ABOUT US
Erik T. Potter - President
Erik Potter is a graduate of Boston College where he received a bachelor's degree with a major in political science and philosophy. He is a licensed and practicing attorney as well as a licensed real estate broker. Mr. Potter grew up in Newport, Rhode Island and he and his wife presently reside in Charlestown, MA.
Mr. Potter has been involved with real estate related transactions in one capacity or another since 2000. During that time he has acted as a real estate rental agent; a real estate broker for purchase and sale transactions; a property manager for multi-families, distressed properties and large apartment complexes; and, most notably as an attorney whose practice has ranged from representing large banking institutions in foreclosure and bankruptcy proceedings to the representation of individual buyers and sellers of real estate within the Commonwealth of Massachusetts. A large part of his practice has been the representation of private lender's who specialize in lending to borrowers seeking financing for bridge loans and short term financing.
Mr. Potter began his real estate career while finishing his undergraduate studies at Boston College. During this time he was a licensed real estate agent for The Next Move Realty and primarily focused on real estate rentals, office management and client development. In 2002, Mr. Potter entered Suffolk University Law School and graduated in 2005, whereupon he took a position as an Associate with a boutique real estate law firm in downtown Boston. In addition, Mr. Potter also obtained his real estate broker's license in 2005. As an attorney, Mr. Potter has focused his practice on foreclosure and bankruptcy law and has been the managing attorney for over 400 real estate foreclosure proceedings. In his representation of private lender's, Mr. Potter has acted as the closing attorney for over 50 million dollars of privately financed transactions.
As a result of his knowledge and experience as both an attorney and a broker, Mr. Potter launched MassPrivateLending.Com in late 2009 in response to what he saw as an increasing demand for private real estate financing as a result of the economic downturn and stringent conventional loan requirements. Over the last two years MassPrivateLending.Com has gained respect in the private lending community and has seen significant growth each year. This success is a result of Mr. Potter's transparency, honesty and knowledge of the private lending sector.
OUR ROLE
MassPrivateLending.Com is a facilitator. We pre-screen borrowers and determine if a potential borrower will qualify for a loan with one of our private lenders. In the event we find a match, we will forward the potential borrower's information directly to the private lender for underwriting. Once underwriting is complete and a borrower and private lender have agreed to the terms of the loan in writing we will refer the loan to one of our preferred attorney's to handle the closing of the loan.
Our involvement is limited in scope. We simply connect those that have money with those that need money. All loan terms and conditions are decided by the private lender and it is the borrower's decision on whether to accept those proposed terms and conditions.
We pride ourselves in being a neutral party in all transactions. If our borrowers are not happy with the services we provide then as facilitators we have not done our job. Likewise, if we present "bad" borrowers to our private lenders our reputation will suffer and private lenders will not work with our company. Our success depends upon our integrity and reputation. If either is compromised MassPrivateLending.Com will not succeed.
Above all, our reputation and professionalism is paramount. We strive to communicate clearly with all potential borrowers to ensure our expectation of superior service.
OUR FEE
For loans with a principal amount of up to $100,000.00 there is a flat fee due of $1,500.00.
For loans with a principal amount in excess of $100,000.00 there is a fee equal to 1.5 percentage points of the principal amount of the loan.
Legal Disclaimer: MassPrivateLending.Com advises all borrowers to obtain legal counsel prior to signing any loan documents or commitment letters with potential lenders. MassPrivateLending.Com, its agents or principals, in no way provides any legal assistance, guidance or counsel of any kind, nature or form in regards to any loan transactions, terms and/or conditions of potential loans.