5 Questions Realtors Ask About Private Money Loans

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Information about 5 Questions Realtors Ask About Private Money Loans
Real Estate

Published on February 28, 2014

Author: chris0926

Source: slideshare.net

Description

How to Help Your Buyers and Sellers Find Short-Term Financing to Close More Escrows.

Courtesy of http://privatemoneyblog.com

This slide provides quick and easy answers to five common questions we get from real estate agents who are looking for quick funding for their clients.

We thank you in advance for watching this short slideshow and hope you'll share with a fellow Realtor if you find the information valuable.

- Chris



Chris Sanchez
Associate Broker at ARC Capital
Author at PrivateMoneyBlog.com

CA BRE #01361564 | NMLS ID #278113

5 Common Questions Real Estate Agents Ask About Private Money Loans How to Help Your Buyers and Sellers Find Short-Term Financing to Close More Escrows Courtesy of PrivateMoneyBlog.com

Question #1 What’s the minimum down payment? PrivateMoneyBlog.com

Answer: For most purchase transactions, your buyer will need a 35% down payment or more. PrivateMoneyBlog.com

Answer: For most purchase transactions, your buyer will need a 35% down payment or more. However… PrivateMoneyBlog.com

Answer: For most purchase transactions, your buyer will need a 35% down payment or more. However… In some cases, the loan amount and loan-to-value (LTV) might be based on the actual appraisal value if it is actually higher than the contract price. PrivateMoneyBlog.com

Answer: For most purchase transactions, your buyer will need a 35% down payment or more. However… In some cases, the loan amount and loan-to-value (LTV) might be based on the actual appraisal value if it is actually higher than the contract price. (This might help make your deal possible.) PrivateMoneyBlog.com

Question #2 How fast can you close? PrivateMoneyBlog.com

Answer: For most purchase transactions, the closing timeframe can take from 1-3 weeks. PrivateMoneyBlog.com

Answer: For most purchase transactions, the closing timeframe can take from 1-3 weeks. Of course, you understand the nature of real estate deals. So the actual timing depends on how quickly you and your clients can provide all the necessary items. PrivateMoneyBlog.com

Answer: For most purchase transactions, the closing timeframe can take from 1-3 weeks. Of course, you understand the nature of real estate deals. So the actual timing depends on how quickly you and your clients can provide all the necessary items. Such As… PrivateMoneyBlog.com

Answer: • Loan Application (The buyer can apply online.) PrivateMoneyBlog.com

Answer: • Loan Application (The buyer can apply online.) • Fully-executed purchase contract PrivateMoneyBlog.com

Answer: • Loan Application (The buyer can apply online.) • Fully-executed purchase contract • Preliminary Title Report PrivateMoneyBlog.com

Answer: • • • • Loan Application (The buyer can apply online.) Fully-executed purchase contract Preliminary Title Report Appraisal PrivateMoneyBlog.com

Answer: • • • • • Loan Application (The buyer can apply online.) Fully-executed purchase contract Preliminary Title Report Appraisal Other transaction-specific items as may be needed by title & escrow, etc. PrivateMoneyBlog.com

Question #3 Do you need inspection reports? PrivateMoneyBlog.com

Answer: You will not need to provide home inspections for most purchase transactions. PrivateMoneyBlog.com

Answer: You will not need to provide home inspections for most purchase transactions. However… PrivateMoneyBlog.com

Answer: You will not need to provide home inspections for most purchase transactions. However… If inspections and reports are part of the purchase agreement, the lender may request a copy of those reports in underwriting the loan. PrivateMoneyBlog.com

Answer: You will not need to provide home inspections for most purchase transactions. However… If inspections and reports are part of the purchase agreement, the lender may request a copy of those reports in underwriting the loan. Tip: The buyer should do their due-diligence on all real estate transactions. PrivateMoneyBlog.com

Question #4 Do you need an appraisal? PrivateMoneyBlog.com

Answer: Yes. Your client will need to have an appraisal done for most purchase transactions. About 80% of the purchase loans will need a recent appraisal to support the market value and show the general condition of the property. PrivateMoneyBlog.com

Answer: Yes. Your client will need to have an appraisal done for most purchase transactions. About 80% of the purchase loans will need a recent appraisal to support the market value and show the general condition of the property. (The collateral property is very important for a private money loan approval.) PrivateMoneyBlog.com

Question #5 What do you need from my client to get a pre-approval? PrivateMoneyBlog.com

Answer: Your Buyer will only need to provide some basic items to get the process started. PrivateMoneyBlog.com

Answer: Your Buyer will only need to provide some basic items to get the process started. Here’s a quick list… PrivateMoneyBlog.com

Answer: • Standard mortgage loan application (The borrower can apply online 24/7.) PrivateMoneyBlog.com

Answer: • Standard mortgage loan application (The borrower can apply online 24/7.) • Paycheck stubs or other form of documentation to support the income listed on the application. PrivateMoneyBlog.com

Answer: • Standard mortgage loan application (The borrower can apply online 24/7.) • Paycheck stubs or other form of documentation to support the income listed on the application. • A current bank statement or online printout showing the buyer’s available down payment. PrivateMoneyBlog.com

Answer: • Standard mortgage loan application (The borrower can apply online 24/7.) • Paycheck stubs or other form of documentation to support the income listed on the application. • A current bank statement or online printout showing the buyer’s available down payment. • A brief summary letter explaining how long they plan to keep this loan and how they intend to pay the loan in full. (Exit strategy) PrivateMoneyBlog.com

Answer: • Standard mortgage loan application (The borrower can apply online 24/7.) • Paycheck stubs or other form of documentation to support the income listed on the application. • A current bank statement or online printout showing the buyer’s available down payment. • A brief summary letter explaining how long they plan to keep this loan and how they intend to pay the loan in full. (Exit strategy) And that’s it to get started. We’ll review the info and get to work for you! PrivateMoneyBlog.com

If you found this information helpful, please share it with a fellow Realtor. (We would really appreciate it. )

If you found this information helpful, please share it with a fellow Realtor. (We would really appreciate it. ) Go to next slide

Thank you for taking your time to watch this slide! Here’s a free resource so you can become even smarter about using private financing to grow your real estate business. (And provide a good resource for your clients, too.) Download a Free Copy of Our E-Book: How to Get Funding When Banks Won’t Lend Get it now at PrivateMoneyBlog.com

Content Courtesy of ARC Capital www.arcequity.com Licensing and legal stuff: This slideshow presentation is only for informational purposes as it relates to California real estate. We do not render any legal or tax advice; therefore, consumers are encouraged to seek a qualified professional for such legal or tax matters. This presentation does not constitute a commitment to make or arrange a loan at any given interest rate. All loan requests are subject to underwriting and final investor approval. Presentation created by Christopher Sanchez, Associate Broker Licensed by the California Bureau of Real Estate #01361564 | NMLS ID #278113 ARC Capital | 100 Stony Point Road, Suite #260 | Santa Rosa, CA 95401 Copyright © 2014. All rights reserved. (707) 523-2900 | www.arcequity.com Equal Housing Opportunity.

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