How Private Money Lenders can Help You Achieve Your Goals and Dreams

Private money lenders are there to help you when no other lenders are willing to. A private money loan, also known as a bridge loan or a rehab loan, can be a great choice for the business-minded person whose credit is less than golden. Read on to find out what a private loan is, how it can support your plans for the future, and how to get one.

What is a Private Money Loan?

Private money lending is simply money loan out by private individuals or companies, instead of a bank, credit union, or other institution. You don’t need a great credit score to acquire one. You don’t have to prove a certain income or value of assets, either. Instead, your lender will want to know the numbers of the deal for which you require a loan.

Perhaps the biggest surprise for most individuals is that there are actually a large number of individuals, aka private money lenders, who are willing to loan money for the right purposes. What are some of these purposes?

Why Get a Private Money Loan

Private money loans are given out for a number of reasons. They are often taken out as short-term businesses loans earmarked for a specific purpose, such as fixing up a property or expanding a small business. With a private money loan, you can:

  • Invest in (buy) a property and flip it.
  • Expand your existing business.
  • Fix up a property you already own and sell it.
  • Anythingagreed upon by the lender and yourself!

Funds from private money (aka hard money) loan are usually meant to be used (and preferably, recouped) in a short period.

Who Wants to Work With Private Money Lenders

The short answer is, if you have problems getting a bank loan, you should definitely talk to a private money lender instead. You can often get a private or hard money loan, even if you’re not eligible for a bank loan.

  • You are in the real estate business, or want to be,and have found a property you’re sure you can flip in a short period of time.
  • You have good business sense but have had to declare bankruptcy at some point in your life.
  • You are a small business owner who needs to expand
  • You are self-employed, and face prejudice from traditional lending institutions due to a perceived “lack” of steady income.

How to Find the Right Private Money Lenders for You

If you’re looking for a real estate loan between $50,000-$200,000 that is funded soon after approval (7-10 days), an offers same day acceptance, or if you’re interested in other types of private or hard money loans, you can find out more by checking out these private money lenders.

Louise Author