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There are many reasons to choose Tower Fund Capital for your refinance hard money loan. Unlike bank loans that require a high credit score and personal financial qualifications, our approval process is based on the value of the asset you're refinancing. Inquire about a tailored loan when you call 646-564-3499.
As a real estate investor, searching for the right financing partner can be a challenge. You might have probably heard of private money loans, but you’re entirely sure what they are or how they work. Private money loans play a vital role in the modern real estate industry. Here, we’ll explain everything you need to know about private money loans.
What Are Private Money Loans?
Private money loans are a term used to define a loan given to a company or individual by a private organization or a wealthy individual. The organization or the individual is referred to as a private money lender. Private money is offered to borrowers without the traditional credentials required by a bank or lending institution. The main issue is that private money loans can be risky for both the borrower and the lender. However, less regulation gives the borrower more freedom to use the loan for less-than-ideal purposes.
The Benefits Of Private Money Loans
Banks and other traditional money lenders often have strict requirements that prevent many people from applying or getting approved for a traditional loan. However, a private money loan may be a better option for you if you have a low credit score or you are trying to build your credit, thanks to less restrictive requirements.
The application process to get a private money loan is simple in contrast to the extensive application process of traditional lenders that often requires showing your employment and financial status and submitting piles of documents. In addition, with a private money loan, you can quickly secure your property instead of spending a lot of effort and time preparing your loan application.
Offer Great Flexibility
Since restrictive lenders like big banks don’t give private loans, they are more flexible. Traditional lending institutes tell you what you can do with the loan and what you cannot do. But, on the other hand, you can spend a private money loan on what you wish.
Private Money Loan Refinance
You can refinance a private money loan either using a traditional lender or a private money lender. With the right lender, you can refinance private money loans with new terms and rates. The process is similar to refinancing any mortgage or bank loan, but it might not be straightforward because you must pay close attention to your loan terms and conditions. Once you decide to refinance your loan, make sure you do some research and talk to your lender, they may be able to advise you on your options.
Need A Private Money Loan For A Project? Contact Tower Fund Capital
Tower Fund Capital delivers fast and straightforward lending for real estate investors when a real estate opportunity becomes available. We provide private money loans for various types of properties and loan scenarios. We also pride ourselves on attractive rates and top-tier loan values that let our clients start their projects. Contact us today at 646-564-3499 to learn more about how we can help you.