7 Mortgage Broker Tips That Will Clinch Hard Money Loans For Your Clients Every Time
1. Understand your client’s goals. Some lenders may not take the time or make the effort to give hard money loans to people who don’t fit exactly the mold they’re looking for. Make sure you bring your client to a lender who can offer the best hard money loan that matches your client’s needs.
2. Creative lenders are your key to success. Look for lenders who are able to work outside the traditional lending matrix. Your clients are looking to you to offer them a solution that they may not be able to get from other lending sources.
3. Honesty is still the best policy. Find a lender who can deliver on his promises, not make excuses. A lender who tells you he’s honest is suspect. You want him to show you what he can do because if he can’t deliver it’s you who will look dishonest to your client.
4. Cultivate a relationship with as many hard money lenders as possible. Different lenders may offer different solutions when it comes to environmental issues, terms, market conditions, etc.
5. Show flexibility and resolve. The client is willing to pay your commission to get a hard money loan because he has confidence that you can get him the best rate, close the deal quickly, and complete all the paperwork with the lender. He wants a finished package that lets him sign on the bottom line.
6. Ask yourself: Does the lender let you add residential and commercial hard money loans so you can grow your business? Many clients, looking for a long-term relationship with their broker, want to know he’s able to handle all their business.
7. Due diligence. Make sure the points are paid at closing from proceeds.
Century Capital Partners has closed on a construction loan that will finance the renovation and polishing of a run-down multi-use building in a prime location in East Orange, New Jersey.
The New Jersey-based, hard-money lender has closed on a $1.2 million construction loan for 70 City Hall Plaza, a three-story apartment and retail rental. The building is a prime location for a commercial real-estate investment, situated next door to the Borough Hall, across the street from a train station and near East Orange’s primary shopping district.
This is Century Capital’s second asset-based loan to property owner Meir Hillel for renovations to 70 City Plaza. The loan will allow for completion of the construction at this location. Already, the cleanup has been a significant urban renewal project. A restaurant and a childcare facility are in negotiations to rent the ground-floor retail spaces.
Century Capital is proud to back a project that will promote East Orange, said David Hecht, Century Capital President.
Ongoing work at 70 City Plaza is a real-time example of Century Capital’s success as a private, nontraditional lender. Century Capital serves clients who seek creative financing solutions for construction and real-estate projects that are viable, but do not necessarily meet the tight restrictions and tall hurdles present in today’s conventional lending realm.
Century Capital facilitates commercial lending domestically and globally, with projects stretching from Puerto Rico to Sicily; Florida to California.
Century Capital works closely with clients, emphasizing innovation and efficiency. To learn more about Century Capital Partners, please visit www.centurycapllc.com, call 877-335-5464, ext. 101, or email firstname.lastname@example.org.