We are providing the following proposed Questions & related Answers, so Real Estate Brokers and Agents can become more familiar with the Loan Programs our company offers in their quest to best to assist their Borrower/Clients with their real estate financing needs.

 How can Hard Money Broker assist Realtors and their Clients?

In todays world many potential Borrowers who are looking to purchase a new home are under the impression that they can get a loan from their bank, but so often, many potential Borrowers are shocked to find out they can’t, due to Credit or Income issues.  Our company offers alternative lending options that allow for Credit & Income issues that the Big Banks don’t allow.  If there’s a way to get the Buyer financing we will, and everyone wins!!!!

What information does a Realtor need to provide for their client?

We just need “the Parameters”, what is the Buyer trying to do, such as purchase price and the intended down payments.  The “Deal Points” can then be matched with the Borrower’s Credit & Income to determine if the requested loan can get funded.

What are the Interest Rates and Terms for a Hard Money Loan?

Our company offers many different lending programs, so we’re not a “One Size Fits All” lender.  As with all types of lending options, be it a real estate loan or any other type of loan, the better the Credit & Income the better the interest rate.  The interest rates offered by our company   range from the as low as 6% to as high as 12%.  Our company’s loan terms range from “1” year up to “30” years, based on the type of loan program.

Does Hard Money Broker need to speak with the Realtor’s Client?

We always need to speak and further work with every client to assist them in obtaining real estate financing.

How long will it take to determine if the Borrower can obtain financing?

If we are provided with all the necessary information and documentation we should be able to make a determination in only an hour or so after we receive the needed information.  Most of the times we can make a “Yes or NO” determination with just a telephone call, subject to our company receiving documentation that supports the verbal representations made to our company.

Can a Realtor charge a Loan Commission on a loan submitted?

The answer is YES, but due to the California Department of Real Estate’s regulations we are required to pay a Licensed California Real Estate Broker, so if a Real Estate Sales Agent submits their client’s loan request to our company we are required to pay their employing Broker.

 What is the normal time frame from loan submission to loan funding?

Our company’s standard answer to this question is………….”1” to “2” weeks.  With the disclaimer “provided that all requested information and documentation we need to help our Borrower/Client is delivered to us in timely fashion”