As many of you know, a big part of what I do is try and fix deals that have already blown up or are about to. Many times, I receive these referrals from bankers and brokers that have clients who have either been turned down conventional, or it is taking too long and the deadline is coming. (Who are we kidding. The deadline has already been passed twice and we are on the 3rd extension :-)) When they hear the lower LTV and higher interest rates associated with bridge deals, they assume all I need is proof of down payment, a contract and appraisal. Their thoughts are if this lender is focused on the collateral, why do they care about anything else? Well I am here to tell you that they do. Bridge and hard money lenders serve a critical niche of the real estate market. Deals that have to close fast and properties that have questionable historical performance. If the deal was great, you would be taking it to a regular bank. They still need to understand the borrowers finances, what their experience is and clearly understand the exit strategy in the next 12-18 months. A piece of advice for anyone taking a deal to a bridge lender is that the quicker you give them the WHOLE STORY, The quicker they can help you and your clients. If I can ever be a resource to any of you, we have access to several alternate financing sources nationwide and are happy to help your client on the bridge to becoming more bankable. If you or your clients have ever been in a situation like this please type “Bridge” in the comments below or tell us your war story 🙂