Tell your brief success story of helping someone get a loan elsewhere than a bank.

Hi. I am curious to hear about your success stories. General media is stating it's becoming hard & harder to get loans to buy a home. However, home purchases are INCREASING in our area & many homes my office has made offers on have numerous offers or are already in escrow – so someone got a loan!


I know I have some success stories from my own Hard Money loans but there's got to be others. Do you know a success story of someone getting a loan elsewhere than a bank to buy a home? I am really curious to find out and then promote these encouraging stories to potential Buyers and start changing the word on the street to YOU CAN get a loan and buy a home!

Best, Forest


  • September 14 2011 - US
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Answers (14)

Success story and hard money lenders do not belong in the same sentence.  In my opinion.  Of course it will depend on your definition of success.

If Success ends at a commission being paid then maybe.  Any Success a buyer feels they may have achieved with a hard money loan may be short lived as the terms and expense of the hard money loan catch up with them.  Short term success does not translate into long term success!

Just my .02

Sometimes success is not getting a loan! 
  • September 14 2011
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I believe Forest's hat is a gallon short of ten. Mortgage Brokers are still making easy money loans, if you can find one that survived the socialist regulatory onslaught. I guess that would depend on your definition of easy.

I always loved the term "hard money". Initially, it was easy to get but hard to pay back. Now, it is both fairly hard to get and really hard to pay back. I think, in honor of Forest, we should rename it "Tard money".
  • September 14 2011
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After consulting my special secret decoder ring, the text of the OPs post actually reads:



Hey everyone, look at me, I can do hard money loans. 
  • September 14 2011
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Profile picture for sunnyview
My sibling talked my mom into bankrolling 50% of the down payment. Honestly, they would have been better off with a loan shark or the mob, but they wanted to buy soooo bad.

Lesson is, if you are not ready to buy, you should not buy. And never make a deal with the devil, your mother or a hard money lender to do it. It's a trap that too many people walk into with smiles on their faces.
  • September 14 2011
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Profile picture for Connie Klemme
I would say that I've never helped anyone get a loan.  They either qualify or they don't.  What I do has little to do with it.  I offer them names of reputable lenders if they don't already have one and provide information, answer questions that I can answer or help them understand and redirect complex questions back to the lender.  If the lender tells them we can't do it, I encourage them to find out why and seek to remedy that.

. Not everyone should buy right now, and they certainly shouldn't buy with high risk - Home ownership is expensive in and of itself, taking out risky loans just to be a home owner only adds to that expense.  Taxes, repairs, HOA fees and so on are all items that will change over time- stretching oneself to the limit with risky loan is a bad idea- and a candidate for a future short sale/foreclosure.

however you did say elsewhere than a bank.  I've suggested credit unions and mortgage brokers.   In the end....helping is limited to providing contact info.
  • September 14 2011
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I once helped a really cute newlywed couple get a loan from "Lenny the Leg Breaker".  The closing took place in the alley out back of Luigi's "Family" Restaurant.
  • September 14 2011
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I have clients that take out lines of credit against their securities, without liquidating any of them. The deal looks like all cash to escrow, is quick and the very best part? Less than 2%...

That being said, my lender has gotten every jumbo loan through without a hitch this year. She's fantastic!
  • September 14 2011
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Profile picture for dianetuman
Great answers all (Love the comment about your mom and sibling, Sunnyview). As many have said, it might seem easy and smart, but it's not. Here is a recent post about why you should avoid seller financing.
  • September 15 2011
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Carol,
 
That sounds a lot easier than a Pledged Asset Program for a down payment. What is the cost and restrictions for establishing a line of credit against securities?

Happy funding, Rudi
  • September 15 2011
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Profile picture for hpvanc
Good for your mom Sunny.  Actually there are circumstances where I would not rule out family as a source of loan, however I seriously doubt Forest is referring to the same sort of qualified family members I would consider loaning money to.
  • September 16 2011
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Profile picture for sunnyview
LOL Now wait a second. I never said my sibling was qualified. There is a reason that I did not step up to loan them a dime because I know better. The bank apparently didn't.

We'll see how it turns out, but buying before you are financially stable is a bad idea. It would not surprise me if it eventually went back to the bank at some point in the future. How two siblings raised in the same house can be so different with money and finances is still beyond me. Maybe we were switched at birth...
  • September 18 2011
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I am a mortgage broker and it might be a little harder getting money now than 4 years ago, but we are still lending everyday!

100% loans are still very strong with 620 credit scores or higher.  VA, USDA, and FHA are still massive government products that require as much as 3.5% down or less. 

The word on the street is that banks are wanting 20% down...haven't checked for myself..but I dont' think it is the case with all banks especially those that still offer government loans. 

A plus for consumers is that the government has set the bar so high for mortgage brokers (must pass a Federal and State Test, 8 hours of continuing education per year, have perfect credit, fingerprinted and the list goes on an on)  that you should feel very confident hiring one for your financial transaction. 

Most consumers hire a mortgage broker for several reasons versus a bank:

1- Better Communication
2- Options in Financing
3- Lower Rates
4- Faster Service
5- Higher, Verifiable Qualifications




  • October 07 2011
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"the government has set the bar so high for mortgage brokers (must pass a Federal and State Test,"

Wow, 2 whole tests?

"8 hours of continuing education per year"

8 whole hours in a year... that's brutal! 

"have perfect credit,"

Well that's simply not true at all!. 

"fingerprinted and the list goes on an on)"

I had to be finger printed to hand out cupcakes at my child's school. Is this supposed to be difficult?

"you should feel very confident hiring one for your financial transaction."

Your sales pitch for the benefits of a broker would be an embarrassment to any broker worth a grain of salt. None of the things you mentioned guarantee any sort of quality, as witnessed by your post.
  • October 07 2011
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Apparently you don't have a brokers license nor have you read the Good Neighbor Policy.
  • October 07 2011
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