Again!

Wednesday, October 25, 2017

Why, why did you wait till the last minute to call me for help?

Wednesday, January 11, 2017

Level 4 Funding LLC Arizona Private Hard Money Lender

Tuesday, August 2, 2016

What would you do without hard money loans?

Speed dating with hard money loans

Friday, July 29, 2016

Hard money – the easy way to financing your project

Monday, June 20, 2016

How to Apply For and Pay Off Your Commercial Real Estate Loan

You have to weigh all of your options when looking for a commercial real estate loan

Qualifying and paying off your commercial real estate loan.

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