July 28, 2016
This article, along with Part 1 and Part 2 is about commercial hard money/bridge loans.
In Part 1 we shared what a hard money/bridge loan is, and we recommended that you not get involved in this type of loan unless you have experience, or have an investor-partner with experience. This is because there is quite a bit more risk involved in this type of loan, and it is quite a bit more complicated.
In Part 2, I wrote about how valuable it is to have mentoring in doing a commercial hard money/bridge loan. Mentoring is actually valuable in doing any kind of commercial loan, and I believe it is very valuable to be mentored in all important parts of life.
For Part 3, we are going to continue to share other aspects of the importance of being mentored in doing commercial hard money/bridge loans:
- Have the attitude and habits of an apprentice. This is a very effective approach to take in working with a mentor. Many years ago, apprenticeship was a common practice in so many professions. It helped people become very skilled in their profession. Today it is pretty much limited to trades.
To take on the attitude and habits of an apprentice is to work with a mentor in such a way as to be guided step by step through learning to the point of being proficient. As far as a commercial hard money/bridge loan is concerned, you become proficient in all aspects of doing a commercial hard money/bridge loan including deciding if your project warrants such a loan, understanding the financial aspects of this type of loan, and being able to select an excellent loan source.
- You are willing to take the time it takes to develop the knowledge and experience needed. Many people rush through the process of becoming skilled in an area such as commercial hard money/bridge loans. It’s so much better to take more time to be thorough rather than miss some steps that cause costly errors.
- Find the right mentor. For a commercial hard money/bridge loan, a good mentor would be someone who is not only very skilled in understanding such a loan, but is also a good teacher, and is patient enough to give you the time to learn.
If you are inexperienced in doing commercial hard money/bridge loans, one type of mentor is someone who would be a partner to work with on a loan. Another type of mentor would be someone you can take out to lunch to give you some basics to get you started. Another type of mentor is someone who coaches and/or teaches courses in commercial investment and includes how to get loans including hard money/bridge loans.
- Find a mentor with a good attitude. Such a mentor genuinely wants to help, is not arrogant, and gives constructive criticism rather than the type of criticism that tears people down. And a very good mentor will encourage you to work towards being independent. This would be at a point where you are very knowledgeable and experienced. At such a point you could become a mentor for others if you choose – a great way to increase your knowledge in the area of endeavor.
- When you work with Apartment Loan Store, we can help mentor you with the commercial hard money/bridge loan process, and with other types of commercial loans as well.
Contact us to see if you pre-qualify for our best multifamily, commercial, construction, hard money/bridge, or business loan rates and terms. Also, contact us if you would like to discuss your particular commercial lending needs, or if you have any questions. Call 214-695-7310, or send an email to firstname.lastname@example.org
To discover more about our loan products as well as rates and terms, visit https://www.apartmentloanstore.com, http://www.bridgeloanstore.com, or http://www.businessloanstore.com
Bruce Painter, Director of Marketing, Business Loan Store
Multifamily Mortgage Bankers and Brokers since 1997
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