Private Money Loans
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Regular loans that are provided by banks, pension funds, or similar lending institutions are the solution for many real estate investors or people trying to purchase a property and cover other expenses. However, they are not the best option since private money loans gained reliability in Florida. But why would people decide to rely on other lenders or options when the traditional ones have proven to be efficient all this time? Because the new alternatives offer better terms and conditions.
To understand this, remember that lending institutions like banks ask for many requirements to be fulfilled in order for a company or person to be able to apply for a loan. As a result, it is impossible for over 50% of the population in the state and even country to access any type of loan.
Also, the terms and conditions established once a loan is approved are not fair or “good” in most cases. Real estate investors, companies, and individuals overall have to deal with high-interest rates, very short periods of time for repaying the loans, and the LTV ratio is not that good regardless of the specific credit requested and needed.
Now, when comparing traditional lending institutions with private companies or lenders, you will notice a great difference from the beginning due to the fewer requirements you have to meet in order to send your application for private money loans. Besides, terms and conditions are much more affordable and take you to a win-win situation where the lender is not the only one gaining something from the deal in the long run.
How can you request private money loans?
By finding a reliable, trustworthy, and experienced lending company in your area that offers them in the first place.
At Commercial Real Estate Loan Pros of Jacksonville, we have been working with those loans for over a decade and the options we offer include helping you by providing funds for real estate properties or other expenses, either personal ones or related to your business. In our case, we only care about the requirements below in case you are planning to apply for our loans:
- Credit score—it does not have to be good or excellent.
- Collateral, which is usually the real estate property or an asset.
- Financial records—from your business or personal ones.
- Purpose of the loan—for what you will use it in specific.
It is quite simple to send your request to our team for any of the private money loans we offer for both businesses and individuals. However, keep in mind that the terms and conditions vary depending on the specific one and how much money you are requesting. On average, our interest rates range from 3% to 7% and we work with both long and short-term loans but we are more flexible with the deadlines for the entire repayment and can offer better LTV ratios in certain cases.
Therefore, do not hesitate to request our loans at Commercial Real Estate Loan Pros of Jacksonville, and rest assured we will do our best to come up with another option in case we are unable to approve the request you send.
There are so many areas or regions where we offer these services with most of them being cities.
However, if you need any of these services, you need to contact us. The list below comprises the areas where we offer these services.