PRIVATE MONEY LOAN
When you need a private money loan for a residential or commercial investment property, Tower Fund Capital will be there for you with an easy-to-access hard money loan. To qualify for a hard money loan from our company, you won't need a minimum credit score or unreasonable financial qualifiers; the asset you want to purchase is the qualifier we look at.
When looking for a fast real estate investment financing or refinancing solution, a private money loan might be your best option. Hard money loans for real estate investments are perfect when you cannot qualify for traditional financing or lack time to go through the motions with a conventional lender or bank.
Of course, many people are unsure of the basics of private money lending. Not only that, but they may also have questions about the best scenario where you would need to get a hard money loan fast. The more you know about this type of lending, the easier it is to see if you need it and learn how to get it.
What Is Private Money Lending?
Private money loans are short-term financing options you can use to buy or refinance real estate. You often see this as the primary choice when someone is dealing with real estate investment acquisitions.
Top mortgage lenders or non-traditional lenders are there to provide these types of loans rather than credit unions, banks, and other types of traditional financial institutions. A private money lender is not weighted down by regulations and red tape, making financial access more straightforward and quicker for the borrower.
What About The Loan Terms?
The best private lenders offer loan terms for about 12 months, but there might be some that will extend it for 2 to 5 years. The amount of financing a borrower can secure with a private money loan gets based on the property value in question. It could be property the borrower owns or what they wish to purchase.
How Does It Work?
The lending dollar amount is established by looking at the after-repair loan to value (ARLTV). Based on the after-repair value (ARV), this differs from traditional lending institutions that rely on as-is values. Conventional mortgages may take a couple of months to close, while private money loans can be as fast as 3 to 7 days.
Using This Kind Of Loan
These private lending options are great if you cannot pull together the equity you need to finance your real estate purchase. You may also want to use a private money loan rather than going through all the time and hurdles of traditional lending. In this market, speed is often essential. Some of the top reasons for looking into hard money lending and private loans include:
Fix and flip loans
Cash-out refinance loans
Private money loans are good when you seek fast access to real estate investment deals or financing. However, you may want to ensure you look at all of the costs involved and always ensure you have a reputable lender that you can trust. We believe we are that team for you at Tower Fund Capital!
We would like to talk with you when you want fast access to quality funding from an experienced lending institution. Get in touch with us at Tower Fund Capital to learn about our options for private money loans and set up your consultation. Call us at (646) 564-3499 or click here to book your consult.
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