Private Money Loans, which are also called Hard Money Loans, are offered by private investors to borrowers based on the value of a real estate asset, rather than based on personal credit. Because Private Money Loans require far less documentation than conventional loans, borrowers can typically have their loan funded in less than a week. Private Money Loans are primarily based on the appraised value of and clear title to the property and the borrower’s exit strategy. You can find links below to more information about the different types of Private Money Loans.
Private Money Loans are ideal for borrowers who would like to purchase an investment property or take cash out of a property for business purposes while relying primarily on real estate assets rather than personal credit for loan approval.
There are three categories of people who can benefit from Private Money Loans:
A Private Money Loan is designed to be a temporary solution, not a long-term loan. For this reason, it is structured as a balloon with a term ranging from 6 months to 7 years. At that time, you would need to either pay off, sell, or refinance the loan.
One important advantage of a Private Money Loan is that it is granted more quickly than a conventional loan. In fact, we usually close and fund our Private Money Loans within 3 to 7 business days, and often in as little as 48 hours.
To help you determine if a Private Money Loan is right for you, please contact one of our licensed Loan Specialists by calling us directly at 844-574-LOAN (5626), by submitting the form on the right or by completing an application directly on our website.
"This is my second time doing a loan with Mike Illig at Westpark Equity Group, and it went even better than the first one. The loan process was smooth, and we closed quickly."