Having never worked with a lender before, I'm wondering how I determine which lenders are better than others? Are there any key questions I should ask?
95% of the brokers out there are exactly as Glenn07 states....& if they smell "Rookie" in Your voice, they won't dedicate a lot of time/effort/energy to Your cause;
5% of the brokers out there do things completely different from the rest & are very successful at it;
Guess where I fall? U bet, 8)
I've spent the last 5 years cultivating a portfolio of private lenders for virtually any scenario(loan) You could possibly need, including but not limited to 80% ARV(after repaired value), NOT Purchase Price, Purchases at 80% of APPRAISED Value(not purchase price), 80% of Appraised Value Cash Out Re-Finances, & most closings occur w/i 48 hours. Yes the rates are higher....and on some loans...we can close tomorrow? Time=$$ & if You OWN it tomorrow, how much faster can U make it something better than it is, while walking away from the closing table with a boatload of CASH to pay for all those upgrades?
Re-Fi in 3 months or sell, loans w/balloons due in 1-5 years
95% of the people out there trying to buy/rehab/flip properties are unaware of the programs I & about 5% of the rest of the brokers out there nationwide are "specializing" in; other brokers make a fortune bringing their clients 2 us, both getting a "fee", I spend most of my time preparing the package for the private lender so that he/she/they know exactly that the loan is a GREAT opportunity; the borrower already knows this or we wouldn't have met.
Hoping this helps?