There are many hard-money lenders out there that target the greater Baltimore area. When we set out to open a hard money lending practice, we realized that we need to differentiate ourselves from existing competition to win business. Whether that would mean lower interest rates, faster processing times, more professional approach to business, or a more personal approach to lending, we set out to establish a niche that would help us stand out from existing lenders on the market.

We believe we’ve been able to offer a compelling value proposition due to the following points:
1. Lowest interest rate in the market that is paid at the time of maturity of the loan
2. We offer superior processing times and overall flexibility in our approach to lending; turnaround in as short as 72 hours

On the first point, we have recently closed a loan for 9.5% annual interest. That is below most, if not all, private lenders in Baltimore. The deal size, at $390,000, provided us some flexibility with the rate. We also were quite comfortable with the project itself, which is a mix-use retail and multifamily complex. The borrower is an experienced rehabber, who has done a number of similar projects in Baltimore. His track record, and our familiarity with retail and multifamily sectors, enabled us to be so competitive with the interest rate.

It is often the case that a rehabber needs to act quickly in order to secure a particular property as soon as it hits the market. Failure to do so can amount to losing the deal to another rehabber, hence speed is crucial. We often less than 24 hours to get back to a rehabber once they submit us information about a particular deal. Having quickly underwritten the deal, we schedule a time to visit the property to conduct a quick walk-through to confirm the adequacy of the budget set for the project. Once confirmed, PSG Lending provides a Proof of Funds letter, together with the Letter of Intent (LOI) to offer financing. We do not require the rehabber to hold a reserve, as we believe that conducting a site visit early on should give us enough comfort to understand the complexity and cost of the job. Many borrowers appreciate this quick turn-around offered by PSG Lending, which enables them to quickly lock up a property under control.

About PSG Lending
PSG Lending is a premier direct, hard money lender in Baltimore, provides a wide array of loans like renovation loans, construction loans, Land development loans, short term bridge loans and more. For more details about short-term capital, visit at http://psglending.com/loan-types/index.html