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| Hard Money Lenders Source - Fairfield Financial | ||||||||||||||||
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| Fairfield Financial Services, Inc. has been coordinating hard money loans in the Pacific Northwest since 1964. We have recently expanded to serve as a California Hard Money Lenders source, and also lend in Oklahoma, Idaho, Colorado, Montana, Wyoming and Alaska, and we continue, of course, to provide hard money solutions in Oregon and Washington. We feel that hard money lenders are an important alternative for many who own, buy, and invest in property and real estate projects. Our mission is to offer a full range of private money options to our clients--both borrowers and investors--and to do so in a sincere and professional manner. We believe that good business is about building relationships. There seems to be a lot of mysticism and confusion surrounding exactly what is meant by private money loans (also referred to as "hard money loans"). The boundaries have blurred a little in the past ten years, but the basic idea of private money lending is that private individuals who have money to invest choose to loan that money, generally on real estate secured transactions, with the desire to receive a fair return (commensurate with risk) on their investment. Some private investors go on to form a corporate entity, and utilize lines of credit as a source for the funds that they loan - and this is where the boundaries begin to become a little hazy (as these private investors may begin to look a little like institutions). Perhaps more important as a defining characteristic of private money is the process and criteria by which the money is allocated to loans. Private money is quite different than institutional money in the following ways: -With private money lenders, there is generally greater flexibility with regard to the types of loans and circumstances under which money will be lent. -The strength of the collateral is generally more important to hard money lenders than the qualifications of the borrower (though both are always considered). -It is generally possible to place hard money loans very quickly. Income verification is rarely required, and appraisals are often not required. -Hard money loans tend to be more expensive than institutional loans. -The loans tend to be of shorter duration (5 years maximum in most cases). There is one myth about private money lending that is prevalent but badly mistaken, so it should be put straight here: The Myth: Private money borrowers are generally desperate borrowers, in trouble, and without options. The Fact: Private money borrowers are, most often, solid individuals or businesses that have circumstances or opportunities that do not fit well into the rigid structures of institutional lending, and require speed or flexibility unavailable through more conventional means. For other commercial mortgage loan types, including commercial term loans, mezzanine financing, mini-perm loans, SBA loans, conduit loans, and conventional commercial construction loans, click here. |
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| Private Money Lenders | ||||||||||||||||
| Related Links | ||||||||||||||||
| Hard Money Lenders FAQ | ||||||||||||||||
| Rehab and Construction Loan FAQ | ||||||||||||||||
| Commercial Lending | ||||||||||||||||
| Private Money Lenders | ||||||||||||||||
| California Hard Money Lenders | ||||||||||||||||
| Contact Info | ||||||||||||||||
| Name: | S. Clay Sparkman | |||||||||||||||
| Email: | ||||||||||||||||
| spark@teleport.com | ||||||||||||||||
