About a week ago, our CEO & Founder, Michael Mikhail was invited to speak on the “Think Realty Podcast” with Abhi Golhar.
Golhar was excited to go “under the hood” of Stratton Equities and discover what makes it a groundbreaking lender company. Michael had the opportunity to discuss one of our favorite new topics - Hard Money Loans vs. Fix and Flip Loans.
He was able to speak upon the confusion in the industry and debunk some of myths about Hard Money Loans.
Throughout the podcast, Abhi gave us the opportunity to discuss the the intricacies of how Stratton Equities operates, and the ins and out of being a direct private money lender.
What makes Stratton Equities unique is that we look at every client case by case. Unlike other companies, if we can’t do the loan we tell people directly, we don’t just hold onto a loan scenario, and try to see what else we can do with it.
If you're looking for the difference between a professional private money lender and a “marketing arm with no license,” the best way to tell the difference is simple: proper licensing.
It's amazing what opportunities can be presented to you when you work with a Hard Money Loan. Not only do Hard Money loans provide our loan officers with the ability to say "yes" (and make a living!), but we also get the chance to change the lives of the lenders we work with.
For instance, recently we had a borrower that reached out who was struggling...this individual, was a young girl who was in a car accident and had sued the person that hit her. She won a settlement of a quarter of a million dollars and invested it in Real Estate. She used the funds to purchase a property at 19 in New Jersey.
Unfortunately, she didn't have any family or support system, she had no credit history, and only received $2,000 a month. All she had was the property, which was her only asset.
At the time, the property was worth $230,000 and was in a college town, so luckily it had the potential to be rented easily. Due to this, we were able to give her a 60% LTV (loan-to-value ration) hard money loan, and create an interest reserve so that she wouldn't have to pay a mortgage for the next twelve months.
This loan literally saved her life! She can now go to med school, pay her expenses and live her life without the burden of a mortgage for the coming year.
If you want to hear more, listen to the full podcast by just clicking here.
If you have a loan scenario that you'd like to present to one of our loan officers, please click here to submit an application.
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