“As Private Money Brokers we have clients that invest in their businesses, residential and commercial properties and we use the BLN network and software to help us serve the needs of our borrowers. It’s simple to use when a potential borrower comes to the website and takes less than 5 minutes for loan entry. We love how the software organizes all the parts of the loan request which helps us stay on top of the transaction as it progresses from one stage to the next. You listened to our feedback and I am happy to see implementation from the last upgrade that’s made it even better. Your customer service is some of the best I’ve experienced both in communications by phone and email. A special star for Jacob Therrien for all his support. Keep up the great work.”

– Crosspoint Realty Group

“Bridge Loan Network has been providing our company with excellent leads for years. Their web portal provides an easy access to leads as well as a tracking system for expedited closings. Proud to be a member of Bridge Loan Network and we will continue to work with them to provide loans for their clients.”

– Liberty Funding

In today’s digital marketing world, businesses need to have a presence online, especially a company website. Your company’s website serves as a “home base” where new and existing customers can go to learn more about the different products or services you offer.

A company website is also extremely important for content marketing. Your content needs a place to live. Whether it’s blog posts, product descriptions or customer testimonials, you need a home to display information so that current and prospective customers can find it and access it easily.

Here are some other benefits of having a company website.

Cost-Effective Marketing

Having a company website allows you to expand your online presence and the ability to develop a digital marketing strategy, with little to no costs involved beyond the initial website hosting and development. For instance, if your company is using email marketing to engage with potential and current clients, then you need a place to direct these clients to convert them. Your company website is the perfect place to send your email subscribers to when you want them to learn more about your company, and the specific products or services you offer.

Additionally, if your company is interested in running, Pay Per Click (PPC) campaigns, then you will need a “home base” to send clients. PPC campaigns are an excellent way to reach potential clients who are already more likely to be interested in your products or services since they are searching with keywords. But to run PPC campaigns you will need to have a website that you can lead these clients to when they click on your ad.

Overall, you’ll know exactly how much your website will cost, and you’ll be able to easily factor that into your overall return on investment for having an online presence.

Visibility & Credibility

Increasing the visibility and credibility of your company are major factors that make it extremely important to have a website. Even if folks have seen your company at industry conferences or networking events, they may want to conduct their own research online before working with you. Additionally, websites give your business added credibility.  In today’s digital world, companies without websites are viewed as less credible and can make people wary to work with you.

In addition to showcasing your products and services available online, to help build your company’s credibility online you can also highlight why people should work with you. Provide client testimonials and your company’s mission statement. By helping your clients get to know what your company is all about, you are working on establishing a level of trust with them which is the first step into building long-lasting client relationships.

Convenience

Websites are available and accessible consistently throughout the day, every day, providing convenience to anyone looking for more information.  Current and potential clients can visit your site for support and information anytime that is convenient for them, which can also be outside normal work hours for your business.  This means even after you’ve gone home for the day, your website can still help convert new clients.

The bottom line is, every business should have a company website. Additionally, creating a company website doesn’t have to be hard. There are a variety of website building services that you can use to design your company website in a short amount of time.

“Bridge Loan Network has been a game changer for my company. The software is modern and user friendly helping me stay organized and work more efficiently, therefore allowing me to focus more time on growing my business and follow up with clients. My clients enjoy having the ability to go into their loan files and submit documents, message with their loan officer, and watch the file progress in one safe and secure place. The BLN team has also delivered service at the speed my clients expect of me and I couldn’t be happier. Thank you to the whole Bridge Loan Network Team.”

– Lend Some Money, LLC

“I have had the pleasure of working with Jacob from Bridge Loan Network. He works very hard at helping me to find a home for my clients who need a loan for Real Estate Investing purposes. I would highly recommend his company to any who is a lender in the Real Estate Investor Market.”

– Everest Business Capital

If there was ever a model generation for landlords to have in their rentals, millennials would be that generation. Born in the 1980s to the 2000s, the millennial generation has far outnumbered other generations, such as the Baby Boomers, and while the Baby Boomers have recovered from the Recession of the 2000’s, the millennial generation has not. With higher ratios of student debts and a competitive job market, millennials are not jumping into home-ownership but instead looking to rent for longer periods. This makes the millennial generation the perfect target to market your rental property towards.

Before setting up the listing or adding new repairs to the property it’s important to understand exactly who the millennial generation is and what they are looking for in a home.

Who Are Millennials?

• Millennials will account for 75% of the workforce by 2025.
• 94% of millennials use the internet and online sites to search for a home.
• Millennials are more likely to stay with their current employer for 3 to 6 years, compared to employer duration from Generation X at the same age.
• By 2020 one in three adults will be considered a millennial.

Millennials have the ability to shape the rental market due to the huge percentage of current applicants looking for a rental, and this trend doesn’t look like it is going to change anytime soon.

What Do Millennials Look for in a Rental?

     1.   Proximity to Work

With the millennial generation holding their current jobs longer than previous generations they are less concerned with great school systems or quiet neighborhoods and more concerned with their commute to work. When listing the rental include information about train station, bus routes, highway systems and main roads.

     2.   Environmentally Friendly

The millennial generation is also more conscious of the environment and going green. When renovating the rental property be mindful to add in green features such as energy efficient appliances in the kitchen and laundry room, energy-saving lightbulbs, low flow toilets and water-saving showerheads. These can be small updates but make a huge difference when it comes to the environment and cost-cutting on utility bills which is why this is appealing to millennials.

     3.   Acceptance of Pets

More than 3/4 of millennials are pet owners, and by limiting a rental to only those without a pet you are drastically reducing your pool of ideal tenants. Speaking from experience, one out of every three apartments I looked at was not pet-friendly, therefore I was willing to pay more to find that one apartment that would allow my pet to live with me. There are also certain ways to protect your rental as well with the addition of “pet rent” fees and security deposits.

How to Reach Millennials

The first-place millennials will look for a new rental is online so it’s important that you have a website and online listing for the home.

The rental listing should include:

• Monthly rent.
• Security deposit cost.
• Quality pictures of each room, outdoor space and exterior.
• Pet policy.
• Room count, including bedrooms and bathrooms.
• Amenities including the energy efficient appliances, and green upgrades.
• Location of property in relation to roadways, nightlife, and other venues.

It will also be beneficial to ask previous renters for reviews to place on your website as well because reviews and ratings are effective indicators of quality for the internet-savvy millennial users.

The millennial generation is important to the rental market since they are a hold a significant percentage of the current applicants and the trend toward renting over home ownership doesn’t look to be changing anytime soon. If you can ensure that your rental property fits into what millennials are looking for then you will find that vacancy issues with no longer something to worry about.

If you’re looking to buy and hold another rental property, Bridge Loan Network is here to help you find the financing you need.

Submit a free inquiry and the opportunity will be matched with our qualified and approved hard money lenders.

The simple application portal digitizes the lending process enabling brokers and borrowers to upload needed documents, authorize credit checks and have a full loan package for our lenders to review. Apply now!

The warm summer months are one of the most active times of the year for the real estate industry.  This is a time when college graduates move to new cities following jobs, and families feel more secure looking for a new home now that their kids are out of school for the summer.

If you are a rental property owner or a landlord with properties that are open for rent, then the summer season is the perfect time to prepare your rental properties for new tenants. The first impression your property makes is what’s going to help it stand out from all the other rentals they have looked at online and in person. And it’s important for your rental home to show that new tenants will have a landlord who cares about the property and who maintains it suitably.

For the purpose of this article, we are going to focus on how to prepare the exterior of the home to attract potential tenants. The interior is important as well, but since the weather is warmer, let’s focus on the yard work that needs to be done for tenants to see the value of an outdoor space.

Gardens, Grass, & Gnomes

Many renters, especially families will be looking for a place outside to enjoy the warmer months, as spending time with their kids who are off from school is at the forefront of their minds. By adding in a patio space and small garden areas with manageable plants and garden decor, not only are you adding ascetic and an outdoor living area, but you are also cutting back on the size of the lawn that will have to be maintained (by either the landlord or the tenants).

Clean, Repair & Update

After previous tenants move out, or after purchasing a new rental property, it’s imperative to take care of any repairs needed, and check to see if any fixtures can be updated. This can include sealing cracks in the driveway and walkways, updating the mailbox, touching up chipped or faded paint and updating the light fixtures on the front of the home.

Overall, the summer months may be the busiest time of the year for the real estate market, but it’s also one of the few times you can really highlight the exterior of your home to attract potential tenants.  Even the simplest of patio spaces and gardens can add a whole new look to the property and with clean paint and a fresh mailbox can attract a wave of new tenants and ensure they feel at home.

For more information on the importance of curb appeal check out our past blog post, 3 Tips to Attract More Buyers to Your Flip with Curb Appeal, as it can also apply to rental properties.

Submit a free inquiry and the opportunity will be matched with our qualified and approved hard money lenders. The simple application portal digitalizes the lending process enabling brokers and borrowers to upload needed documents, authorize credit checks and have a full loan package for our lenders to review. Apply now!

How important is the rehab list for a fix and flip project, really?

The answer is simple, it’s extremely important.

Having a detailed list of all the renovations needed when applying for a fix and flip loan is vital for the appraiser to develop a better understanding of the scope of the project and how much value the investor will be adding to the home.

When ordering an appraisal with a Private Lender both the rehab list and the appraisal order form are almost always needed.  The appraiser is then going to look at two values: the current market value or As-Is Value and the After-Repair Value (ARV).  With the rehab list being as detailed as possible, including the costs associated with each repair, the appraiser can then successfully determine the After-Repair Value, which can help determine how much a lender will loan on a specific project. For example, some lender will not lend above a certain percentage of the ARV.

Details Matter

Even though each investor has a different method of completing a rehab project, from stripping down to the studs, to adding luxury finishes, writing down the level of finishes on the rehab list is extremely important. The small details matter!

For example, when looking to update the kitchen as part of the scope of work it’s essential to go into detail about each specific update. Will there be granite counter-tops or laminate? Custom cabinets or stock cabinets? Stainless steel appliances? New flooring? These details will help the appraiser determine an appropriate After Repair Value.

Accurate Numbers

Now that you have each specific detail of the renovation in the rehab list it’s just as important to have the costs associated with each detail. This is extremely important when reaching out to a private lender for a rehab loan, as this will highlight the costs associated, ensuring you receive an accurate and complete rehab budget.  Many private lenders will provide their own template rehab list/ budget builder to complete, but they may also accept your own personalized rehab list as well.

Overall, be clear with your numbers, check the numbers several times to make sure that the totals match and that something wasn’t counted twice or that a rehab item was omitted. The more accurate and detailed your rehab list is, the more accurate your appraisal value will be and the easier it will be to secure a rehab loan.

Submit a free inquiry and the opportunity will be matched with our qualified and approved hard money lenders. The simple application portal digitizes and organizes the lending process enabling brokers and borrowers to upload needed documents, authorize credit checks and have a full loan package for our lenders to review. Apply now!

When fixing and flipping or fixing and leasing real estate properties there are some important aspects to take into consideration before moving forward with the project.  The fix and flip corner in real estate investing can be highly profitable for investors, but it’s important to choose your projects wisely so you do not overextend yourself and your resources.

Before you purchase your next property, keep in mind these five important aspects:

1. Location – The location is not only important to consider for your potential ROI, but it’s also important to consider how accessible the property is for you and your team. You don’t want to choose a property that would be a nuisance to travel to on a daily basis. It could cause delays in the project and unforeseeable travel expenses. It’s also important to consider the surrounding neighborhood and comparable houses. The house could be the perfect flip, but in a neighborhood that is not desirable to homebuyers, it could turn into a flopped project.
2. Return on Investment – Having set guidelines for rehab projects helps investors choose a property to invest in. When selecting a property, consider the purchase price, renovation costs, taxes, fees, and interest payments compared to the after-repair-value of the home. Does this ROI meet your set guidelines? There are always risks involved when flipping and selling a home but, with these guidelines in mind, you shouldn’t make a purchase unless you feel the ROI will reflect properly.
3. Determine a timeline – Before purchasing a property look at the scope of work needed and then determine if these fit into your timeline. Are you looking for a quick fix and sell, or do you have more time to spend on renovations before listing for resale? It’s also important to consider the season and weather when determining a timeline. Weather can affect how fast certain home improvements can be done, and bad weather can cause delays. Also, homes tend to sell faster during the warmer and sunnier months and slower during the cold and snow-filled months.
4. Create a budget – Expenses can pile up when taking on a rehab project and it’s important to set a budget and stick with it. There can always be unforeseen expenses that occur but adding a section to the budget for unexpected expenses can help alleviate any stress if something arises. Also, keep in mind the market for the home. Do you need to spend more on high-end pieces or is the market looking for simple and practical?
5. Get funding – Are you ready to buy? Let us help find the funding for your flip, by matching you with lenders in our Bridge Loan Network Marketplace.

Submit a free inquiry and the opportunity will be matched with our qualified and approved hard money lenders. The simple application portal digitalizes the lending process enabling brokers and borrowers to upload needed documents, authorize credit checks and have a full loan package for our lenders to review. Apply now!

Top real estate professionals are always on the lookout for new tools and technology solutions to help their businesses gain a competitive advantage over their competitors. Plus, it’s also getting harder and harder to compete in the real estate industry without utilizing the right technology solutions.

To help determine the software solution that will be the right fit for your processes and business model, it’s helpful to first start by asking yourself these two questions;

What are the challenges your team faces?

One of the first steps in finding right software solution is by talking with your team about their processes and identifying the obstacles and challenges they face on a daily basis. For example;

Has it become increasingly difficult to manage multiple clients and deals at once?

Would automating the credit and background checks alleviate more time that could be spent working with new clients?

Do you often come across deals you cannot fund?

Once the challenges have been uncovered, you can then determine new objectives and goals that can help alleviate these challenges.

What are you looking for in a new software?

Examine your workflows and speak with your team to learn where inefficiencies or tedious tasks are. Then, determine what you are looking for in a technology that can help solve these.

Potential Software Objectives:

• Conduct Better Deals (and More Deals)
• Seamless Communication (Internally and Externally)
• Secure Paperless Document & Fee Collection
• Workflow Automation
• Professionalizing the Process
• Integration with Vendors & Other Resources
• Establishing Referral Connections

Ask your team if there are any technology solutions they’ve researched and been curious about. Then encourage them to schedule a demonstration of the software to determine if it would work for your company as a whole.

Bridge Loan Network’s Loan Management System

With our Loan Management System (LMS) companies can manage and track all their loans, upload and store documents, run soft and hard credit checks, pull background reports and conveniently send full loan packages to approved lenders, or your lender of choice.

Bridge Loan Network also offers our brokers the opportunity to have a white labeled online loan application for your clients to complete. Any application that is submitted will generate a loan ID and will populate directly into your LMS.

LMS Features Include:

• Shorter Loan Application
• Access to Bridge Loan Network’s Referral Portal
• Easy One Click Borrower Credit & Background Checks
• Loan Progress Toolbar
• Broker Commission Forms & Reports
• Comprehensive Rehab Budget Analysis
• Customer Support System

Benefits of the LMS Include:

• Increase your online presence to capture more leads
• Use your website to inform your target audience about different loan programs

Overall, the technology solution chosen will ultimately stem from its ability to help your team and business outperform the competition. To maximize the execution of the new technology with your team, you must clearly understand the challenges and set new objectives to overcome them.

As the leading software in the hard money and private lending space, Bridge Loan Network is designed specifically for real estate brokers, investors and lenders alike. Commercial Loan Brokers utilize Bridge Loan Network’s Loan Management System to provide clients with a secure and centralized location to process their loans. With Bridge Loan Network’s software, the loan process is simplified and automated every step of the way.

Contact us today for a demonstration of our Loan Management System.