Mortgage Equities Inc. provided borrower with a bridge loan for a parking lot in Seattle. In the future, the parking lot will be used for development.
Mortgage Equities, Inc has supplied this borrower with multiple construction loans to build starter homes in Thurston and Pierce Counties. In order to reduce the client’s escrow and closing costs, Mortgage Equities, Inc has funded multiple home starts for this client with each construction loan. At any given time, this borrower has one to three construction loans with Mortgage Equities, Inc.
Mortgage Equities, Inc. supplied a remodel loan for a single family home in Seattle. The borrower quickly resold the home after the construction was complete.
Business loan secured by an office condo on Snoqualmie Ridge.
Borrower purchased property with an operating general store near Mount Rainer.
Borrower owns an 32 unit apartment building in a small town in Oregon. The borrower pledged the property for a $865,000 bridge loan from Mortgage Equities Inc.
When shopping for a private real estate loan a borrower should be as selective in choosing a lender as they are in choosing their accountant, lawyer or any other professional.
Many borrowers become so focused on getting loan approval and funded, they don’t pay attention to the obligations and requirements of the loan agreement or perhaps equally important the reputation and integrity of lender.
A private hard money lending transaction has two clients; the “Borrower Client” seeking a loan and an “Investor Client” seeking to receive monthly income from making a loan. Private investors/companies making loans use investor money, their own funds or a combination of both. Regardless of the source of the funds the borrower should not only pay careful attention to the loan terms but be mindful that you are about to engage in a temporary but unique partnership. In terms of trust, communication, and attention to your concerns you want to feel comfortable on all accounts.
A good lender/partner will wholeheartedly want you the borrower to achieve a successful outcome. What does that mean? It means that you are able to achieve your intended goal and the lender receives the interest income and return of principal bargained for when making the loan.
We do view making a loan as partnering with a borrower. We want to structure a loan with your success in mind and steer clear of problems. As example, typically our loans do not cost more for a longer loan term. Allowing enough time for a loan to payoff is one way to avoid a problem! Another “partnering example” is a providing expertise. We are a lending partner that collectively has decades of valuable real estate experience. In addition to providing funding our real estate expertise often adds additional value to the borrower’s effort and can help avoid unforeseen problems. We view our loan process as collaboration – working with the borrower from the very beginning to put together a loan that makes sense and have a positive outcome.
It is important for anyone seeking a private real estate loan to take the time to seek references, ask questions and create a dialogue with the lender to obtain specific loan information and to assess (“gut check”) if you feel comfortable working with that lender.
“OK..need to do a Shout Out for Sanford at Mortgage Equities, Inc. These folks are also part of my ‘short of a miracle’ gang this last week. One phone call and less than 48 hours later…funds in hand….without being taken on rate and fees…..These guys are in the game to win….. Having the right people surround you makes such a difference in today’s Real Estate business!” – Trish Williams
Ron recently provided the financing for a client on very short notice at terms that were very favorable. His manner was to be totally transparent and he accommodated the clients limited mobility by making a house call. I would certainly look to using his services and recommending them to anyone. It was reassuring to have our client come back and say that her separate inquiries in their business community only reinforced our decision to do business with Mortgage Equities Inc. – Richard Scholtz, Commercial and Residential Mortgages
Borrower purchased an income property that will in two to three years be permitted for a mixed use development.