If you're a lender working within the real estate space, you may be looking for tools to help you find more clients and boost your business. PropStream is a powerful all-in-one solution. It can help not only agents and investors but even lenders who are trying to find their next client.
Keep reading to learn more about our platform, including our easy-to-use tools that help lenders find their next client.
How Each Lender Can Benefit From PropStream
Whether you’re a traditional, hard money, or private lender, PropStream has a long list of impressive datasets to help you get ahead. Let’s take a closer look at each of these.
Because traditional lenders offer financing with lower interest rates, stricter credit requirements, and longer terms, they will benefit from utilizing PropStream to target buy-and-hold investors. These property owners have held onto their properties for years. This makes them more qualified for a traditional loan, whether it’s to fund a new property investment or refinance an existing loan.
Traditional lenders can use the search feature with filters like ownership and mortgage information to determine owner type, ownership length, mortgage history, estimated loan balances, and LTV (loan-to-value) ratio to locate these types of investors.
The High Equity Quick List is also designed to meet a wide range of lender needs. Lenders can use it to identify properties that have 50% or more equity or less than 50% LTV Ratio.
With historically low interest rates at the moment, a homeowner may also want to refinance their current loan to lower their monthly payment. Traditional lenders can use search filters to locate homeowners who financed their purchase when it is estimated that interest rates were much higher. Again, the mortgage info filters within the search feature are perfect for this.
When a lender saves a property, they can find loan information under the “My Properties” tab in PropStream. Using PropStream’s Skip Tracing
feature, they can then obtain key contact information (phone numbers and email addresses) to reach out to these potential new clients and offer their services.
Hard Money Lender
The fix-and-flip loan has become increasingly popular over the years, making up a large portion of a hard money lender’s clients. Investors know there’s good money in a fix-and-flip but often need to overcome financial barriers to pursue these projects. This is where both hard money and private lenders come in, as they can finance a flipper’s next rehab project, even before their current project has sold.
Unlike a traditional home loan’s interest rate of 2-4%, lenders can earn 12-18% interest on a fix-and-flip loan. This makes them one of the most desired types of loan agreements.
PropStream has several helpful tools to locate fix-and-flip loan candidates quickly and easily. Hard money lenders can start by using the Flipper Quick List option or by finding properties that have been owned for less than 24 months and are in the process of selling it. They can then contact these investors to see if they would be interested in purchasing another property with their financing since their current investment is almost finished.
Additionally, lenders can exclude cash-purchased flippers within the Flipper Quick List. This helps them target investors who have received financing in the past and are more likely to need further funding.
Private lenders can also boost their business by using PropStream to target flippers in need of a fix-and-flip loan. Since they’re using their own finances to fund the loan, private lenders want good ROI for their money. In 2020, house-flipping profits reached their highest level in 20 years, generating an average gross profit of $66,300 per property.
PropStream’s Rehab Estimator is another useful feature. It helps lenders do their homework and accurately estimate rehab costs before lending their own cash.
Finally, PropStream is useful for private lenders (as well as hard money lenders) who specialize in funding commercial real estate. When performing a search, lenders can also specify the property type for which they’re looking to find an investor. Use the "Property Characteristics" filter to hone in on commercial properties. Then apply list stacking to focus on other specific criteria, such as location, size, and more.
Additionally, lenders can find linked properties within a region during their search. This allows them to expand their targeted marketing list even further.
Take Your Lending to New Heights
If you’re a lender looking to find fix-and-flippers, commercial real estate investors, or current homeowners wishing to refinance their loan, PropStream provides the accurate and reliable tools you need to help expand your clientele.
Start your 7-day free trial today to see first-hand how you can boost your lending business!