What is a Private Money Loan?
Private Money Loans are a type of loan which utilizes liens against your investment property, commercial property, and even primary residence as long as it is for a business purpose. Since a Private Money Loan involves individuals or trusts lending their own money, they are not restricted to credit score requirements or income documentation which would have otherwise been disqualifying factors. However, all loans need to make financial sense and include a strategy to pay them off, regardless of one’s financial situation.
What are some advantages of a Private Money Loan?
One advantage with a Private Money Loan is that you have access to the equity in your home that most brokers are usually not willing to provide. Typically these investors will lend up to 65% of the property’s value with terms of up to 5 years and only low payments necessary. During this process, an appraisal is done through a 3rd party to insure home accurate value and upon completion, you will receive a copy of this document.
With our pool of hundreds of investors at Independent Home Finance, Inc, we are able to offer some of the best terms available for Private Money Loans. Please reach out to us today at 888-315-7784 to review your financial circumstances and see what options are available to best suit your needs.