When choosing to work with a local lender you can build a connection with your lender while trying to obtain your financial assistance. Not all local lenders are the same though. This is why it is important for you to know the certain qualities your local lender should be able to provide to you. Below you can uncover the six most important qualities your local lender should have if you want the best experience getting a hard money loan possible.
Having a lender who is good at communicating will save you a ton of stress and anxiety. As most commercial real estate investments are relatively time sensitive, you don’t have the option of sitting around waiting to hear from your lender for an unknown amount of time. A hard money lender will understand this and therefore will respond to your request quickly. On the other hand, it’s very important that you too are communicative, as the sooner you respond to your lender’s needs for documents and information, the sooner the process can be completed.
You don’t want a lender who isn’t going to diligently read your application, do you? Absolutely not. If you did, you may end up with a few not-so-fun surprises at closing or when the loan is already in place. A diligent hard money lender will only approve a loan on a deal that they feel will be successful and that they are sure the borrowers will be able to repay.
A Touch Creative
If you are requesting a loan that is a tad out of the ordinary, a good local lender will be able to get creative with it. The lender will structure the loan to fit the deal rather than doing the opposite and changing the deal to fit a specific loan.
Local hard money lenders differ from those at national lenders because they are much more willing to adapt to individual situations. This allows both the lender and the borrower to take advantage of different opportunities which will end up yielding larger returns on your investment.
Just as you would when hiring any kind of business professional, you want to make sure that your local money lender is more than practiced. A professional with experience is much more likely to make informed decisions when it comes to how much and to whom they are going to lend. Additionally, a practiced lender will encompass the other qualities discussed in this post as they would have developed all of the skills throughout their time working in the industry.
When it comes to money you will have to pay back, you absolutely have to make sure that your lender is trustworthy. Getting a hard money loan is not a decision that is made without a lot of consideration. Make sure your local lender is interested in creating a relationship of honesty with you. Without this trust, it’s likely that your partnership will not last long.
If you are interested in finding a local Thornton money lender who will encompass all of the qualities, look no further than Abbey Mortgage and Investments. We can help you to structure the hard money loan you need and will provide you with assistance every step of the way.