Owning this website, I come into contact with many direct lenders, mortgage brokers, borrowers, and others in the lending circle.
With all due respect to the thousands of professionals here, I feel the need to do a little educating so we really know what a lender is:
A DIRECT LENDER: Owns or works for a company that lends it's own funds. Sources of funding vary but main sources of funds include their own lines of credit, investors (financial backers), hedge funds, insurance companies, and several others. The most common source would be private investors that will fund based on predetermined parameters that make the investor(s) feel comfortable that he or she will be getting their money back according to the terms of the loan. A DIRECT LENDER does not shop loans or look outside of their own company for funding, they have the funds!!!
A MORTGAGE BROKER: The job of the Mortgage Broker is to do one thing... Connect the person needing funds with the provider of those funds. A Mortgage Broker is a middleman, an intermediary, and often a very valuable professional in the search for financing but a Mortgage Broker does not in any way have funding or any decision whatsoever in who gets financed and who does not.
A Broker used to be and in my mind still is a very important part of lending. Unfortunately, several hundred bad or dishonest brokers have given a very bad name to what hundreds of thousands of men and women do for a living, which is find funds for those in need. I have personally been both a broker and after that a direct lender with my own personal investors and one thing that I hate more than any other is brokers that call themselves by other titles so that you will not realize that they are just that, mortgage brokers. When you say you are "direct to the source", what does that even mean? I work 3 blocks from Wells Fargo bank. Does that mean that I am direct to the source? I have their phone number and know the manager personally and they lend money for real estate transactions. Does that mean that I am direct to the source? Being"direct to the source is not impressive". That means you are a broker who is embarrassed to say you are a broker so you have come up with a phrase to mislead people. "Direct to the source" would be an intermediary, a broker, or anyone else that is a "funding finder". There is absolutely nothing wrong with being a mortgage broker, it is a great job with amazing flexibility. The problem is that after the housing market went down in 2008 and 2009, "broker" became a bad word so now we have people pretending they are something other than brokers, saying they are "direct to the source". You are not direct to anything, you simply have a phone number and an email address for a company that provides funding for real estate transactions, just like 20,000 other people on this site. Take me for example, I have more sources than everyone reading this blog combined but if I decided to get back into the business and help people find funding, you know what I would be? I would be a mortgage broker! The most well-connected broker in history, yes, but I would be a mortgage broker. Guys, you have a good and honorable job. Just call yourselves what you are, Brokers! The moral of this little rant... Just say what you are!!! Be honest and upfront and people will appreciate you and trust you.
I am a mortgage broker in the Roseville CA area originating home loans throughout CA. I can be reached at 916-261-2381 for any financing questions. I do have a blog at www.rocklinmortgagebroker.com
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Is there an upfront fee? Your website: www.hazardfinance.com doesn't work.
Does this required collateral?
I agree with your statements and wish to add to them. The Chris Mafera Capital Corporation is a direct lender. And as mentioned sometimes through no fault of their own brokers have gotten a bad image, we however do maintain a brokerage business, The Chris Mafera & Daughter Capital Corp. Inc. Why would a direct lender have an affiliated brokerage? Because, whenever you are lending money you have guidelines. Our money comes from a very large Investment bank and a very large hedge fund. They still dictate what we can use their funds for. Being a direct lender means I can tell you "No" much quicker. However, maintaining the brokerage I can talk to other businesses who may have lending parameters that your project fits within. Also there was an article not to long ago that direct lenders like to work with brokers because brokers are very good at collecting all the documents and packaging the project together and knowing what direct lender will say yes. The statistic for a broker supplied project being funded was nearly 7 times greater because the broker, doing his job correctly, knows which lender will say "Yes"
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Do you work with commercial loan brokers?
Elliot, I and my partner are private lenders and we work with anyone as long they meet our requirements