Hard Money Lending - Lender Education Resources?

Question

Hi Everyone,

I am wondering if anyone knows of any good educational resources covering hard money lending, bridge loans, etc., - from a lender standpoint? I have searched through the BP forums, and attempted to find books on the subject, most items are obviously skewed towards borrowers. I find myself turning towards this investment category and want to learn as much as possible before getting too deep.

Thank you, Rich

P.S. - I am not looking for solicitations from those needing funding. Thank you.

Jay Hinrichs · Answer

I am looking for a private lender that will lend me money at 5%  LOL.. just kidding.

well in your state private non owner occ commerical loans there is no license required like here in Oregon.

so that is a good thing..

its pretty basic concepts.. but again you being in IL its an attorney state and unlike what i do were i can prep my own mortgages and notes etc in office.  you must use attorneys there.

so i think in my mind you simply contact a good real estate attorney who does private lending work.. and get referrals from them.. and or they hold your hand as you go through the first few deals.

basically your equity lending.. so thats the most important part.. then your ability to read a title commitment is important.  but bottom line follow the three C's   Character  Capacity Credit..  .. Character of your borrower is prime.. we hit some bad apples last few years.. so its in the front of my mind..  Capacity is do they have any money.. and Credit good enough to show they can handle their finances..

Richard Anderson · Answer

@Jay Hinrichs Thank you for the advice! Fortunately, I happen to be a lawyer. I'm active in my local REIA, so I start networking with the other attorneys there and see what they are putting together for clients who happen to also lend.

Thanks again! ...and now about that 5% haha!

Mike G. · Answer

@Jay Hinrichs

basically your equity lending.. so thats the most important part.. then your ability to read a title commitment is important.  but bottom line follow the three C's   Character  Capacity Credit..  .. Character of your borrower is prime.. we hit some bad apples last few years.. so its in the front of my mind..  Capacity is do they have any money.. and Credit good enough to show they can handle their finances..

the 3 C's  i will remember that one  Thanks Jay!!