7 Sources for Finding Private Capital Lenders in Your Area
7 Sources for Finding Private Capital Lenders in Your Area
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So you’ve decided that you need a private capital or hard money/bride loan to finance your project, now what do you do? If you haven’t used hard money before, or are investing in a new area, then you will need to find a reputable hard money or private capital lender. Here are some resources to turn to if you want to add a private capital lender to your investing network:
- Talk to local real estate agents. While not all real estate agents will have connections with these types of lenders, ones who deal with bank-owned properties, foreclosures, or commercial real estate could be useful resources. If you have an agent you often work with, ask if they know any private lenders or know of other agents who might have such connections.
- Talk to other real estate investors. Other investors doing the same thing as you are another great resource. See if there are any networking events for real estate investors in your area. You can also ask your real estate agent about who else is buying properties to fix or flip in your area or check the county records for who else has been buying distressed properties.
- Talk to local mortgage brokers. Brokers get paid to find people loans and match up borrowers to the best lender for their situation, so they might be aware of local bridge lenders; however, keep in mind that if you use a broker to get your loan then you will need to pay their fees in addition to the costs of the loan itself.
- Look in online directories. There are numerous sources online that provide listings of hard money lenders, usually sortable by their geographical region and other factors. Two popular ones are Scotsman Guide and Bigger Pockets .
- Check your local newspaper. Some newspapers have a section advertising “money to lend”, where hard money and private capital lenders may advertise their services. It can also be useful to look for real estate-specific newspapers which are another popular place for private lenders to advertise. Also look for articles about bridge loans in these types of newspapers as they are often written by local hard money lenders.
- Use a search engine. When in doubt, ask Google. Use “hard money lender” or “private capital lender” as search terms with your area (“Denver” for example) to find lenders. This can also help you check out references for a new lender to make sure they are reputable.
- Create your own investor. Another alternative is to use your contacts to find individuals who would like to (and have the funds to) invest in real estate without spending the time dealing directly with the real estate itself and convince them to fund your project. This one is definitely on the more difficult and time-consuming end of the spectrum but can reap rewards for both parties.
To find out more about Montegra’s private capital loan programs and our history as a reputable private capital lender in the Denver metro area, contact us at 303-377-4181.