Discussion Forum

don
realtor investor and private lender

Private Lending Update

Tuesday, December 25 2007 02:28 PM

I want to provide an update on my status for lending money to members of the Midwest REI Elgin and Rockford, IL clubs.  After having a successful year of lending to Illinois investors, I have decided to add a pool of funds from my non IRA sources.

Therefore an excess of $300,000.00 is available for lending purposes.  My approach to begin the lending process is to require a prequalifying non refundable check of $100.00 which enables me to cover my research costs for evaluating properties potential borrowers may want to place as security.  I then ask for copies of a driver's license, social security identification, some form of income verification such as W2 or current 1040 IRS filing and an informal agreement of the terms to be negotiated.  

The next step in the loan process is to have my Chicago or McHenry attorney's draw up a mortgage and promissory note to bind the parties after signings and notarization.  Recently I have been able to distribute funds within 48 hours of initial discussion which certainly is fantastic, especially, when compared to the normal commercial bank or mortgage broker loan process.

If anyone is interested in discussing a potential loan with me, please call or e-mail me at dlwent1@comcast.net, dlwent@comcast.net, or dlwent1@gmail.com and 224-715-0880 or 847-866-9291.  

Thanks so much for your interest and hoping you all have an very Merry Christmas and a great and profitable real estate New Year!

Don L. Werby
Realtor Realtyline
DLW Investing, LLC

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