All Forum Posts by: Sacha Ferrandi

There are a numerous , individuals and other institutions that provide loans secured by real estate. Some of them like Source Capital Funding are good and some of them are not; there are various reasons that differentiate a good lender from the rest.Reputable hard money lenders like Source Capital are required to be licensed both on the state and Federal level.Cost, interest rate and fee charged is always a major concern for a borrower.However, it is imperative for one to consider that the lender, once the loan is funded, will place a lien on your property and will be “tied” to a borrower throughout the term of the loan. It is crucial for a borrower to know what they are getting into and with whom. Please call us at 888.334.6636 or contact us now to know more about hard money loans.

Here are some major reasons which make Source Capital Funding a better hard money lender than others:

Experience: Source Capital Funding has underwritten over $1.4B loans including commercial and  since 2006.

Reputation: From borrowers to brokers and investors, Source Capital Funding has received various testimonials through mail, email and Internet reviews. We are proud of our flawless reputation with our clients and know that the relationships built will last a lifetime.

Integrity: Integrity is a unique blend of proven honesty and ethical business principles that are earned over time. Source Capital Funding is“A+” rated with the Better Business Bureau (BBB) and is a five-star reviewed lender on Google, Yelp, Yahoo! and Bing.

Customer Service: The owners of Source Capital Funding get intimately involved in the loan process from the beginning until the loan is funded. It must be noted that Source Capital experts are available 24/7 on call, chat or email for best customer satisfaction.

Transparency: Source Capital Funding ensures that the expectations of its clients are met by communicating all details of the loan process, no matter how small, in order to ensure clarity. We provide all important details in writing from start to end ensuring transparency and saving valuable time.

Fair Loan Terms: Source Capital offers affordable interest rates and longer loan terms to its clients while allowing them to pay back those loans at any time without penalty.

For more info, please call us at 888.334.6636 or contact us now to know more about  California, Minnesota and Oregon. 

Private money or  are loans secured by real estate that are funded by private parties and are typically offered at higher interest rates than FDIC insured bank. As such, the hard money loan process and underwriting guidelines are less strict and time consuming than a traditional bank or financial institution. More often than not, the reason why borrowers seek hard money loans is because they don't have the luxury of time to wait for financing from more conventional sources. Please call us at 888.334.6636 or contact us now to know more about hard money loans.

Requirements:

Depending on the type of hard money lender, the due diligence items required from the borrower can vary significantly. For example, it is well known that banks or other conventional lenders can require documentation that most of the general public feel is “overkill” and tedious. In addition, traditional lending sources quite often require documents, or updates, all the way up to the actual closing of the loan. Most importantly, banks are credit driven and are primarily concerned with your history as a borrower. On the other hand, a hard money lender like Source Capital Funding is well-known for requiring much less documentation and will often only need the information to be provided at one time. As a bank looks closely at the borrower’s credit, financial conditions and property being undertaken as collateral for a loan, Source Capital focuses primarily on the equity in the property while factors like poor credit, bankruptcy, foreclosure or other financial problems are less heavily weighted.

Timeframes:

Hard money lenders like Source Capital Funding can often have loan approvals within 48 hours and fund loans within 5-7 business days because of less documentation requirements and a quick underwriting process. In some cases, a private money lender can even fund in a matter of hours. As mentioned earlier, with the myriad of requirements to qualify for a traditional bank loan and the fact that there are a number of individuals involved in the loan approval process, the timeframe to fund can be up to as much as 90 days.

For more info, please contact us today or call our hard money lenders in California or Arizona, Minnesota or Oregon now at 888.334.6636.

@Brian Tome

The two essential elements to a loan secured by real estate is the Deed of Trust and Note.  The verbiage in these documents can vary greatly and you (and the lender) need to be familiar with the terminology, terms, etc. as these are legal, binding contracts.  Personally, I would utilize an attorney to help draft the Deed of Trust and Note just to be sure.  I'm sure you can look online and find these but again, these are legal documents that are extremely vital to the transaction.  In short, you don't want to do this with any shortcuts.  It is better to be safe than sorry, especially when dealing with a large asset like real estate.

@Justin Yan

We require HOA Certifications at times but I have never heard of a $250 fee- that seems excessive. Typically they are around $100. Unfortunately your hands might be tied b/c you are dealing with an HOA- their rules and you have to play by them.

Source Capital Funding is a direct that utilizes its own investor capital and is licensed in California, Minnesota, Arizona and Oregon. Our company has funded hundreds of millions of dollars in residential loans to all types of borrowers including corporations, trusts, LLC's, LP's, individuals, foreign nationals, estates and even those with poor credit, bankruptcy, short sale, limited income and other financial issues. We are "A+" rated with the Better Business Bureau (BBB) and a five-star reviewed lender on Google, Yelp, Yahoo! and Bing.

We provide starting at affordable rates for the following property types:

• Single Family Residence
• Duplex, Triplex, Quadraplex
• Apartment
• Condominium
• Fix and Flip or Fix and Hold
• Manufactured Home

Source Capital Funding believes in providing loans with affordable interest rates to its clients while allowing them to pay back those loans at any time without penalty. Source Capital is loyal to its clients and provides them outstanding customer service combined with the lowest rates available in your area. Our will work with you one on one; we want to ensure that you get the best solution that is personalized specifically to meet your financing needs. From the infancy stages of the residential loan process until the loan is funded, Source Capital is intimately involved in the process. Source Capital believes in transparency and it is important that clients should be fully aware of the whole process involved. We welcome questions and provide clear, concise answers to ensure a safe and smooth transaction.

Our highly experienced can help you find the right residential loan at the lowest rate no matter what your needs are. We underwrite and process all hard money residential loans in our office. This ensures that your information will never have to go outside for an underwriting decision or approval. Our streamlined approach and immediate access to capital allows for a faster turn-around time, lower costs and fewer hasslesto you. Our ultimate goal is continue to build upon our impeccable reputation with clients, both old and new, so that we can continuously provide excellent services for many years to come.

Call us now at 888.334.6636 and speak directly with a partner of the firm or feel free to utilize any of the interactive tools (Chat, Contact Us form) offered throughout our website for a residential hard money loan. Your information will be kept 100% secure and confidential.

Source Capital Funding is a direct premier source for  in California, Arizona, Minnesota and Oregon. We have underwritten over $1.4B in commercial loans. Our borrowers include corporations, LLC's, LP's, trusts,individuals, estates, foreign nationals and even those with bankruptcy, poor credit, short sale, less income and other financial issues. Source Capital is "A+" rated with the Better Business Bureau (BBB) and is a five-star reviewed hard money lender on Google, Yelp, Yahoo! and Bing.

Source Capital offers commercial private money loans starting at 7.99% for the following property types:

• Industrial
• Commercial
• Office
• Hospitality
• Multi-Family
• Retail
• Self Storage
• Mixed-Use
• Lot and Land

Our  can help you find the right commercial loan at the lowest rate no matter what your needs are. Our ultimate goal is to continue to build upon our impeccable reputation with clients, both old and new, so that we can continuously provide them excellent services for many years to come.

Source Capital provides commercial loans with affordable interest rates to its clients while allowing them to pay back those loans at any time without penalty. Our highly experienced  will work with you one on one; we want to ensure that you get the best solution that is personalized specifically to meet your financing needs. From the infancy stages of the commercial loan process until the loan is funded, Source Capital is intimately involved in the process. Source Capital believes in transparency and it is important that clients should be aware of the whole process involved.

As a direct commercial , Source Capital has the ability to process, underwrite and fund every loan in our office. This allows for a fast turn-around time, less paperwork and lower costs to you. We have the ability to move quickly because we use a private, secured loan application process to provide 24 hour loan approvals and closings in as little as 5 days.

Your information will be kept 100% secure and confidential, so please contact us today for commercial private money loans or speak directly to one of our partners at 888.334.6636.We look forward to working with you.

@Rita Roy

I highly recommend getting with a commercial broker in that specific area that KNOWS the specifics of that area - sales comparables, issues, etc.

@Brian Tome

What contract specifically?  A Deed of Trust? Note?

I founded Source Capital Funding, Inc. (www.source-capital.com) in 2007 and can provide great insight into this.  It is a wonderful business if done properly and you have the right support team (attorney, compliance officer, staff, etc.).  Underwriting is not rocket science but there is a right and wrong way to properly run and operate a hard money/private lending business.  Please feel free to contact me directly and I will be more than happy to share my thoughts.

Sacha

888.334.6636

It does make sense. My firm is not a bank so as far as traditional guidelines are concerned, I do not know if your scenario (LLC, seasoning, etc.) will work. I suggest reaching out to a licensed mortgage broker and have them do the research fro you to earn their fee. It only will cost you time, not money. Be sure to never pay an upfront fee for a mortgage! Good luck.