3 Secrets to Getting Private Money Loans
If you're a real estate investor and you need funding for your projects but can't
qualify for a bank loan, one of the wisest decisions you'll ever make is to borrow private money. As the name implies,
private money loans are loans offered by private individuals or small lending companies as opposed to traditional financing institutions such as banks, mortgage companies, and credit unions. This type of financing is mostly asset-based, which means a loan is guaranteed by the value of the real estate property offered as collateral. This particular characteristic of private money lending makes it more suitable for those who make money in real estate.
One of the biggest challenges of securing this type of financing is finding someone who is willing to enter in a joint venture with you and provide funding for your real estate investments. However, just because finding reliable private money lender is difficult, it doesn't necessarily mean that it can't be done. To help you out, here are some hints and tips on finding a good source of private money:
1. List down the names of people you either feel capable of providing you with funds for your real estate investments or think that are open to the idea or becoming your financial partner. Don't disqualify anyone because even if the person on your list is not financially capable to be your partner, he or she might know someone else who might be willing to provide you with funds.
2. Once you have listed down the names of your potential private money lenders, give them a quick overview of what you need. Don't forget to mention the benefits of working with you on a real estate deal because, as you may know, people will mostly respond to your request for private money loans if they know what their reward would be should they heed your request.
3. Back up your words with proof. Even if you're just borrowing money from your mom or a close friend, it wouldn't hurt to show written proof that your lender's money is in safe hands. Lenders would naturally want to get the assurance that their investment will pay off, which is why you need to show them that the real estate investment that you are making will yield huge investment returns once it is completed.
Want to get more tips on borrowing private money loans? Log on to
www.RehabHardMoney.com for more information.
3 Secrets to Getting Private Money Loans
By: Luther Wallace
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