How to get a Private Money Lender

Do you have more deals than your money? If yes, know you are not alone. Many people find themselves in such dilemmas and are left wondering what to do next. However, you can obtain the required capital from local private cash lenders. They are usually concerned about your real estate track record as compared to […]

Do you have more deals than your money? If yes, know you are not alone. Many people find themselves in such dilemmas and are left wondering what to do next. However, you can obtain the required capital from local private cash lenders. They are usually concerned about your real estate track record as compared to banks that care more about your credit score. When searching for a private money lender, the following are things to consider.

Network, network, network

Networking is essential. You need to attend any and every local meetup prepared in your area. Most of the meetups will be in the city’s real estate clubs. You can as well visit the local chamber of commerce events and conferences. Here, you will have a good chance to identify those who you didn’t. It is an opportunity for you to identify a lender who can be your longtime partner.

Public record search

In case networking doesn’t work perfectly work as you would have expected, you can as well search public records. You can visit the local county government offices and check out for documents showing lenders who have been involved in various property deals. You want to identify grantee lines by getting the lender’s name or the entity name of your intended corporate.

Cold calls

After creating a list of potential lenders, look for their phone numbers. Give each of them a call. Be careful with your conversation to build a good rapport with the lenders. You don’t want to lose a grip on good lenders who would have assisted you in managing your project.

Direct mail marketing

You can as well reach out to your potential lenders through direct mailing. You can choose to send letters as a way of provoking an initial reaction. Your letters should be good enough to get them to call you. Then, create a rapport and make sure you are convincing enough to motivate them to work with you.