Think like a Chicago Money Lender

In the current market, it would be advantageous to be able to see through the eyes of your money lenders in the Chicago area. Select Funding is here to give you insight about what goes through our heads when deciding to fund a loan. Changing your perspective from your own to the money lender’s perspective can be challenging because you are accustomed to seeing your deal, your way. However, if you read our perspective below, you will be able to see how we analyze and consider funding loans to borrowers.

 

 

What is the true value of the property?

The real value of a property depends on the appraisal. At Select Funding, we rely on objective third party appraisals to put a  value on properties. The appraisals are established based upon the property at the current moment. Not what the property might be worth in the future, after work is done or rehab has begun.

 

Timing is everything.

Compared to traditional banks and other traditional financial institutions, Select Funding Chicago fund loans quickly and efficiently. Most loans close with us within 10-14 days. Many repeat borrowers like to do business with us because their deals close extremely fast. They close quickly because they have orderly documentation, and make sure to follow through with any and all commitments. Positive lender/borrow relationships exist when the borrower has a realistic plan to comfortably repay the loan when due.

 

Transparency of the borrower. 

At Select Funding Chicago, our priority is to be honest and straightforward with our borrowers. The borrowers that we work best with also have those same priorities. When a borrower has different priorities, or doesn’t reveal important information, the process ends up taking much longer than necessary and more often than not, the outcome is poor. When the borrower initially presents any and all issues regarding the transaction such as credit issues, title issues, timing issues, legal issues, etc., and all information is disclosed, we are not only comfortable, but we are able to work confidently and resolve any issues with the borrower up front. Communication throughout our transactions is necessary. In order to help borrowers close with confidence, it is vital that we know all key information regarding the deal. When the lender and the borrower are mutually transparent, that is the ultimate key to success.

 

 

For more information, email us @ alan@selectfundingchicago.com or call us at (773) 919-3602. We look forward to working with you.