Private Lenders

Private Lenders

Not sure if this is the BEST place or not but...

Anyone know what is the best way to "Word" a letter to a perspective lender?... Not sure how best to ask it.

Basically what to use, how to use it, and what NOT to use? etc...

__________________

"JACK OF ALL TRADES, MASTER OF NONE!"

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Contacting and Finding Lenders

Initial contact with a potential lender is basically to lay a foundation for a discussion, not to sell a specific deal. You should stay somewhat general, but can mention if you have a project that you are working on.
1) Identify yourself as a private real estate investor
2) Mention the specific types of projects you specialize in--i.e. rehab and resell single family properties in the $200k to $300k FMV range.
3) Indicate that you are looking for a lender that you can work with for short term loans, and that you can be flexible with terms, but will generally be working with a _______ day turnaround.
4) Explain that you have a seasoned professional team in place
5) If you have a project, indicate that you have current offers on properties, or a project pending loan approval.
6) Indicate that you would like to schedule an opportunity to discuss possibilities and projects and give a few suggestions of time blocks when you could be available, but will do your best to meet their schedule.

Don't tell them things that are not true, but also represent yourself both overtly and by your manner as a professional who is capable of managing projects and completing them within deadlines. And let them know that every project will be carefully charted out for completion.

When you do meet with them, spend some time getting to know them and what kind of projects they focus on before you jump right into talking about what you want.

Hope this helps.

__________________

Dallin Wall
Real Estate Training Team
Forum Blog Location--A collection of my
"Best of" posts:
http://www.deangraziosi.com/blogs/dwall


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