By doing so, you will benefit yourself while simultaneously becoming a more valuable resource to your clients. Here are 5 reasons why you need to develop a relationship with several hard money lenders.
- Easy commissions on loans that close fast and require almost no work on your part.
- Instead of having to turn-down a prospect you are actually finding them a solution thus creating future business for yourself.
- Many private money loans are paid off by obtaining a less expensive agency loan at some point in the future thus giving you an opportunity for additional business.
- Okay, those are the obvious advantages, consider the following. Private lenders are spending all of their resources building and nurturing a client base of high net worth people that are out buying investment real estate. Those people also have plenty of “traditional” borrowing needs as well. And, they are out there selling real estate and meeting plenty of buyers that could be referred to YOU.
- Private Lenders are also out there working with realtors on closing purchase transactions. YOU should be getting some of those purchase loan referrals.
The bottom line is that working with private money lenders is not just about the commissions earned on the hard money loans, but also about growing YOUR business. Ask for those REFERRALS. Be the broker that clients can depend on and ALWAYS have the solution they are looking for.