We often hear from brokers that they’d like to do more Private or “B” Deals. They just aren’t sure where to start.
Here are a few sources that you can use to build your portfolio of private deals:
Birds of a Feather
If you already have some experience with private deals; specifically target your marketing towards referrals from those borrowers. It’s very likely they will they will have friends in the same or similar situations that will call for similar solutions.
Specifically, divorce lawyers. Take them for a coffee (nobody ever does this – you’ll shock them). They have clients with jobs and cash on hand from settlements. But these clients will likely have bruised credit or trouble qualifying based on one income.
Take these people for coffee too. Borrowers in Consumer Proposal often provide great opportunities for Private mortgages.
Business-for-Self borrowers often struggle to fit the conventional banking rules. But with assets and income, they make terrific borrowers for Private Lenders. Find opportunities to meet with these groups and share what you have to offer.
When you find these borrowers and you need a Private lender, call the underwriters at Kokanee Mortgage for all your lending solutions.