Carlsbad, CA -- (SBWIRE) -- 05/17/2013 -- Daniel Muhe, and his son Clint Muhe, are Southern California financiers focused on offering loans on a different set of terms – theirs.
Clint and his father extend quick loans from private money, often known as “hard money loans,” to home flippers and investors who cannot obtain capital through traditional avenues. The fast money duo, along with their support staff, evaluates potential customers on a different set of criteria – a checklist that Clint says gives borrowers more freedom.
“Our company is called Financial Freedom Loans because we are not tying anyone in to traditional, bureaucratic loan evaluations” says Clint.
Financial Freedom, based in Carlsbad, CA has established their own methods for evaluating borrowers. The Muhe’s say they are not as interested in your credit history, and they are not scared of new customers. The Muhe’s say that for them lending is simple – how much money is a borrower putting into the building, and how much is the building worth.
“We like to support our customers without getting caught up in whether or not they paid a power bill 20 years ago” says Dan. “Our most important criteria is loan to value ratio.”
Loan to value ratio, or sometimes abbreviated LTV in the lending industry, is one of the most practical considerations for lending money say the Muhe’s. The Muhe’s operate on the assumption that if their hard money loan is no greater than 65-70% of the property's value then a loan can be extended. Why? Because the other 30-35% is the borrower's money and provides a high level of security to our investors.
“We believe in people that believe in themselves” says Clint. “If you are willing to put up a bunch of your own money, 30% of a home's value, then we believe you don't want to lose your money – and are more likely to pay us back, regardless of your credit history.”
This “freedom” to borrow money based on a simple set of criteria, instead of a conventional lender’s extensive analysis of a potential borrower's credit history, is the driving force behind Financial Freedom Loans according to the Muhe’s. This force is accompanied by other benefits: the Muhe’s and their team are accessible, and their efficient overhead means short delivery time.
“We have borrowers every day, a month after their loan has closed, blown away that they can call us on the phone and get the same guys” says Dan. “That's the only thing that surprises them more than how quickly we get these things out the door.”
The Muhe’s lending team is based entirely out of their California office – calls and support issues are never directed off-site, and loans are processed quickly. The Muhe’s and their team say a potential borrower can fill out an application for a loan and receive funding within days or a few weeks, instead of weeks to months.
“We like to keep it brief, and so do our customers” says Clint. “We are interested in the type of property you are after, how much it costs, how much you want to put in, and a few other details. We don't need every form you have signed in your adult life.”
Financial Freedom Loans offers shorter term loans, usually 2-3 years with rates ranging from 9-12%.
“Our loans are shorter term so while the interest rate is high it is not meant to be long term financing and many borrower’s refinance or sell to pay us off within 12-24 months which means the interest rate is less of a detraction. Our loans are meant to give our borrower the flexibility to close on a great investment opportunity that they otherwise would have missed out on. That is what we offer.” says Clint.
The Muhe’s formula works apparently – Dan is entering his 31st year in the private loan business, and says he loves working with his son and support staff.
“It really is a great business” says Dan. “We get to work with a lot of interesting borrowers, hear their investing stories, and empower their freedom through a great loan that works for them.”
Individuals interested in taking out a hard money loan for their next real estate investment can apply online at Financial Freedom's website http://www.ffl-usa.com or they can reach Clint Muhe directly for an answer on their loan request within 24 hours at 760-828-8888.
About Financial Freedom Loans
Financial Freedom Loans is a family owned business that offers hard money loans to California real estate investors. The father and son duo behind the company, Dan and Clint Muhe, are in their third decade of business. FFL aims to enable real estate investors to pursue their dreams with loans that are quickly available and supported with great customer service.