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Corey Curwick Dutton

By Corey Curwick | Mortgage Broker
or Lender in Salt Lake City, UT
  • Banks Don’t Commit Crimes – Bankers Do

    Posted Under: Market Conditions in Park City, Financing in Park City, Foreclosure in Park City  |  August 25, 2014 10:54 AM  |  58 views  |  No comments

    This was one critic’s response to the recent announcement by the U.S. Department of Justice that it is about to ink a settlement with Bank of America regarding allegations that the bank misrepresented the quality of the mortgage-backed securities it sold to investors. At a staggering $16.7 billion, this is the largest settlement ever paid in U.S. history by a company to U.S. regulators. But this has raised the pending question among critics as to why executives of the bank are not being held accountable, and further, that these individuals should be facing criminal charges. Dennis Kelleher, president of the nonprofit ‘Better Markets,’ was quoted as saying, “We do not know the name of a single individual involved and not a single individual is held accountable. Banks don't commit crimes, bankers do."

                Other critics say that only $5 billion of the settlement amount that B of A is set to pay is NOT tax deductible. In other words, B of A is just going to write off the settlement and move on. It’s no surprise then that the response of investors to the pending settlement was that the bank’s stock rose 4.1% last week.

    Posted by Corey Curwick Dutton 

  • B of A and JPMorgan Will Finally Pay for Mortgage Abuses

    Posted Under: Market Conditions in Salt Lake City, Financing in Salt Lake City, Rentals in Salt Lake City  |  October 24, 2013 10:51 AM  |  444 views  |  No comments

             JPMorgan and Bank of America are finally being punished by U.S. regulators for alleged mortgage abuses leading up to the financial crisis. JPMorgan has agreed to pay $13 Billion Dollars to various agencies and Bank of America is in line to pay an even higher sum. This is the highest single fine imposed on a Company EVER by U.S. authorities. There is also open the possibility of criminal prosecution for said mortgage abuses by both banks. This is essentially an admission of guilt, which leaves both banks open to even a civil investigation. 

                The U.S. Justice Dept. went after Bank of America last year claiming the lender and its Countrywide business unit processed thousands of defective mortgage loans and subsequently sold them to Fannie and Freddie.

    The U.S. mortgage and housing regulator, the FHFA is suing both of these banks in order to recover losses on approximately $200 Billion in mortgage-backed securities. Bank of America created more than a quarter of those bonds, the most of any bank, followed by JPMorgan with $33 Billion.

                For me and many others, this is good news. Both of these banks put their money into investments that they later bet would fail. This also sets an example that causing a global financial crisis will not go unpunished. The manner in which B of A was bailed out and then paid the government back with interest made them appear squeaky clean. This is NOT a good example and I’m personally glad to see these two banks receive the largest fine ever imposed on a company by U.S. authorities. Burn baby burn!





  • Commercial Hard Money: a Valuable Tool of Real Estate Investors

    Posted Under: Market Conditions in Salt Lake City, Financing in Salt Lake City, Investment Properties in Salt Lake City  |  February 18, 2013 10:29 AM  |  209 views  |  No comments

    Many real estate investors have been acquiring investment properties using commercial hard money. Commercial hard money has always been a tool of successful real estate investors to get more real estate opportunities. But what are the requirements of a commercial hard money loan versus a traditional bank loan? A hard money lender has less stringent requirements than a bank lender. Private lenders are more interested in the property characteristics. They also aren’t concerned if the property needs work or is vacant. Banks typically won’t lend on vacant, distressed properties.

    If you or your clients have questions about Hard Money and how to use it we have many blog posts on our ActiveRain blog on this topic. Have a great week!

    To get more specific answers to your questions on our hard money 101 blog here: http://privatemoneyutah.com/hard-money-101/

  • Private Money Lending Popular Among Investors Seeking Returns

    Posted Under: Market Conditions in Salt Lake City, Financing in Salt Lake City, Investment Properties in Salt Lake City  |  February 11, 2013 9:31 AM  |  227 views  |  2 comments

    As retired investors seek to diversify their retirement portfolios, the returns earned in private money lending are very enticing. Private money lending is called, ‘trust deed investing,’ and under this investment model, investors rely heavily on the expertise of seasoned real estate investors who identify good deals. Investors who are doing private money lending are making loans to these seasoned real estate investors on real estate with income-producing potential or an upside on value. Because these loans are made at a lower loan to value on already discounted real estate, private money lenders find themselves in a lower risk asset as compared with other investment opportunities.

    In California, more and more investors are enticed by the returns offered by private money lending. These returns range from 9% to 12% annually. Because banks aren’t readily lending on investment properties, real estate investors are depending on private money lenders to finance their deals more and more.  Although most can qualify for a bank loan, there are usually time constraints on a good real estate deal. Because private money lending is much faster than bank lending to fund on a deal, even those who can qualify at the bank are seeking out private money lenders to finance their deals. For private money lenders that work with a seasoned and professional broker to manage all of their transactions, returns between 9% to 12% annually seem as effortless as putting your money into the stock market. However, rather than just “letting it ride” in the stock market, private money lenders are parking their cash into hard assets. And in a rising tide of values, real estate at the right price is a relatively safe place to park that cash.

    For more information on trust deed investing, click here: http://privatemoneyutah.com/contact-2/



  • Top 5 Buyer’s Markets in the U.S. According to Zillow

    Posted Under: Market Conditions in Park City, Home Buying in Park City, Financing in Park City  |  January 21, 2013 9:09 AM  |  262 views  |  No comments

    According to results populated by its databases, Zillow identified the top 5 buyer’s markets in the U.S. The definition that Zillow gave for a “buyer’s market” is a market in which buyers are in a position of “power” as compared to sellers. Well, duh. In a buyer’s market, homes sit on the market longer with more frequent price reductions and usually sell for less than the originally list price.

    Here were the top 5 buyer’s markets in the U.S.A., according to Zillow’s results:

    1.     Chicago, IL

    1.     Cleveland, OH

    2.     Philadelphia, PA

    3.     Cincinnati, OH

    4.     New York, NY

    I was surprised that New Jersey was not on this list, given that it had the highest percentage increase in foreclosure starts over last year’s numbers. But consider the source. Zillow. Enough said.

    For more information on our real estate loans for investment properties, click here: http://privatemoneyutah.com/loan-programs/

  • The Most Expensive U.S. Cities to Buy

    Posted Under: Market Conditions in Park City, Home Buying in Park City, Financing in Park City  |  December 31, 2012 11:18 AM  |  228 views  |  No comments

    Most Expensive U.S. Cities to Buy a Home

    What are the most expensive U.S. Cities to buy a home? You may be fooled by the answer. Close your eyes real quick and ask yourself, ‘What are the most expensive cities in the U.S.A to live?’

    This list is based on the highest price per square foot for homes. I’m sure you may guess several of them but will you guess all? Here are the top 5:

    1. San Fran

    2. Hawaii

    3. Washington D.C.

    4. San Jose, CA

    5. Jersey City, NJ

    I was surprised to see New York, NY was No. 7 on a list of ten.

    For real estate investors doing flips or rentals, this is a tough market to be involved in. Larger size deals are always riskier because more capital is on the line. In whatever City you’re buying and selling real estate, we are faster than your bank and can fund real estate loans quickly. Bookmark our website in your browser at: http://privatemoneyutah.com/loan-programs/

    Source of List of Most Expensive Cities to Buy: http://247wallst.com/2012/04/17/the-ten-most-and-least-affordable-cities-to-buy-a-home/5/

  • Bank Financing for Investment Properties Harder to Get in 2013

    Posted Under: Market Conditions in Salt Lake City, Home Buying in Salt Lake City, Financing in Salt Lake City  |  December 28, 2012 9:45 AM  |  173 views  |  1 comment

    Experts believe that 2013 will lead to tighter times in bank lending for  investment properties and commercial properties. Banks will be more conservative in the coming year due to preparations for compliance with new banking standards imposed by the Basel III. Not only will banks be wary of renewing debt this year, but they will be extremely picky about issuing new debt, particularly on commercial real estate.

    Concerned that 2013 will lead to tighter times in lending? You will certainly want to get a head start on your financing needs in 2013. Start by submitting a short form on our website today: http://privatemoneyutah.com/loan-request-form/ and get a head start on real estate financing for 2013.

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