New Private Money Lender

[Sarah Barrett]

Good Afternoon BP! I am new to this forum and am looking for some advice. I came from 12 years conventional business banking and now I run a Private Lending Division in Downtown Kansas City. What do you look for in a good lending partner? How do you recommend I get my name out there? How do I find leads? In addition to BP I am a member of MAREI and have joined multiple investor facebook groups.

Thanks!

Sarah 

[Garett Weber]

@Sarah Barrett Speed is the name of the game! Investors look for a lender who can 1.Give lending approval quickly 2.Close in 14 days or less and 3. Communicate efficiently and stick to their terms. 

A few private lenders in KC have competitive rates and can give a thumbs up or thumbs down on whether or not they will lend on a deal in 24 hours or less, before their official appraisal/inspection. This allows buyers to put properties under contract quickly, which is necessary in such a competitive market with very little inventory. Clear communication is also very key--and not just with your borrowers, but also with title companies, scheduling appraisals, agents/wholesalers and all parties involved! These lenders make it easy on the investors I work with and get all my referrals!

The KC REI facebook groups and MAREI are great for networking! I definitely recommend going to investing meetups/networking events-- several in KC monthly!