Private Money Loans
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Relying on the usual lenders like banks and financing groups is not the best alternative when you are a real estate investor. Not because they are not reliable but because of the types of loans they offer, especially when better options like private money loans are available nowadays.
Before getting to what private money loans are and why you should consider them the most, let’s go over the pros and cons of your regular lenders. First, banks and similar lending institutions can guarantee—most of the time—their reputation and reliability. As a result, this is the main reason why both companies and particulars decide to choose them as their lenders.
Another benefit lies in their availability: they always have space for requests and you can have your loan approved without worrying about the lenders not having funds. But do you actually want loans from them? This takes us to the second part: the terms and conditions they offer are not always fair or affordable.
Many lending institutions tend to go overboard with interest rates and do not provide benefits like longer loan terms and a higher LTV ratio. Therefore, borrowers end up having a loan that does not satisfy their needs and situation in either the short or long term—maybe both. When comparing them with private lending companies, which are the ones to provide private money loans, you notice the biggest difference: you have better terms and conditions that make you feel comfortable with the loan.
Requesting and handling a loan is already difficult by the simple fact of being in debt. However, private lenders make it easier, especially if you are a real estate investor or person interested in investing in a new commercial or residential property to use for your needs. At Commercial Real Estate Loan Pros of Port St. Lucie, we are quite familiar with private money loans because we are one of the very few companies in St. Lucie County that offers them.
With us, you won’t have to worry about using your savings or revenue to finance a new property or similar projects nor wait for a bank and similar lender to approve a loan that is fair. Instead, we will ask for fewer requirements, establish terms that go according to your needs and property you want to purchase and renovate, and provide the funds in a matter of days after your loan is approved.
Considerations to apply for private money loans
If you grew interested in these loans and how much they can do for you, just keep in mind that requirements usually vary depending on the lender. However, at Commercial Real Estate Loan Pros of Port St. Lucie, we have established the essential ones and made sure to include a list of considerations for us to finance your next real estate property and help with similar projects or expenses:
- You must have a good income or annual revenue thanks to your job or other sources.
- Have a sizable retirement savings account.
- If you are a real estate investor, you must provide a few records about your previous investments and success rate in reselling or renting properties. If you are new, specific requirements will be requested.
- Purchasing a property is what we can finance most of the time.
Remember that private money loans will offer you to access funds much quicker and under better terms, but you continue to be in debt with the lenders, which means you have to guarantee repayment but rest assured that we are also flexible with certain details.
There are so many areas or regions where we offer these services with most of them being cities.
However, if you need any of these services, you need to contact us. The list below comprises the areas where we offer these services.