RE: Interested in Private Money Lending / Bridge Loans

[Glen Gaidos]

Hi All,

I like the idea of hard money lending when i have some $ to invest and no specific project on the horizon. I was approached by someone out of state that specializes in providing short term loans to borrowers who require financing for flips, or just because they don't currently qualify for conventional lending, and need a short term loan - typically 24 months - to get their act together.

So, I'm not that crazy about the specific market in question that's out of state, but I would be interested in the Pac NW. What was attractive about the company in question is they would manage the origination of the loan, service, etc, and yet I'm trustee position on the property. Basically I don't have to worry about finding the applicant, qualifying the applicant, and then managing collection of the payment. Owner would be paying all the origination and closing costs. I would be responsible for foreclosing if they don't pay, but then at least, I have the existing equity in the property as possible value to cover property reclamation costs. Typical loan return rates to me would be 10-12%.

So, anybody out there work with someone local in the NW who specializes in this sort of product, and is looking for people to provide the capital for the loan? I'd appreciate any info, ideas, referrals. 

Thanks so much!

Glen