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" Real estate investors, as we all know, don’ t have the greatest of tax returns."
Michael Mikhail
The Loan Process
The first thing you’ ll want to do to get a private money or NONQM loan, for example, a hard money loan, is to contact a private money lender. As the borrower, you should be ready to provide the lender with information like the location of the property, purchase price, and estimated appraised value.
The lender will ask questions to get to know you and your borrowing history. After this, the lender will appraise the property and come up with a loan offer for you. The lender will review the documentation and complete the underwriting process for the loan. This process is usually speedy, but it varies from lender to lender.
After the loan is completed with underwriting, it gets moved to the closing department. As a borrower, you’ ll have to sign a variety of documents during this phase, but it is relatively straightforward. The lender will then send the funds to the title company so the deal can be completed.
Many real estate investors have found that getting loans from private money lenders is their best option for achieving their investment goals. Be it a hard money or a soft money loan, private money lenders are faster, more understanding, and more lenient than mortgage companies and banks. You have to consider that these companies’ sole purpose is to give loans to real estate investors, so naturally, they’ ve found ways to make the process smoother. If you’ re thinking of getting into real estate investing, you should definitely take these factors into account.
Contact Stratton Equities, the leading hard money and NON QM lender, to speak with one of their talented and experienced loan officers at 8009626613, email us, or apply for loan prequalification today!
MEET MICHAEL MIKHAIL
CEO Stratton Equities
Michael Mikhail is the Founder and CEO of Stratton Equities, the nation’ s leading hard moneylender to national real estate investors, with the largest variety of mortgage loans and programs nationwide.
Having launched Stratton Equities in early 2017, Michael has always been an entrepreneur and innovator in the real estate market, purchasing his first home at 19.
A serial entrepreneur with a foresight for business opportunities, Michael had a slew of small businesses prior to launching Stratton Equities. One of his most prolific ventures was a car wash connected to a gym he was affiliated with in Florida during 20012002 while attending college.
It wasn’ t until he graduated from Florida State University with a degree in Business, that he officially joined the mortgage industry in 2003 and decided to travel to explore his options globally.
After travelling to 19 countries in 5 years, Michael knew two things; he wanted to start his own business and launch it in the United States. He knew that moving back to the states was the best place he could start something small and grow it into something infinite.
In 2017, Michael noticed how the mortgage industry had transformed after the regulations presented from 20082012, and knew it was time to set out something on his own, thus creating Stratton Equities.
Under Michael’ s leadership, Stratton Equities has grown into one of the biggest leaders in the Mortgage and Real Estate industry across genres and platforms.
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