In this episode of the Private Lenders Podcast we chat about some recent loan closings Being a back up lender or a 'Plan B' lender is actually a good thing. The story goes like this... A potential borrower comes to you looking for a loan... you quote them what you are comfortable lending and the terms you want... they decide to shop it around and find a cheaper, higher leverage loan from an institutional backed lender. They go down that path, ordering an appraisal and dealing with red tape headaches until they come to find out a few days before closing that the loan is turned down for one reason or another... THEN they call you back with a slight panic to save their deal... You get to fund the loan now on your terms and look like a hero. This is common story weekly inside our business.
Tune in live now to hear more about this topic....
Private Lenders' Podcast