Private Money Lending by Hard Money Lenders
Posted by Shawn Molem on July 26th, 2017
Hard money lenders are hard money loan lenders. Hard money loan is nothing but a typical loan where the loan is backed up by the property itself for which you are taking the loan. Private money lending is the process of loan lent to an individual or organization by the private individual or investing companies. There is a high risk of losing for both the lender and the borrower though. Hard money lenders are similar to private money lenders for real estate investments.
Many estate owners needed funding and the private money lenders are helping them to fund their properties. In this case, you will have to go to the less legal actions to have a certain amount for money lending, the advantages of having private money lending are as follows:
1) Always lend you money even if you don’t have acknowledged credits and documents.
2) You can get the loan within a couple of weeks when you need a quick financing like in case of arrears due to mortgages.
3) Though by private money lending options you get the money quickly, the interest rates are high and more points are charged on loans sometimes.
4) You can have a strong, private money lender on a word of mouth which will make you find a trustworthy individual who will be right at your service.
In general a private money lender lends money up to 65% to 70% of the quick-sale value of the property. So private money, lending person gives money on higher risks and thus charges a whopping percentage of interests. So the private money, lending is providing an important service by funding real estate’s when you are at a low. It may cost you a little more than usual but decrease the general red tapes for a loan.
About the AuthorShawn Molem
Joined: July 18th, 2017
Articles Posted: 7
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