On the first day of the NCAA basketball tournament, my bracket was busted before I even went to lunch, thanks to being on Pacific time AND Iowa State. Oh, well maybe next year. My San Diego State Aztecs are out after winning one game and UCLA, who many thought didn’t deserve to get in, is heading to the Sweet 16.

Besides betting my bracket busted, once in a while I get my chops busted with borrowers for San Diego Private money loans as well as Los Angeles Private money loans. Getting your chops busted (people also call it busting something else and we all know what that is) is something that happens to every Los Angeles hard money lender or San Diego hard Money lender.

Random house defines getting your chops busted as “harass by the forcible exertion of one’s authority, often by insisting on obedience to pointless rules or orders.”

I recently had a borrower with a 510 credit score who is in NOD status who is demanding an 8% loan. He is already is stiffing his first lender but now demands low private money rates. He had to come to reality even though no one quoted him 8%. The 8% figure was a PFA number. (Pluck from Air)

I have investors who are reasonable people. We give reasonable rates and in some cases, they are actually low rates for private money. Investors however, are not dumb nor are we underwriters.(my kids may disagree that I’m not dumb. Ha!) Every deal is different.

Some people who call ask ask “what programs” do you have. I really don’t have programs per se and I realize some California private money lenders do. For some reason, the people who use that term, usually expect something unreasonable. You know, like nothing down, or 110% LTV of after repair value.(ARV)

It may sounds like I am complaining about prospects who are not ideal. Just a tiny bit maybe but for the most part, I am thankful whomever expresses any interest in my Los Angeles private money loans or San Diego hard money loans . If you don’t get enough prospects who are NOT qualified, you probably won’t get enough prospects who ARE qualified.

In the meantime, I will cheer for UCLA. My son played club ball with one of the starters so it’s nice to see him do well.