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The largest percentage of Moneylender users fall into this category. People that find good buys from motivated sellers and strike a solid bargain with a buyer that can't quite qualify for a conventional mortgage from a bank. There's plenty of profit to be made for the savvy real estate investor with an eye for creatively solving problems for other people.
The deal itself is pretty thrilling. Scouring an area to lock in a really good purchase – one where the numbers are going to work well and give you several ways out of a deal that leave you in the black. Working with your crews for the renovation to turn that diamond in the rough to something that will become a happy home for a lucky buyer. Marketing a property and showing it off, negotiating a deal that'll serve you and the new homeowner well. Structuring the terms that give you the capital to repeat the process again and pull in a monthly payment for decades to come.
Servicing Pays the Bills
The sexy part of the job all happens before you start servicing the loan, but the payments on a deal are often where 80% of the profit actually sits. That's why you want Moneylender. You track those payments easily, and service your loans just like a bank would. While the servicing work isn't glamorous, it's really what keeps the lights on, and without it you couldn't do what you love.
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Service Your Loans Like a Bank
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Moneylender has all the tools you need to track the debts. You can manage an escrow account just like the banks with its RESPA compliant escrow management system. It can generate the 1098 Forms that have to go out to residential homeowners in the USA every January (and will even file them with the IRS for you). It can email out hundreds of monthly statements and late fee notices automatically. As your portfolio of loans grows, Moneylender will keep the workload to service those loans very small, so you don't get bogged down by the paperwork behind the real estate investing that you'd rather be doing.
Leases, too. Originally built for loans, many investors also set up property and equipment leases in Moneylender — its servicing tools and cyclical billing mechanisms are perfectly suited to tracking leases alongside your notes.
Every Answer at Your Fingertips
Its full suite of tools makes it instant to send a borrower a payment distribution of all the money they've paid you. Generate and send a payoff quote in under a minute. If a borrower wants to know why their past due amount is $2,865.16, Moneylender gives you the report to show your borrower explaining exactly how they got behind over time; why their balance is what it is; why they were charged a late fee; and every other question your borrowers might ask you about their loan. Many people make the jump from Excel to Moneylender exactly because of these types of questions. Hard to answer when you're tracking the loan by hand, entirely trivial when Moneylender's handling it for you.
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AutoPay — A Payment Portal for Your Borrowers
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We offer a payment system, AutoPay, that gives your borrowers a payment portal to make one-time and recurring ACH bank payments to you as well as check on their loan balance, due date, and amount due. It integrates directly into your portfolio of loans, with payments showing up automatically and balances updating on the borrower portal instantly. We charge half a percent of the payment amount, so a $1000 payment costs you $5 to collect. And our system handles most of the compliance requirements for you – no worrying about keeping signed debit authorizations on file for five years or handling revocations and rescheduling. Your borrower can largely self-service through the AutoPay portal.
Amend, Restructure, Refinance
Moneylender's calculation system is highly dynamic. If you need to amend a loan, restructure, or refinance because of a change in the situation, there's nothing stopping you from modifying the terms exactly the way that makes the most sense for you and your borrower. You can waive late fees, charge default interest, defer payments, forbear the loan, capitalize interest, extend loan terms, reinstate from delinquency. There are no limits to how you can be creative with your collections.
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When Things Go Sideways
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If things go sideways, you'll have the tools you need to substantiate a foreclosure or work through a borrower's bankruptcy. If you take a loss in the final payout, or you repossess and resell, all the tools are in place to track those numbers seamlessly. If you repossess, Moneylender can even track the remaining cost basis on the asset to calculate your profit as you resell across multiple would-be buyers.
Simple Pricing, No Surprises
Buy Moneylender Desktop once, or subscribe to Moneylender Online and work in any browser. Same features either way — you're choosing how you'll access Moneylender, and you can add the other option as your needs grow.
Need to keep your data in-house? Host your data on your own server by running a licensed copy of Moneylender Desktop — self-hosting is built into the app, with about five minutes of setup. Your data never leaves your infrastructure, which makes it the right fit for HIPAA, FERPA, and banking data. Watch the 5-minute setup.
Moneylender Online plans by portfolio size: $39/mo up to 99 loans · $59/mo up to 999 · $99/mo for 1,000+. Every plan includes one web user; extra web users are $30/mo each, and desktop license-holders always connect free. Full details on the pricing page.