Investors Should Use Private Lenders!
When thinking about getting a loan from a specific type of lender, you should consider the pros and cons of each type of lender. When using private lenders, the advantages to you are many, including these four:
1. Quick service—some private lenders give an answer in just one hour, after you apply for your loan. Other non-private lenders
may take days or weeks to give you the answer you seek—a YES on your loan application.
2. Less stringent paperwork is required by the usual private lender. Why? Because the usual private lender makes more "aggressive" loans. This means that the average borrower does not have to prepare loads of paperwork to get the loan. So you're not spending hours doing boring work to get your loan.
3. A more understanding relationship between you and your lender usually occurs when you use private sources. Why? Because private lenders are often in the real estate business themselves. So they understand your challenges and often sympathize with them. Result? You're more likely to get the loan you request—sooner!
4. Professional help on your loan request from the private lender's staff can often save you money and time. Most private lenders have a staff of accountants, attorneys, and engineers on call. These professionals can help you with your paperwork, loan application, income calculations, or other matters.
Yes, private lenders can give you the effect of built-in funding for your deal. They can be your powerful tool in building your wealth in real estate. So look to private lenders as one strong source of your real estate funding.
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