On this particular Friday, Oct. 22, 2021, we have decided it's the perfect time to offer our blog readers and PDF Insights customers a look into the world of blogging about hard money lending. Many of these blogs listed below deal specifically with real estate investing since most hard money lenders use properties as collateral for loans. They say knowledge is power, so without further ado, below is a list of what we consider the best blogs for hard money lenders for your education:

Hard Money Lending Blog-- This blog from Broadmark is a great one for hard money lenders. For instance, this post, 4 Ways To Ensure Your Hard Money Loan Closes Quickly, is one of the most thorough we have found on the process of quickly processing hard money loans.

The Hard Money Blog--Crescent Lenders has a wonderful blog chock full of helpful information for hard money lenders. This post, What Happens if You Default on a Hard Money Loan breaks down the process of a defaulted loan in easy-to-read but comprehensive terms.

Tactica Res Blog--We were especially impressed with this blog post from Tactica's blog. The post is titled Hard Money Loans: A Practical Real-World Explanation and would be considered a must-read for hard money lenders as well as potential borrowers of hard money loans.

Lend Foundry Blog--This blog post from Lend Foundry is titled How Automation Can Enhance the Loan Origination Process perfectly explains automation as it applies to lending.

Private Lenders.com Blog--The name says it all. This blog from Private Lenders.com is so rich in information you absolutely must check it out, with posts like this one, What Are The True Cost of Hard Money Loans. The post explains the true costs of hard money loans and even has a hard money loan calculator.

Hard Money Home Blog--This blog is not only for private and hard money lenders but for borrowers as well. It is good for private lenders to keep up with what is going on in the world of their borrowers, and posts like this one, Is Your Property Worth the Monthly Payments, will accomplish that goal.

The Rules of Thumb Blog From MoneyThumb--You didn't think we were going to leave ourselves out of the running for the best blog for hard money lenders, did you? We have worked hard to earn that title, with blog posts such as this one, Private Money Lending vs Hard Money Lending, and this one, Tips for Creating a Successful Private Lending Practice, and this one, The Evolution of the Hard Money Lending Industry. 

By following the above blogs, your knowledge base as a private/hard money lender will be enhanced ten-fold.

Another definite way to enhance your lending business is by using PDF Insights if you aren't already doing so. PDF Insights is The Next Generation of Underwriting Automation.  In under 5 seconds, PDF Insights will produce an underwriting scorecard to demonstrate the creditworthiness of your applicants.

You can request a live demo of PDF Insights by following this link.

Any share of this blog post on your social media channels will be greatly appreciated. Help your lending peers update their knowledge base by sharing.

The post 7 of The Best Blogs For Hard Money Lenders appeared first on MoneyThumb.

If you are a private lender who is not yet using this great MoneyThumb product, take a look at the features of PDF Insights and decide if you are ready to take it to the next level, saving you time, money, and headaches.

PDF Insights determines correct categories, and extracts the correct text and numerical information, making further data manipulation easy for underwriters and sales teams.

INCREASED ACCURACY AND PRODUCTIVITY

This software serves as your first set of eyes by automatically processing bank statements. Then, through a side-by-side feature, it empowers an underwriter to manually review the actual bank statements, while also instantly pulling insights and calculations. This dramatically increases the speed and accuracy of the human underwriting process.

ALGORITHMIC NOT TEMPLATE-DEPENDENT

PDF Insights utilizes IDR (intelligent document recognition) to identify bank or bank statement formats. Unlike competing solutions, this software doesn’t need to be told upfront which bank or format is being used, yet correctly processes over 99% of U.S. bank statements. The output from each statement is delivered in a standardized format, even for statements from different banks.

API INTEGRATION AND CALCULATIONS

Through simple API Integration, PDF Insights automatically initiates and conducts a statement reading process. It then identifies high-level calculations, such as total deposits and total withdrawals, plus line-by-line transactions. It can also identify targeted transaction types, such as large deposits or large fees.

NATIVE OR SCANNED STATEMENTS

In addition to text-based PDF statements, PDF Insights also processes scanned or faxed image-based PDF statements. Our proprietary OCR algorithms review questionable fields, look for patterns to self-correct, and then flag transactions that are still unknown or questionable for manual review and correction.

SIMPLE SYSTEMS INTEGRATION

PDF Insights outputs captured data into a standard format for automated consumption into your bank system. This can proceed via .csv or .json to make ingestion into your CRM, Accounting, or ERP system easy and seamless.

FRAUDULENT FILE DETECTION

The post Why Private Lenders Love PDF Insights From MoneyThumb appeared first on MoneyThumb.

As a private lender who is keenly aware of the current state of the lending market, and the pandemic wreaking havoc on traditional banking, now is the perfect time for you to take advantage of the windfall this is causing for private lenders and rebrand your company.

But what does it take to make your rebranding efforts a big success? Today on the Rules of Thumb blog from MoneyThumb, we have listed below 6 steps courtesy of Entreprenuer.com that you should take when rebranding your private lending practice to assure a successful new storyline--(these tips are relevant to any rebranding of a company, not just a private lending practice.):

6 Steps for A Successful Rebranding of Your Company

1. Be clear about your mission and values. Before you rebrand, it's crucial that you clearly understand your company's mission and values. Consider and assess what makes your company special. Why does your company exist, and what values does it have that are essential?

2. Develop a rebranding strategy that works with your existing branding. Many companies don't have the luxury of starting from a clean slate. If you're doing a partial rebrand, make sure to take the existing brand assets into account. BrandExtract, a branding firm with over a century of experience, explained why consistent branding is important, saying:

A consistent brand helps increase the overall value of your company by reinforcing your position in the marketplace, attracting better quality customers with higher retention rates, and raising the perceived value of your products or services …. In contrast, erratic,
inconsistent behavior quickly leads to confusion and mistrust.

3. Consider the market and your competition. Before you rebrand, do your due diligence. Research what your competition does. Determine how you stand apart from your competitors, and what your true value proposition is. It's vital that your new brand be fresh and relevant, but not so of the moment that it ends up looking dated too quickly.

4. Collaborate with your team. Your brand may be one of your most important company assets, but just as valuable are the people that help grow your business every day. Include voices from across your company: Some of the best ideas and most valuable feedback come from departments you might not expect.

5. Manage the rebrand carefully. A rebrand is often a complex and lengthy endeavor. Without a careful plan of attack and a well-managed process, the rebrand can quickly go off the rails. Set deadlines and mitigate going down those pesky rabbit holes with a well-thought-out project plan.

6. Launch your rebrand and tell the world. Even the most incredible rebrand is wasted if you never actually launch it. Make sure you plan your rebrand launch and be prepared to explain why you rebranded. Minimize the risk of customer confusion through a carefully planned launch that showcases the story behind the rebrand.

As lockdowns across the US are coming to an end and what looks to be the winding down of the pandemic, now is the perfect time for a fresh start for your private lending practice. We hope the above tips will help you make your rebranding efforts a success. For even more help with rebranding, you can download this free guide from Ignyte titled The Rebranding Guide.

MoneyThumb would love it if part of your rebranding efforts included upping your game when it comes to converting financial statements. You will save a ton of time and as result money by using a more efficient way of converting the financial information of prospective borrows by using our best-selling product for lenders, PDF Insights. You can request a free live demo by following this link. 

The post Is Now The Time to Rebrand Your Private Lending Practice? appeared first on MoneyThumb.

In a recent report, Morgan Stanley said large private lenders had emerged stronger out of the Covid crisis in terms of their capital positions. Moreover, they have been big beneficiaries of increased digital adoption. “A combination of these factors will help them gain rapid market share and materially lower cost to income ratios over the next few years. We see a 25-40% return upside at large private lending institutions,” the report said, adding that large private lending is entering a golden age.

For these reasons, now more than ever, private lenders need the tools that MoneyThumb offers, tools that are strictly created for the private lending industry. PDF Insights is the MoneyThumb tool most favored by private lenders, and below we will explain why. (If video is your preferred method of gaining information, watch the following, or read on.)

MoneyThumb's enterprise-level PDF financial file converters allow private lenders to automatically convert bank, credit card, and brokerage statements into the needed formats to quickly determine an applicant's loan worthiness. PDF Insights is a financial file converter specifically designed for lenders. PDF Insights outputs captured data into a standard format for automated consumption into the lenders' bank system. PDF Insights utilizes IDR (intelligent document recognition) to identify bank/statement formats.

Unlike competitors, this MoneyThumb solution for private lenders doesn’t need to be told upfront which bank or format is being used, yet correctly processes over 99% of U.S. bank statements. The output is delivered in a standardized format, even for statements from different banks. Our automated statement reconciliation feature compares transaction totals to summary information on the statement. If all information on the statement is consistent, PDF Insights will identify the statement as reconciled, meaning you don’t have to spend time manually reviewing statements to identify inconsistencies.

PDF Insights can be installed as a web service capable of converting up to 6 months of bank statements at one time. This serves as a powerful batch processing engine to cut way down on the workflow of lenders.

If you are a private lender and are not yet using the great PDF financial file converters specifically designed for lenders, why not take a free test drive today? Once you test out the extreme capabilities of these conversion tools, MoneyThumb is confident that you will want to incorporate PDF Insights into your necessary loan-making decisions.

If are know of a private lender who would benefit from this blog post and the MoneyThumb tools designed for lenders, please take a minute to share this post on your social media page, or email it to them.

From the MoneyThumb team and The Rules of Thumb blog, we hope 2021 is your best year ever. Happy New Year!

The post Why Private Lenders Need MoneyThumb in 2021 appeared first on MoneyThumb.