Where can I get training to be a loan officer in NYC?

I’m thinking on a career change, preferring to be commercial lender rather than a mortgage-lender if there’s any difference. If possible what are the fees, license, etc..,thanks.

Can You Use Private Money to Fund Real Estate Deals?

For many real estate investors, financing deals means going to the bank or borrowing hard money loans.  For some, it’s sourcing their own money. Investors rarely go out of the box in their search for financing. But if you’re the type who wants to try new things, using private money to finance your real estate deal is something you definitely must try.

A private money loan is basically any loan that you get from a private individual. It’s not something you get from a traditional lender like banks and credit unions. It also doesn’t come from a hard money, who is considered a businessman in the lending industry. Private money simply comes from people who have extra money. Since you are dealing with an individual, the way you seek money must also be different.

The most important thing when you borrow money from a private money lender is trust. A rich man will not “give” a hundred thousand or hundreds of thousands of dollars to a man he barely knows. Since you won’t have time on your side in most cases, it’s important that you establish good ties in as little time as possible. You do that by doing two things: prove your professionalism as an investor and prove that you are a good person.

To prove your professionalism, you need to have a credibility kit of sorts. This kit will contain information about you as an investor. It must also contain some information about your credit and tax history. Finally, nothing convinces private money lenders faster than pictures of the deals you previously closed. If you don’t have much to boot, make up for it through testimonials. Seek letters from people you’ve worked with in the past.  Include their pictures and contact information.

Proving that you are a good person is more difficult. Any lender of private money would want to see that his money is going to help people. So, when talking to him, don’t limit the conversation to purely business matters. Learn to open up a bit about your family and the people that matter to you. Also, be sure to answer the lender’s calls all the time. Return them promptly if you miss any. This building of good rapport continues even after the loan is given. Remember that that person can be your financier in future deals.

So can you use this funding for your real estate deals? It’s yours to try. Go to RehabHardMoney.com right now.

Bernanke Says Financial Crisis Damage Inhibiting U.S. Recovery

Business Briefs: Ex-Wachovia official joins SunTrust Banks
David Camden, a former top executive in Virginia for Wachovia Corp. and Wells Fargo & Co., has joined SunTrust Banks Inc. as a commercial banking executive for Virginia and the Carolinas.

Read more on Richmond Times-Dispatch

Wallingford Credit Union Seized By Regulators
Get Business Mobile Text Alerts : Text BIZ To 37798 A troubled Wallingford company that provides services to credit unions was one of three lenders seized Friday by federal regulators after heavy investment losses threatened to topple it — a stunning reminder that the aftershocks of the financial services crisis still reverberate through the industry.

Read more on Hartford Courant

Bernanke Says Financial Crisis Damage Inhibiting U.S. Recovery
Federal Reserve Chairman Ben S. Bernanke said damage from the financial crisis has left the U.S. economy growing at a slower pace than policy makers want even as the central bank’s more than $1 trillion in bond purchases have reduced interest rates.

Read more on BusinessWeek

Is Your 401k Safe?

When you contribute to your 401k, you are assuming your employer is actually forwarding the money you’ve invested to your mutual fund company. How do you really know your money is being invested as you’ve directed?

View full post on Investing: IRA 401k Articles from EzineArticles.com

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Beat Real Estate Investing Competition With Private Money

One thing that discourages some people from venturing to real estate investing is the tough competition. Especially in the rehabbing houses business, the deal usually goes to those who have ready money. Because of this neophyte investors miss out on a lot of opportunities to profit. But what if you can have that stable support in terms of financing? Will you take it? Private money lenders say “take it.”

Private money lenders, also known as hard money lenders, are individuals who have extra money and are willing to help investors close deals. They lend this money even to those who do not have a good credit score. Of course, you have to pay them interest, just like when you borrow money from banks.

However, you have to pay higher interest rates when you borrow hard money. Lenders in this business usually fund loans that banks find too risky to finance. That is why they are more exposed to losses and defaults. The interest rate is their defense mechanism. It is their way of keeping the business alive.

You won’t have to worry though as this is just a small price you have to pay for the benefits you will get using this kind of financing. Private money is what you need if you want to beat you competitors.

As purchasing properties to rehab is somewhat a race, you’ll get a “nitro pack” when you tap hard money lenders. If you access credit from banks, you will have to wait for at least 30 days. Traditional lenders like banks usually take at least a month to process loan applications. You just cannot afford to wait that long when you are racing against competitors.

The best thing about private money, however, is it allows you to close deals without you spending any personal money. That means you’ll be able to earn cash using other people’s money. Let’s take the case of a rehabbing project. For example, you found a distressed property for sale at $50,000. With repairs worth $15,000, that property’s value can rise to $100,000. The $100,000 is called the ARV, or after repair value. Private money lenders usually release between 60% and 70% of the ARV. If the lender agreed to give you 65% of the ARV, then you will get $65,000. In this sample computation, you will be able to buy a property and rehab it using only the money from the loan.

Find hard money interesting? Go to REIwired.com today to learn more about it.

Does one need a license to be a commercial mortgage broker?

I am very confused, in the past few years, I have been told by many brokers, lenders, lawyers and friends that I knew or met, that a person does not need a license to be a commercial mortgage broker in the state of New York, but that they do need a license to be a residential mortgage broker. I even talked to the New York State Department of Banking and Secretary of State Department and they told me this is true. But, I just read something online that a person does need a license to be a commercial mortgage broker. So which is it? I am very confused.
Im not sure what you mean, please explain. Thanks

Is there anyone out there that has dealt with a legit private lender?

I have bad credit and I need a loan, If anyone knows any lenders that won’t try to get any upfront money out of me please let me know? ONLY PEOPLE THAT ARE ANSWERING MY QUESTION. I WILL FLAG YOU.

The money the IMF lends does it come from public sources or does it come from private investors?

If it comes from public sources, why didn’t the IMF cancel the debts of African countries that were odious or illegitimate?

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