That phrase should be a word of caution.
Lender, “Do you have the equity or cash available” ,
borrower “Uh,see, now here’s the , deal on that….” my brother was going to get the….my partner is , well …, see, the other lender took my due dilligence fee… my dog ate it.., we’re buying at 40% of market!….uh, well , thats why i’m paying hard money sir…, ….
As lenders we have all heard it. I post this as a word of caution to both lenders and borr0wers. One should watch for such signs when asking direct questions about a project or loan.
I make this post as a short tip on asking very direct questions , something I’m seeing quite a few have a hard time executing.
I also request comments , what have you heard when hearing this phrase – “here’s the deal on that…..”
50k or 3 million, a deal must be understood from the first contact and some facts need to be established. Asking direct questions is a critical part of getting the story of the deal.
See our Texas Hard money application for examples.