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 Our Borrowers
One of the questions our staff is most frequently asked by potential investors is "who am I lending my money to?" With hard-money lenders in the market loaning funds to desperate individuals, it is a fair question. An assumption often exists that those seeking private funds are not credit worthy enough to receive conventional funding.
Though this may be true in some instances, Mid Pac Funding is not in the market to write unsuccessful loans. On the contrary, our motto is to create a win-win situation for both borrowers and lenders. So, who are these borrowers and why don't they just take out a loan from a local bank?
 Conventional lending in today's market is a lengthy, somewhat tedious process. Many of the borrowers who come to Mid Pac Funding have tried their hand at conventional lending and arrive on our doorstep frustrated by all the red tape. Three of our typical borrowers are those trying to purchase commercially zoned property, those trying to refinance their leasehold condos in order to upgrade and sell, and those who are in the middle of construction projects and need additional cash to complete a home. Time is of the essence in many real estate transactions which is one of the reasons that private funding is so appealing.
Basically, our borrowers come from all strata of life with credit scores that run the gamut from poor to excellent. As our loans are equity based, Mid Pac Funding is primarily concerned with the property and making sure that the investor is covered in the unlikely event of a default.
Every loan scenario is underwritten for credit worthiness, property worth, and ability to repay. As an investor, you will have all of this information before reaching any decisions with regard to the placement of your money. It is important to Mid Pac Funding that you know how to exit your loan before you enter in.
We would be happy to share past loan anecdotes and different loan scenarios if you are interested in how the process works. Don't hesitate to contact us with any questions.
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