Pay Attention to 'How' You're Submitting Hard Money Bridge Loans

From a January article I wrote for the commercial edition of the Scotsman Guide, there are so many common mistakes made by brokers when submitting hard money loans to lenders. But why and how can these common mistakes be avoided? Read more about the pain that some brokers go through, by checking out the entire article in the January edition. But let me give you a short summary of some of the biggest mistakes committed by loan brokers when submitting hard money loans to bridge lenders:

1.Make sure it’s a fit for a bridge lender: Just because a deal isn’t a fit for your bank doesn’t mean it’s a shoe in as a hard money loan. Make sure it meets the lender’s criteria before bothering to submit it. If not clear, just ask.

2.Tell the story behind why a loan needs hard money: All too often the broker leaves out the reason behind why someone needs a hard money loan to begin with as well as the plan for getting the loan paid back. Who wants to stay in a hard money loan for very long anyway? It’s a temporary bridge loan that is used for a short time in most cases. Tell the story about ‘why’ and ‘how’ the loan will get paid back.

There are so many common pitfalls when submitting a hard money loan to a bridge lender so make sure you aren’t falling into them.

Posted by Corey Curwick Dutton