Private Money vs. Bank Loans
As a Private Money Broker I’m frequently asked how and why borrowing from a private lender is different than borrowing from a bank. I like to answer by using an illustration. Imagine your cousin asks to borrow $5,000 to buy a used truck…
What do you mean, no pre-approval?
If you’re new to private lending, you might be surprised to learn that private lenders don’t offer pre-approvals like traditional banks. Instead, they evaluate each deal only after the property is under contract. This may seem counterintuitive…