There is a website that mortgage brokers use to find lenders who will fund deals for borrowers who approach them. They post the criteria for the loan online, and lenders of all types, conventional, commercial, hard money, etc. look through the postings and if they can offer a loan to match the criteria, they reply to the mortgage broker. The website is www.scotsmanguide.com.
Investors can use this site to shop for lenders to fund their deals. The steps are simple:
1) Go to the above website. On the left side if you scroll down a little are headings for Residential and Commercial. If you are looking for a loan on a residential property, underneath Residential there will be a link called Loan Post--View Postings. Click that link.
2) A list of postings from mortgage brokers for loan requests will appear. This list is MANY pages long. As you go through the listings, look for requests that are similar to the deal you are working to put together, or the deal that you have under contract.
3) As you find postings that are similar to your need, also look to find the bold black heading within the posting that says REPLIES. We are looking for postings that have one or more replies.
4) When you find a posting that resembles your intended loan, that also has replies, click on the posting's heading to open the detail on the property, which will include the name, phone and email of the lender(s) who replied to the posting.
5) Contact those lenders to find out about their loan programs, and to see whether your intended loan would be a match. They may refer you to a mortgage broker, or have an in-house loan officer who can assist you directly.
Use this industry-related website to provide you with another resource for finding loans for your deals.
There is a website that mortgage brokers use to find lenders who will fund deals for borrowers who approach them. They post the criteria for the loan online, and lenders of all types, conventional, commercial, hard money, etc. look through the postings and if they can offer a loan to match the criteria, they reply to the mortgage broker. The website is www.scotsmanguide.com.
Investors can use this site to shop for lenders to fund their deals. The steps are simple:
1) Go to the above website. On the left side if you scroll down a little are headings for Residential and Commercial. If you are looking for a loan on a residential property, underneath Residential there will be a link called Loan Post--View Postings. Click that link.
2) A list of postings from mortgage brokers for loan requests will appear. This list is MANY pages long. As you go through the listings, look for requests that are similar to the deal you are working to put together, or the deal that you have under contract.
3) As you find postings that are similar to your need, also look to find the bold black heading within the posting that says REPLIES. We are looking for postings that have one or more replies.
4) When you find a posting that resembles your intended loan, that also has replies, click on the posting's heading to open the detail on the property, which will include the name, phone and email of the lender(s) who replied to the posting.
5) Contact those lenders to find out about their loan programs, and to see whether your intended loan would be a match. They may refer you to a mortgage broker, or have an in-house loan officer who can assist you directly.
Use this industry-related website to provide you with another resource for finding loans for your deals.
Dallin Wall
Real Estate Training Team
Forum Blog Location--A collection of my
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