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What you’ll learn in just 17 minutes from today’s episode:
- Learn about the pitfalls of having a funding source as a bank
- Find out about the advantages of financing options via private lenders over banking institutions
- Find out the mistakes to avoid when using private money lenders
- Get your FREE 7 Steps to Guaranteed Hard Money Loan Approval. Click here: https://hardmoneybankers.com/
Ian Walsh is a partner at Hard Money Bankers PA. As a managing partner, he is always looking to lend money to investors in the Eastern Pennsylvania and Southern New Jersey market. Lending is a passion and being creative to make the loan work for the borrower is always exciting. It does not matter if it is a construction and acquisition loan, a construction loan or a refinance, he always tries to find a way to make it work.
In this episode, Ian shares how hard money lenders or private money lenders, provide fast and flexible lending solutions to real estate investors; approving loans in as fast as 24 hours.
00:44 – What investment strategy he started with
02:07 – Hard money lending and different financing options available for real estate investors
03:28 – How does a private money lender differ from a bank
06:21 – Hard money lender versus private money lenders
10:23 – How were they able to raise $40 million dollars to loan out
12:00 – Mistakes real estate investors commit when they go to private money lenders
“Private and hard money is getting to be a lot more flexible, we’re about speed. We’re about analysis, quick analysis on the property first. And that’s closing in 24 hours.” – Ian Walsh
“Bankers are not investors first by nature, which means they’re underwriting you rather than your deal. They’re not really fit for our space because my space is built on investment properties, I have to underwrite the property first and then borrow and when you do that in reverse you miss the essence of what private lending and hard money lending is and you run into trouble.” – Ian Walsh
“If you’re calling a private lender, know your numbers. Even if you’re new, which is fine. When they come in, research and understand their values, they understand what a house is truly worth on the back end.” – Ian Walsh
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