Why Every Realtor & Buyer Needs an Alternative Lender
Every real estate agent and home buyer needs to have a hard money and transactional lender in their pocket…
Even at the best of times, the best looking real estate deals can fall apart. Mortgage financing issues are usually the culprit. At last count Forbes and Zillow have stated that one third of real estate contracts fail to close, even years after the pit of the crisis. When deals fall apart it can seriously disrupt the finances of real estate professionals and businesses. It can impact their reputations, and even turn clients off to the market. For their home buyer and investor clients it can be financially catastrophic, not to mention incredibly stressful. Having a backup financing source can help save deals, and dramatically cut down fall out ratios.
When to Bring Out Your Secret Lending Weapon
Simply walking away when deals get shaky isn’t the answer. It is never easy. But it is those that keep pushing forward and that find solutions where others give up that are the success stories.
When lender issues come up, attempting just to scoot sideways and to shop around with other conventional mortgage lenders and banks is unlikely to make a difference. In spite of the upfront promises most of these lenders all have the same criteria and underwriting requirements. In order to bring deals back from the brink, save buyers from major financial loss, protect them from lawsuits for breach of contract, and to create ongoing win-wins it can be wise to have alternative lenders to refer them to.
While every deal may not be saved in exactly the way it was originally written a hard money lender or transactional lender can preserve deposits, and profits by offering the funds required to close, and fast.
While these loans can be closed in days, especially if you already have title, appraisals, and inspections done, the sooner the switch is made the better.
Alternative Loan Solutions
In many cases a hard money loan may be used to close quickly and save the deal. The terms may not be as attractive as original options, but do the math, and with a refinance in the near future it will often be the best option.
This is certainly true for those flipping houses. Transactional funding may also be used to wholesale these properties. In many cases the profit margins may be just as good for clients as if they had gone through the process of holding and renovating a property.
So when deals start experiencing issues – don’t panic; turn to your alternative lender quickly and pull off a great deal for everyone.
Authored by Best Transaction Funding BestTransactionFunding.com is the leading source of transactional funding and hard money loans for real estate wholesalers in the US, where 100% financing, and saying “Yes” is what we love doing all day long.
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"I want thank you for the excellent service I received from Best Transaction Funding.The quick response I received from your company from the beginning of the transaction and to the end was unbelievable. I also want to give a special compliment to you as well. You went to great lengths to keep me informed and gave my title company all the information they needed to complete a successful closing. I cannot express how thankful I am. Such service builds great working relationships. I will definitely recommend Best Transaction Funding to all my fellow investors. Thank You."
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