This blog gives a very smart practice to follow when searching out a Private Money or Hard Money Lender. Learning their track record is good way to know if you have a trustworthy and competent Lender or not.
Having dealt with real estate, conventional financing and private money loans (or hard money which it's also known as) for over 25 years I definitely recommend such a practice as is excerpted from the TRUST DEED CAPITAL BLOG:
How to Find and Approach Private Lenders For Real Estate Investments - Posted by Ken Meyer on Fri, Aug 09, 2013
"One of the best ways to protect yourself is to work with a private lending company that has a track record. These companies either lend their own money or serve as bridges between borrowers and individuals that have money to lend. They're frequently state-licensed and have memberships in industry associations like the American Association of Private Lenders."
Time and time again I hear from home buyers that they lost money when they paid a Lender to get them a private money loan. This is NOT how it's done, but they didn't know any better.
When having little to no hope of getting financing for a real estate investment or pulling ones hair out because your favorite bank won't finance your home purchase despite the many years of being with them and proving you have pretty decent cash in your bank account - they still say "no"! This is where private money can come in and save the day.
But which Private Money Lender will have the integrity you need and deserve? This blog lays it out pretty simply and I hope you take it to heart and succeed in getting that home you want or other real estate investment you are striving for.
Forest Tardibuono is Co-Owner and CA DRE Broker known as “The Guy in the White Hat” of Sun Pacific Mortgage & Real Estate - Your Northern CA Hard Money Lender since 1988. www.sunpacmortgage.com. DRE license #01464899/NMLS #360993