What we offer Professional Mortgage Brokers
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Use Seller Financing to make more money
Do you ever get loans turned down for the following reasons?
- Weak income/debt ratios.
- Questionable credit
- Unstable employment
- Low down payment
You could send your borrower to a hard money or private lender see below. Or you could recommend the Seller takes back a mortgage and, if they like, arrange for the sale of this mortgage, for a fee, at closing. This could even be a second mortgage to help close the gap between the first mortgage available, the down payment possible and the purchase price of the home.
This means:
- Your borrower can purchase their home.
- You increase your income by using seller financing as an alternative tool to your existing loan origination business.
- If you have clients who are receiving payments on a mortgage you can help them sell it for cash. Why expose the mortgage to just one note-buyer when you can expose it to hundreds?
Make Hard Money and Private Mortgages part of your business
Private and hard money lenders can be the ideal source of funding for those hard-to-do-quickly loans.
Private lenders come in various degrees of sophistication. Some are scared by the thought of a foreclosure, some consider it to be another profit center. Most prefer single family homes. They will often expect your help in debt collection. Reasons why Private Lending makes sense to the investor. There are also many companies making hard money loans.
The benefits to you are:
- Quick closings. 7 days or less is usual.
- Higher origination fees. 5-6 points is possible.
- Possible to fund “investor rehab” deals that banks won’t look at.
- Far less paperwork. Typically, appraisals, title insurance, hazard insurance and a credit report are all that is needed.
- Mortgage created can be advertised here and resold if necessary.
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