Are you a real estate investor seeking fast and flexible financing? Private money loans could be the solution you need. A private money lender specializes in providing quick and efficient funding for real estate investments. Here’s everything you need to know about private money loans and how they can benefit you.
Who Are Private Money Loans Intended For?
What Can Private Money Loans Be Used For?
- Acquiring and renovating properties that traditional banks won’t finance
- Refinancing existing mortgages
- Obtaining cash-out refinancing
- Financing fast-closing real estate transactions
- They are also suitable for properties held under an LLC
What Are the Benefits of Private Money Loans?
Fast Approval and Funding: Unlike traditional mortgages that can take months to process, private money loans provide same-day pre-approval and funding within 10 to 12 days. In urgent situations (and assuming title and appraisal are available) some private money lenders can even fund within 1 day.
Flexible Qualification Criteria: Traditional lenders often reject loan applications due to poor credit history or the condition of the property. With private money loans, the focus is on the value of the property rather than your credit score or income. This makes it easier for real estate investors with less-than-perfect credit to secure financing.
Property Condition: Traditional loans might not be available for properties that need significant rehab, lack a Certificate of Occupancy, or have a weak rental history. Private money lenders, however, are more flexible and willing to finance these types of properties.
Ownership Flexibility: If you want to own the property through an LLC or already own multiple properties, a private money loan is ideal. Traditional banks often have restrictions on lending to LLCs or individuals with multiple properties.
What are the Qualifications for a Private Money Loan?
With private money loans, there are no stringent credit scores or income requirements. Instead, qualifications include a down payment based on the Loan-To-Value (LTV) ratio, an appraisal, and necessary insurance policies. This makes it accessible to a broader range of real estate investors.
Hard Money Loans with West Forest Capital
West Forest Capital provides funds to real estate investors and others looking to finance non-owner-occupied real estate. We fund property types that include apartments, single-family, multi-family, commercial, industrial, and mixed-use buildings. We also provide rehab funds or full construction costs, as needed.
Additionally, our closings are almost always less than 12 days, and often as quick as 3 to 5 days. We’ve even previously closed a brand new loan in one day.
We lend in New Jersey, New York, Connecticut, Rhode Island, New Hampshire, Massachusetts, Pennsylvania, Georgia, and Florida.
Whether you’re looking for a personal finance solution or a private lender loan, our team at West Forest Capital is here to help. As private lenders, we understand the unique needs of real estate investors and offer customized solutions that traditional lenders can’t match. Our expertise ensures you get the best financing for your projects. Contact us today to find out how we can assist with your private money lending needs.
To get started or for hard money loan pre-approval, please call us at 212-537-5833 or text us at 917-267-9523.
