If you are looking at the Los Angeles real estate from the outside looking in and wondering why you cannot participate, think again. If you have a Los Angeles rental property and cannot seem to get any equity out of it in the way of a re-finance, then you can also think again.
There are lenders out there who originate loans with a private investor. They take that investor’s funds and match that with a borrower who needs it because they probably got turned down by a conventional lender.
The borrower may have gotten turned down by having low credit or their tax returns don’t show enough income. Often times than CAN quality for a bank loan and they don’t want to wait the 45 days. These people require speed and that’s what hard money lenders do, they loan and close fast.
You might be asking yourself, how in the world do you find a Los Angeles Hard Money Lender? There are several different ways and I will name a few:
My wife jokingly calls google the source of all knowledge. That’s where people usually go to look up how to find anything. Using Google usually means that if Google ranks them high, on the first page of a certain key word, then they are probably more legitimate than the person who cold calls you at and tries to sell you something.
Craigslist
Many people don’t think of Craigslist when they are looking for a Los Angeles Private money lender or many other products and services. In regards to real estate loans, especially the private sector, you would go to the city and click one of two places.
The Financial section is probably your best bet. One tip, if you are looking for a loan in Florida, why do you call California hard money lenders? This happens to me all the time. Go local and use Craigslist and Google to get lenders who are near you.
Real Estate or Mortgage Broker Referral
Who would know the best Los Angeles hard money lenders? People who are in the Los Angeles real estate business. This makes sense, doesn’t it?
Of the 3 I just mentioned, I would say to get a referral on a private money loan is your best bet. Just like getting a referral for a painter, a contractor, or even trying to get a date. If you are single and your good friend tells you that they have someone who they think you would really get along with, it just might work.
Most of my business comes from broker referrals. I do a good job for their clients that they refer me to and I get future referrals from them again and again. If you don’t have the luxury of knowing a broker to get a referral, Google and Craigslist are a good start.
If you need a private money real estate lender in Los Angeles, I know a good one. (me-Ha!) If you need more information, call me at 949-910-1781