Focus: Hard Money
Every month, Scotsman Guide zooms in on a particular industry
topic that is essential to the collective knowledge of residential
mortgage professionals. This month’s focus is on hard money.
Read past Scotsman Guide articles online for insight into various
strategies related to hard money.
Chief operating officer
Fairview Commercial Lending
Illustration by Dennis Wunsch
By Glen Weinberg
Follow these six steps to close more
loans when the bank says “no”
You have a great lead. Everything looks good and the deal
is set to close, but at the last minute the bank says “no.”
With today’s underwriting standards, banks are forced
to turn down many transactions that they might have
closed in the past. This could be because of issues with
the property, the borrower’s credit, the ability-to-repay
rule or any number of other issues.
In many cases, conventional lenders are focusing on
straightforward mortgages and won’t extend their hands
for transactions that are a little out of the box. Fortunately,
your deal doesn’t have to die just because the bank
denied funding. The transaction could be a fit for a non-traditional lender — aka a hard-money lender, private
lender or bridge lender — someone who’s not afraid to
put some skin in the game. >>
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Articles and News
“Hard Money Lends a Hand,”
Glen Weinberg, January 2015
Search our archives, which go back to 2003, at sctsm.in/RESsearch
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