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What You Need to Know About Private Money Loans
What You Need to Know About Private Money Loans
Private Money financing refers to loans collateralized by real estate, where the source of the funds used to close Real Estate transactions come from private investors.
The decision by the investors to make a loan is based primarily upon plenty of equity in the real property securing the loan thus reducing the risk of loss.
The ability to repay, and the borrower’s character is also considered along with how the borrower will pay the investor back in time.
Private Money loans are needed when a borrower or a property falls outside the standard underwriting rules of conventional lending sources like banks or other lending institutions.
The Primary Decision For Private Money Is Typically Based On The Simple Three-Four C‘s Of Private Money Lending:
Capacity to repay the loan back Credit/Character of the borrower Collateral or property type With risk of loss lessened, a loan may be a sensible deal from the Private Money Lender’s point of view, but it remains discarded to institutional lenders. To meet the continuing financing needs of these borrowers, an ongoing demand for private money has been created.
Mortgage brokers and bankers solicit and process these types of loans ... more

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