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Hard Money Blog
Up until today we've done our best to provide education, information and news to all of our clients. By practical standards, we're relatively satisfied with the way that we've communicated with all of our clients and the feedback that we've received seems to support that. However, we know that we can always do better, and as the private mortgage industry continues to play a more prominent role in the credit markets the amount of information that needs to be shared increases along with it.
So, we've created a space especially for brokers and borrowers that are interested in learning more about the private mortgage industry (hard money). We invite you to join us by signing up for instant updates from
Sign up for instant updates in the right sidebar of the Blog page so that you'll be instantly informed of industry news, MMG Capital article publishings, new loan programs, etc. And, it will give you another great way to connect with us so that we can become an ongoing private mortgage resource for you. We look forward to seeing you on the Blog.
It's Official: We Specialize in High End, Luxury Residential Loans
Because of jumbo loan requirements, declining markets, income restrictions and a lack of stated income loans, the luxury residential real estate market has fallen out of favor with traditional financing sources. As a result, more and more borrowers are having to turn to private mortgage sources for hard money loans on their real estate. Normally, that wouldn't be such a big deal. However, with all of the recent changes in regulatory restrictions, more private lenders have completely exited the residential lending marketplace, leaving almost nowhere for high net worth borrowers to turn.
The good news is, MMG Capital is still very much in the game for luxury residential loans, and here's why...
Along with our LinkedIn Groups, our facebook page is another great place to get updates on MMG Capital as well as other industry news. Visit the MMG Capital Facebook page to connect with us and other like-minded mortgage professionals!
MMG Capital recently finalized a $1M private loan transaction in Saratoga Springs, NY. The borrower required a significant amount of cash in order to expand a currently operating business from overseas into the United States. MMG Capital was able to approve the borrower for a collateral-based bridge loan and quickly provide the capital needed in order to take advantage of the unique opportunity.
MMG Capital is actively providing such bridge loans for high net worth borrowers nationwide. To read the full release, please visit the link below:
There are still a plethora of borrowers in the marketplace that are seeking 100% financing for one reason or another. As a mortgage broker, it's altogether possible that you'll wind up wasting much of your precious time trying to find financing for these borrowers. This recent article will provide you with some general knowledge as to why 100% financing isn't worth chasing and why private lenders generally won't entertain it.
We've recently updated our website to clarify our guidelines and give mortgage brokers a better idea of what we look for in a loan. We invite you to visit us to get more familiar with MMG Capital, our basic requirements, and our general lending philosophies.
For mortgage brokers, the odds of needing to deal with private lenders (hard money lenders) at some point during a future search for a loan are becoming greater by the day. Unfortunately, outside of real estate professionals that deal with hard money lenders on a regular basis, very few individuals are skilled at communicating and selling these lenders on their credit-worthiness. The result is a bag of mixed responses from private lenders and a lot of frustration on the part of both mortgage brokers and their clients.
There's a need for better communication from both brokers and private lenders moving forward, but here are a few tips regarding how you can ensure that your loan requests are given the attention that they deserve by the lenders that review them...
Despite all of the financial turmoil in the world, there are still loans to be made and there are stillhard money lendersout there that are willing to make them. Deals are getting done, borrowers are getting the funding that they need, and investors are optimistically approachinghard money lendingas today's failsafe investment vehicle. What most people don't understand is that the rules of the game have changed - investors still want to make loans, but they're doing it in a way that relies much more on logic than on metrics and credentials.
So what is it that makes the difference between a loan scenario that's worth your time and a loan scenario that isn't? Knowing these basic parameters will save you hours of otherwise wasted time in dealing with hard money lenders:
We love having the opportunity to communicate with you on a monthly basis, but sometimes we feel like we don't want to have to wait to tell you about all of our exciting news. If you'd like to know about things that are going on in the hard money lending industry just a bit before everybody else then subscribe to the MMG Capital Blog. You'll be notified about new articles, news and interesting things as they happen....
Follow this link and use the widget on the right side of the page to subscribe.
MMG Capital on the Front Cover of Real Estate Wealth Magazine
People are taking notice of the success that MMG Capital clients have had. Others are also starting to take notice of the logic in our strategies. and procedures As a result, MMG Capital is receiving some decent press to start off the new year. The cover of Real Estate Wealth Magazine, a publication dedicated to helping accredited investors grow their wealth with real estate, will be graced with a feature on MMG Capital and how private lending is helping investors across the country realize double-digit returns utilizing safe, secured investing techniques and borrowers get access to the capital that they need.
MMG Capital's Managing Director, Chris Gleason, was interviewed in his home by Real Estate Wealth journalists and the result was a three-page feature story which you can access and read for free by clicking on the image to the left. Should you like to have a hard copy of the magazine, simply let us know and we'll be happy to send you one with our compliments.
Are Hard Money Lenders Becoming More Like Banks?
An article from the June 2010 Commercial Edition of The Scotsman Guide, the leading resource for mortgage originators, recently caught our eye. The title reads as follows: "Hard-Money Lenders Act More Like Banks - Changing times mean changing structures for deals with cash-poor borrowers."
Of course, we feel like the concept that hard money lenders are slowly taking the place of traditional lenders in both structure and procedure is worth some examination. There's no doubt that hard money lending is very different than it was in 2006. All lending is very different than it was in 2006. So what exactly is it that makes us more like banks? Among the reasons that the author cites for comparing private lenders to banks are...
Click the image or this link to read our commentary and the full article.
Better Business Bureau Says: A+
MMG Capital has now been a voluntary member of the Better Business Bureau for the past two years, giving its clients an open forum to report any conceived misgivings or unprofessional behavior by the company. While MMG Capital's company profile and rating have been reviewed hundreds of times, in a two year span there have been zero customer reviews and, more importantly, zero customer complaints.
As a result, MMG Capital now has an A+ rating from the Better Business Bureau. Click the image to see for yourself.
Lately it seems that MMG Capital has been establishing itself as one of the go-to lenders for foreign borrowers, including resident and non-resident aliens. As an asset-based bridge lender we're able to structure loans regardless of where our borrower is so long as they have assets in the United States. Our most recent funding was another good example of our ability to work through an otherwise "unloanable" situation. For more information on our recent funding in Sacramento, California please click below.
Small Businesses Turn to Private Lenders
(Los Angeles Times)
It's always been just a matter of time before more and more borrowers begin to utilize private lenders of all shapes and sizes. With our country's institutional lenders turning upside down one after another or being generally unwilling to lend, private lenders fill an important void in the capital markets. Every private lender is different and getting to know them one-by-one will take some time, but understanding what resources are available to you as a mortgage broker or as a borrower will go a long way in getting you through these tough times.
The Los Angeles times recently acknowledged that many small businesses are turning to "private lenders." The ones that they discuss in this article are of a different variety than real estate lenders like MMG Capital, but the point is the same. For more information and to read the LA Times Article, please click below.
It may seem hard to believe, but it's true - hard money loans have just become more affordable. MMG Capital has lowered its rates and fees to levels that are extremely competitive with the marketplace, something that should be music to the earns of many mortgage brokers and borrowers.
MMG Capital has always been one of the more flexible, creative lenders in the industry and it's made the company a favorite for many hard money brokers. However, management has recently found that its efforts to raise capital have been outpacing their new fundings. So, as is typical with any supply and demand-driven product, pricing for new loans has been lowered to accomodate new fundings and to ensure that there is adequate product available for the company's private money investors.
Due to the overwhelming number of requests that we've received for printed information on MMG Capital and our guidelines, we've decided that it's time to make some wishes come true. You can now request to have an MMG Capital Broker Information Kit mailed to you that includes information on the company, a convenient "Quick Guideline Card" and relevant industry news.
MMG Capital Broker Information Kits are being mailed to all new Preferred Broker sign-ups as of September 28th. If you've already signed up to become a Preferred Broker (you have if you're receiving this email), but you never had the opportunity to provide us with an address to send you an Information Kit, we want you to let us know!
MMG Capital recently funded a $375,000 Bridge Loan for the purchase of an investment property in Nashville, Tennessee. The loan was made to an Investment Group purchasing the property directly from an estate with a 50% down payment.
Website Revised
Along with our pricing, we've also revised a large portion of our website to more clearly describe our guidelines and procedures for working with both brokers and borrowers. If after reviewing our website you feel that there is additional information that would be helpful if included, please let us know at
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.
Upfront Fees are one of the aspects of private money lending that is giving brokers nightmares. Are they legitimate? In what circumstances are they refundable? Does the lender even have any intention of funding the loan? Is my client going to defect when I ask them to give money to the lender?
These are just some of the questions that brokers are struggling with. However, in the most recent edition of The Scotsman Guide, Managing Director Chris Gleason dealt with some of these questions and more in his article "Facing Up to Upfront Fees." Take a look inside to find some of the answers that you've been looking for - and take them from a company that has never charged one of their borrowers an upfront fee.
As great as there is a need for private money lending in our world that's full of economic woes, it's surprising how few resources are available for brokers to gain a better understanding of the dynamic private money marketplace. At MMG Capital, we're doing our best to develop some of these resources for our brokers that will not only help foster a relationship between lenders and their greatest origination source (brokers), but also to develop a greater level of understanding between the two.
If you haven't already become a member, be sure to join the newest Linked In Group entitled "Private Money Lending." This group is designed to be a forum for brokers and lenders to come together, share ideas, and connect. The closer we come together the more it will be possible for all private lenders to streamline their processes and make the process of finding private money loans a less painful one.
We're often asked, "What's your niche? Who do you lend to?"
So, we decided to give you the short and easy answer right here in our monthly newsletter...
MMG Capital is a true, asset-based lender. We make loans of $200,000 and greater to borrowers that have sufficient assets to secure the loan. In most cases, this means a high net worth borrower.
If you have high net worth clients that are in need of capital but can't get financing from the bank, MMG Capitlal just might be the lender for you.
It’s here, and the wait is finally over – the first Broker Edition Newsletter from MMG Capital has arrived. Our private lending footprint has grown significantly over the past year and communication is becoming more crucial as we continue to grow and expand.
We’ve had the chance to work with many of our preferred brokers already, but for those of you that we haven’t, we certainly look forward to the opportunity to meet you. Over 85% of the loans that we have funded in the past 24 months have come from broker or referral sources, and it’s clear that private money or portfolio lenders are becoming a staple for business in today’s lending climate.
Although our asset-based lending philosophy will always remain true at its core, the details of hard money transactions will always differ depending on the location, size, scope and complexity. The goal of this newsletter, on a monthly basis, is to give you insight into what’s working in today’s market and give you the edge to close more private money loans. Welcome…
Where Have We Been?
In a couple of words: almost everywhere. As a nationwide private money lender we receive funding requests from all across the country. Recently, we’ve approved loans in Florida, California, New York, New Jersey, Georgia, Tennessee, Virginia and Arizona. Here are just a couple of our most recent closings:
Vero Beach, Florida
NOO – SFR
$500,000 Cash Out
Ooltewah, TN
NOO – SFR
$700,000 Cash Out
Bad credit, no income – we can work with that. We’re funding asset-based loans to high net worth individuals and property owners with significant equity regardless of scores and ratios. Visit our website to submit your loan scenario for review.
Because of jumbo loan requirements, declining markets, income restrictions and a lack of stated income loans, the luxury residential real estate market has fallen out of favor with traditional financing sources. As a result, more and more borrowers are having to turn to private mortgage sources for hard money loans on their real estate. Normally, that wouldn't be such a big deal. However, with all of the recent changes in regulatory restrictions, more private lenders have completely exited the residential lending marketplace, leaving almost nowhere for high net worth borrowers to turn. 
MMG Capital recently finalized a $1M private loan transaction in Saratoga Springs, NY. The borrower required a significant amount of cash in order to expand a currently operating business from overseas into the United States. MMG Capital was able to approve the borrower for a collateral-based bridge loan and quickly provide the capital needed in order to take advantage of the unique opportunity. 
There are still a plethora of borrowers in the marketplace that are seeking 100% financing for one reason or another. As a mortgage broker, it's altogether possible that you'll wind up wasting much of your precious time trying to find financing for these borrowers. This recent article will provide you with some general knowledge as to why 100% financing isn't worth chasing and why private lenders generally won't entertain it. 
For mortgage brokers, the odds of needing to deal with private lenders (hard money lenders) at some point during a future search for a loan are becoming greater by the day. Unfortunately, outside of real estate professionals that deal with hard money lenders on a regular basis, very few individuals are skilled at communicating and selling these lenders on their credit-worthiness. The result is a bag of mixed responses from private lenders and a lot of frustration on the part of both mortgage brokers and their clients. 
Lately it seems that MMG Capital has been establishing itself as one of the go-to lenders for foreign borrowers, including resident and non-resident aliens. As an asset-based bridge lender we're able to structure loans regardless of where our borrower is so long as they have assets in the United States. Our most recent funding was another good example of our ability to work through an otherwise "unloanable" situation. For more information on our recent funding in Sacramento, California please click below.
It may seem hard to believe, but it's true - hard money loans have just become more affordable. MMG Capital has lowered its rates and fees to levels that are extremely competitive with the marketplace, something that should be music to the earns of many mortgage brokers and borrowers.
Due to the overwhelming number of requests that we've received for printed information on MMG Capital and our guidelines, we've decided that it's time to make some wishes come true. You can now request to have an MMG Capital Broker Information Kit mailed to you that includes information on the company, a convenient "Quick Guideline Card" and relevant industry news. 
It’s here, and the wait is finally over – the first Broker Edition Newsletter from MMG Capital has arrived. Our private lending footprint has grown significantly over the past year and communication is becoming more crucial as we continue to grow and expand.
