When you need funding for a business venture or an investment, especially in real estate, a loan like this will be just what you need. Here are some benefits of private real estate loans vs. traditional mortgage loans.
Because the funding process will most likely go quickly once you begin and because the loan will be secured by the property in question, the most important thing that needs to be done first is finding and securing the property you want to invest in. Without the property being under contract, the lender will not want to invest time in working with you without a specific property to work with.
With that said, here are the steps to give you the best chance at qualifying for a private money loan.
Once you have secured a property and it falls within the above criteria, you are ready to show for cash. To apply for a private money loan go to Win REI and Cogo Capital Private Funding Application.
There are 2 opinions about private money, just like with everything else, some love it and some hate it. But the fact is, private money is a tool, and when used correctly, it is an invaluable part of the real estate investment business. There is a time when it is just what is needed and there are situations when some other solution will be a better fit.
With a proof of funds letter showing your ability to offer cash and a perfectly written purchase agreement, have the confidence to submit many offers and find the perfect deal. Once you have the property secured and have done the proper due diligence, fill out the application and get funded fast!