Reasons Why you May Want a Private Loan to Finance your Real Estate Project
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Aditi Bansal |
Updated on 20 июня 2017 г.
Any loan that comes from a source of finance which is non-bank is referred to a private money loan. Most of the funding falls under the types; payday loans commercial hard money loans, crowd funding, peer to peer loans and bridge loans.
tags #Real Estate Project #Private Loan #
Individuals can take advantage of opportunities or solve problems faster because private loans can fund much quicker than the traditional funding. However, private money loans have a much higher interest rate.
Why choose private money loans?
Bad credit
Unlike traditional banks, commercial hard money lenders don’t care much about your credit score. They will lend you the money. Bad credit can be a good reason to get commercial hard money loans.
Buyouts
If you are looking to buy out of an investment that is owned jointly, a private money loan will be the best alternative for you. It always better to pay interest on a loan that to keep a bad partner in a venture.
Fast transactions
You can’t wait for bank finance when you get a good real estate deal. Many times sellers prefer cash. Therefore commercial hard money loans are the best option for that. A traditional bank is always known to be too slow.
Tax burdens
Private money loans are tailored to enable individuals to borrow against their properties to cover for surprises like unpredicted tax burdens.
Buying or repairing real estate
Most banks don’t lend money for real estate repairs, additions or improvements. On the other hand, commercial hard money lenders can make loans for improvements and repairs. They will also lend on vacant and distressed properties.
Real estate purchase by a foreign national
If you are a foreigner and you are looking to buy real estate in the U.S, it may be difficult to get a bank loan. With sufficient down payment, you will be able to get finance from a private money lender.
There are several other reasons that you may need a commercial hard money loan. Making a relationship with commercial hard money lenders will be a good idea. You will create opportunities for yourself.
This page with a focus on Real Estate Project, Private Loan was shared by Aditi Bansal.
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