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by Glen Weinberg, COO Fairview Lending As commercial mortgage brokers know, gone are the golden days of easy underwriting and fast credit. Many hard-money lenders are no longer in business, and most of those that remain have substantially changed their underwriting criteria. Deals that used to close are no longer fundable. What does this mean for commercial mortgage brokers that have survived thus far? Brokers who want to be successful in today's market need to know what hard-money deals will get funded - and what won't. > Read More |
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by Glen Weinberg, COO Fairview Lending Before getting into the secrets of nonconforming lending, it is important to explain nonconforming lending. Nonconforming lending also is referred to as hard-money lending and private lending. It is any loan that is unable to go to a conventional lender (i.e., bank, Wall Street, life company, etc.). In essence, a nonconforming loan is a loan that is a little outside the box for a traditional lender. What are the key reasons a loan falls outside of traditional lending parameters? As everyone is aware, banks' lending standards have tightened exponentially during the recent financial crisis. More and more loans do not fit the box of conventional lenders. If a deal is not plain-vanilla traditional lending, sources are unable/unwilling to lend on the property. The reasons vary wildly but they can be associated with how quickly a transaction must close, the borrower's credit, a current loan coming due, the current cash flow on the property, borrower's income, or a multitude of other reasons. > Read More |
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by Larry Weinberg, President Fairview Lending Fairview has created a guide to help borrowers/brokers understand the ins and outs of hard money lending. This guide provides the following resources:
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Fairview is actively pursuing loans in the following states: CO, GA, and IL. Please visit: http://www.fairviewlending.com/loan_program.htm to see the full lending parameters Submitting a loan is easy:
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