Friday, November 11, 2016

Top Private Money Lenders

Private money lenders could be individuals or a company that provides loans that is generally fixed together with a note and a deed of trust. This form of lending of money is usually done for the funding of a real estate transaction. The loans is commonly taken by money people who wish to buy houses for themselves, or buy it and rent it out to someone else. Private money lending is seen as being more relationship-based, contrary to hard money loans. They are seen to be in most parts of The United States. The cons of being a private money lender is that the loan may not be re-paid on time or paid at all without legal action which could be a huge hassle.

Private money lending is mainly for people who have had a bad credit score and are recovering from it, and banks have also come to the conclusion that they are highly risky forms of loans. There are, however, few private money lenders who offer a no credit check and loan amortization. There are plenty of private money lending companies who help in banking and financing. Private money lending is usually risky for both the borrower and the lender. When there is a chance of high risk in the transaction being made, private money lenders have the authority to increase interest paying rates more than the general on-going rate. This could be problematic for the borrower, but advantageous for the lenders. 


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