By The Hard Money Specialist
Thousands Sucked Dry By Hard Money Parasites- How To Avoid TheLoan Leech! by The Hard Money Specialist
(c)2005 The Hard Money Specialist- All Rights reservedwww.hardmoneyspecialist.com
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There are creatures that prowl about the lush, green hard moneyjungle that ignorantly kill 99 out of 100 deals…and the chancesof you ever finding a real lender with them are slim and none.
Now I'm not talking about respectable brokers, agents ormiddlemen that have direct access to the money and treat theirclients with respect. I'm referring to the ignorant leech whohas absolutely no connection to a real investor at all, andleads the innocent, sometimes desperate client into a black holeof false hope.
They are despicable, not because they don't want to securefunding for their client, but because they don't know the firstthing about the real world of private lending… They are in itfor the hope of big broker fees and don't really care about themyriad of candidates vying for funding!
They don't give a flying squirrel about the client, theirparticular circumstances or the massive amount of time that willbe wasted. They set their hook and then proceed to drag theirunsuspecting prey into a daisy-chain jungle, hoping thatsomeway, somehow, someone they find will fund the deal (throwenough wet spaghetti against the wall and something eventuallyhas got to stick mentality).
This jungle leech calls every person he can find, other leeches,quasi-brokers and the like, hoping that someone will knowsomeone who knows someone's rich brother-in-law. This fishingcan take days and sometimes weeks, and, if they ever get luckyenough to find an interested party, they simply sit back andpacify the unsuspecting client as long as they can until theyfind a way to the cash. Now, if the interested party is anotherleech (and 99% of the time they are) you can see how thisdaisy-chain can quickly grow into an anchor that drags the dealinto the shadows of the jungle.
Many deals never get funded because there are too many hands inthe cookie jar…"a plethora of parasites" if you will. If oneleech senses he won't get his cut of the profits, he can andusually does, kill the deal so NO ONE gets paid. And the sadthing is, a real hard money lender doesn't go near a deal that'sbeen picked over. It doesn't have to be this way. There aresimple indicators you can learn to help you deal directly withthe real private money lender. If you follow these basic rules,you will save yourself considerable time, frustration andheartache.
Rule No.1- If they ask for an upfront fee, laugh, scream "leech"into the receiver and hang-up the phone! Who knows, maybe you'llfreak one out and he'll change professions.
Rule No. 2- Real hard money or private money lenders knowEXACTLY what they are looking for and will tell you (alwaysduring the first phone call) if your deal fits their criteria.If the agent or broker is not sure, staggers a bit and has tocheck, again, hang-up the phone!
Rule No. 3- Don't throw out your deal for everyone to look at.Go at it one investor at a time. Remember, real lenders knowwhen a deal has been handed around…picked over deals are alreadydead! They won't even look at them.
Rule No. 4- Do a web search on the company, group or individualto see if there is any derogatory information floating aroundabout them. If you don't find anything at all that's OK. Thereare only a handful of real investors in every area and theygenerally are very private individuals or small groups.
Rule No. 5- Try to deal with someone local if you can. It'seasier to check them out and get a good read on them.
Rule No. 6- Most genuine private investors and theirrepresentatives are pretty laid back. It's the over exuberant orhyper individual I would stay away from.
Rule No. 7- With bigger deals, like commercial developments,know what documentation you need to get together for yourpackage by checking with your financial advisor or banker.
I sincerely hope this article helps you in your quest to find areal lender who can fund your deal and avoid the hard moneyjungle altogether! Why not just take the easy route and visitme? That's what I do!
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The Hard Money Specialist has helped thousands of clients securefinancing. Need to get to the real investor? Click here now-http://www.hardmoneyspecialist.com hardmoneyspecialist@cox.netor call 949-305-1793-- 6 FREE GIFTS just for visiting!
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