Private Lenders' Podcast 3 Most Common New Lender Mistakes - #252
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Mar 4, 2025 Discover the vital mistakes new lenders often make, such as the temptation to finance every deal without proper vetting. Learn about the importance of establishing personal lending terms and the necessity of strong marketing strategies. Legal complexities are demystified, stressing the crucial role of attorneys in loan documentation. Gain insights into assessing collateral independently and understanding borrower character for better risk management. Finally, dive into the significance of accurate borrower financials for smoother lending processes.
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Avoid Every Deal
- Don't feel pressured to accept every deal offered, especially as a new private lender.
- Focus on building lead flow to cherry-pick the best opportunities and set your own terms.
Use an Attorney
- Always use a specialized real estate attorney for loan documents and title review.
- Attorneys handle legal nuances, changing laws, and variations in loan structures.
Out-of-State Attorney
- An out-of-state attorney missed a checkbox on an Ohio loan document, impacting the confession of judgment.
- This emphasizes the importance of using local attorneys familiar with state-specific laws.