Finding people who need commercial hard money loans in Arizona

4 Replies

My business partner recently informed me that his father wanted us to help him find some people in need of commercial hard money loans. We are going to sit down to talk specifics with him soon, but I thought there would be nothing wrong with getting a head start. I have never done anything involving HML so please bare with me. My questions for you fine people are:

1.  What information should I be asking when we have our sit down? 

2.  Where do I find people who are in need of commercial, hard money loans in AZ?

I know he wants to stay in AZ and does commercial hard money loans only.  From doing a little research on the subject I know I need to ask about loan to value, Min/Max size loans he is willing to deal with, any prepayment penalties involved with his loans, any income verification that he requires, and of course interest rates.

Any information would be greatly appreciated and I look forward to your replies.

Thank you Mr. Jeffery, I just added those to my list.  

I have thought of a couple ideas on finding people in need of commercial loans and was hoping for some feedback on these ideas.  First, I was thinking of getting in touch with local loan officers from the big banks.  If they would pass along my information to their customers who were unable to qualify for their loans it would not only up their customer service ("I can't help you but here is someone who can") but it could also make them a little money from a finders fee.  Has anyone had luck with this approach?  Is it legal?  I can't see why it would be but when it comes to laws and money I guess one never knows.  

A second idea I was thinking about is getting in contact with other commercial hard money lenders in the off chance that they have been approached by someone trying to borrow more money then they have to loan.  This one seems like a long shot but still worth investing some time in.  Any thoughts/ideas on this?

I look forward to your replies 

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