What’s the problem with conventional lending? Too often, it has to do with the complexities of the lending market, not enough trust between stakeholders, and/or confusion about what the borrower’s rights and responsibilities are.
In quite a few of these cases, the major problem is that the deal never gets done, because there’s just not enough competence on a particular side to get it done. The deal never gets done because it was just too hard.
That’s regrettable, and it’s also fixable. For any easy lending process, try our lender competition platform where live online lender bidding lets borrowers win. Because lenders aren’t dragging their feet in the same way, and a well-researched process supports dealmaking, there’s none of that stomach-churning uncertainty.
Rates and Processes
It works like this – lenders look at your information and then compete for your business. So they have an incentive to move the deal along, not to string you along and then reject you through underwriting weeks later. There is no credit check here, because the whole point is that you don’t have to jump through hoops to please the lender. They don’t want to miss out on the loan opportunity, so they may waive some of the ridiculous types of red tape that traditionally gum up the works on these types of real estate deals. That means the real estate investor, the one who is “making” the deal by creating the lending scenario, can focus on making money!
Real Estate Lending
What does this lender bidding process mean if you’re a real estate investor?
Basically, it means that you can put in your information and get the types of loans that are crucial to your investment strategy. You can get long-term, short-term, rehab and construction real estate loans, with low fees and more cash out. You can get a simpler paperwork process where things take hours instead of days, and minutes instead of hours. Ask any experienced real estate investor about how valuable that is- and you’re unlikely to get a brush-off or a shrug! People who do these deals know how necessary it is to have good stakeholder processes in place.
It might sound like magic, but again, it’s simple – when lenders know they have competition, a lot of their hurdles just kind of disappear. Take a look at the rest of the website for more information on how this works, along with rates, etc., because we have your best interests in mind!