mortgage brokers hard money basics

For mortgage brokers and brokerage companies, the primary goal is to find the best loan option and terms for each of their borrowers. There are a few different lending partners a mortgage broker may work with to ensure they can achieve this goal no matter the needs of their client, and one such partnership that’s very common in today’s world is one between a broker and a hard money lender.

At RushFire Private Lending, we’re proud to offer hard money loans and related options for a variety of client types, including real estate investors and construction companies. Many of our primary services involve lending to businesses for real estate transactions, including partnerships with brokerages who may require our assistance to bring their clients the very best in loan options. As a mortgage broker or brokerage, why does it pay to work with a quality hard money lender among your partnerships? This two-part blog series will go over several basics.

Hard Money Lender Basics

First and foremost, a quick primer on hard money lending. Hard money lenders are private lenders or investor groups that offer loans to real estate investor clients, often in situations where said clients require flexibility or speed in their specific loan situation. Some of the situations that are most common for hard money lenders include business owners, real estate investors, house-flippers, self-employed borrowers, those who are in need of a bridge loan or new construction loan, or others who are unable or do not have the time to work with traditional banks and credit unions.

In the majority of cases, hard money loans are paid off in a short-term period of one year or less. These loans usually have fewer documentation requirements and can be more flexible when it comes to cash equity needed to complete a transaction.

Broker and Hard Money Lender Partnership

While many of a mortgage broker’s clients will require traditional loan types, some will not. Certain buyers will be performing new construction and may require a short-term bridge loan, for instance. And in these cases, a broker having a relationship with a quality hard money lender like RushFire goes a long way, making the process of obtaining a short-term loan simple and standardized.

This relationship is a two-way street, one that both parties must work to maintain. Both parties need to be transparent with one another in terms of numbers and disclosures – over time, this will build a strong trust foundation that will allow future business to be done. We make it easy on our brokerage partners, allowing a simple process that lets them connect their clients with the ideal products.

To discuss the details and to set up a partnership between your mortgage brokerage and RushFire Private Lending, give us a call and speak to our staff today.



Comments are closed

Have questions? Just Click or Call:[email protected] | (385) 429-8030 |