As a real estate or mortgage broker it is imperative that you are able to team up with a private money funding source. Private money financing or “hard money” is a great way for you to close the gap between a deal that might have otherwise turned down and a deal that turns into commissions for you and helps your clients. All successful real estate and mortgage brokers have at least 1 private money source at their disposal and Searchlight Lending is positioned to be your source in the San Francisco Bay Area.
Searchlight Lending is actively seeking successful broker/partners to submit your hard to place loans as well as your turndowns from traditional financing sources. With Searchlight Lending you can be assured that a viable deal will fund quickly and without the hang-ups of other private money lenders. We have the money, you have the borrower, and together we can fund the deal.
With some of the lowest rates, lowest fees, and highest payouts to our broker partners in the private money industry a strategic partnership with Searchlight Lending could be the most profitable partner relationship in your network.
Bridge/ Interim Financing-
The borrower needs interim financing for closing a property purchase before they can obtain conventional financing or other funds.
- Poor Credit- The borrower has poor credit, a foreclosure, or bankruptcy.
- Distressed Property- The property is distressed, violates compliance codes, or is in ruin.
- Unusual Borrower- The borrower is a trust, intra-family transfer, or non-profit
- Unusual Property- The property is considered ‘unusual’ if not a typical residential or commercial property such as: Churches, Gas Stations, Hotels, Nursing Homes, etc.
- Cash Only Purchase- In today’s market, to remain competitive, borrowers need to offer all cash for many properties including REO purchases.
- Quick Closing –
- Often, due to bank fallout, borrowers can’t obtain necessary financing by the date of closing.
If you meet one or more of these qualifying characteristics Searchlight Lending would like to discuss a private lending alternative with you. To Contact us call (415) 355-4121 or email us.
- Amount: $50,000 – $10,000,000. Higher financing amounts may be considered on a case-by-case basis
- Loan to Value (LTV): Up to 75%
- Position: 1st and 2nd position
- Interest Rate: 5.75%-12.5%. High Risk Loans may have higher rates
- Term: 1-5 Years. No Prepayment Penalties. Some loans require guaranteed interest
- Use of Funds: Purchase, Refinance, Rehab, Interim-Financing
- Closing: 1-2 weeks from completed loan package submission to closing. *Faster with complete package.
Submitting a loan to Searchlight Lending couldn’t be easier! All we need emailed or faxed 888-361-6597 is the following:
- 1003 (emailed in .fnm 3.2 format)
- Credit Report
- Most recent mortgage statement (if applicable)
- Insurance declarations page (if applicable)
- Purchase contract (if applicable)
With that information we are able to give you a conditional loan approval. Provided the appraisal and preliminary title report come back without any issues and provided that any and all underwriting conditions are met we are able to go to docs and fund the loan. Our average timeline for a loan from application to funding is 10 days and we are actively looking to improve that timeline.