Do you know who to #getmoney from for your business?

Listen to the podcast here:

https://dylangallagher.podbean.com/mf/play/xk2g9w/episode_02242017_getmoney_audio_final.mp3?_=1

Let’s face it. Entrepreneurs and business owners are always looking for money. I find it interesting that many folks running a business who need money don’t take the time to really understand how much money is actually out there and available to them. When words like “money, financing and capital” are used they can cause someone’s eyes to glaze over as these terms are associated with confusing and uninteresting concepts. The truth is that money can be complicated and boring to understand but it doesn’t have to be.

Here is what you need to know about how your business can #getmoney. Continue reading “Do you know who to #getmoney from for your business?”

A chat with a private lender

I had a great time chatting with Brad Lundgren of cobra Mortgage Services Ltd. (click here for their website).  We discussed what private lending is with a particular focus on commercial transactions including hotels and motels.  Yes you have read this correctly – hotels and motels.  Brad also talked about why private lenders are important and his opinion on where conventional banks are now (think “under capitalized”).

Continue reading “A chat with a private lender”

Why do private lenders matter?

The year was 1996 and I was sitting across the desk from the man that would not only teach me about private lending but would become a mentor, investor and friend.  The question was asked “do you know what a mortgage is?” to which I nervously replied “no”.  I had heard the word before but at the ripe age of 18 years old I had not yet had a mortgage nor did I understand what they were or why they were needed.  The man went on to share with me that he and his friends were providing money to people that were not able to get the money they wanted from a bank for a variety of reasons.  These people would provide a piece of real estate as security and they would borrow money at interest rates that were 1.0% per month to 2.75% per month plus fees.  He went on to share with me that these opportunities were considered high risk and were generally less than 6 months in length.  From from time to time he would have to foreclose (another foreign term to me at the time) but because he was always lending less than what a property was worth he had never lost his money or the money of his friends. Continue reading “Why do private lenders matter?”

Private funds to close then off to the bank

I had a chance to visit with a new client today (courtesy of the Royal Bank) who was looking to purchase a mixed use property in rural Alberta.  The property has a commercial component and a residential component.  Tenants have been found and will be in place later this month – income to service the debt in place.  The client has to close at the end of this month and came to see me knowing that he had limited options. Continue reading “Private funds to close then off to the bank”