3 Benefits of Using a Private Money Lender
When there is a property you have a vision for, you likely want to purchase it as soon as possible. The problem is that attaining the finances for said property can prove to be the most difficult part of the process. However, the process could become very easy when you use a private money lender, as they are very beneficial to getting your project off the ground.
They Have a Faster Turnaround
If you are going to work with a bank for your project, you should expect approval to take upwards of 60 days. This long approval process is due to the various internal areas that require approval. Due to the lengthy time it takes to get a traditional loan, many people will use private lenders, as they have a much faster turnaround (sometimes as little as a week). Time efficiency is one massive benefit of working with private money lenders since there aren’t as many hoops to jump through.
They Lend What Banks Won’t
Within the last decade or so, banks have become firmer with their regulations on mortgage lending. Those regulations become stricter when it comes to investment properties since there is considerably more risk. That is why it can be quite hard to gain funding for your investment property through a traditional loan, as most banks just won’t lend to you. However, that doesn’t mean you will be left out in the cold, as there are private lenders willing to work with you and take on the risk.
When you use Streamline Mortgage Corporation, we will work with you on an individual basis to get you the greatest rate with terms and conditions everyone can agree on. Even if you have issues qualifying with bad credit, we are happy to assist you in attaining your loan in a timely manner. If you are looking for private money lenders in Nevada, then we are the ones for you.
They Have More Flexible Terms
Usually, banks have hard terms and conditions that leave little to no wiggle room to negotiate. That is not the case with private lenders, as they are much more willing to be flexible since you are working directly with the investors. As such, you will find varying rates depending on your chosen lender and the terms you negotiate.