If you are over leveraged at the bank or facing an immediate cash crunch and aren’t able to wait the month or more it can take to get financing from a bank, private money might be the fastest option for you. Most banks require that borrowers have credit scores of at least 620, but with private money, there’s no minimum credit score requirement and you can often get a quote in as little as 24 hours. Private money focuses on the merit of the property over the merit of the investor. Because of this, some private money brokers like Smith Robinson Funding can fund up to 100% of the purchase price, rehab and closing costs of your next real estate deal. Whether you are new or a seasoned investor, private money can be a quick way to get into real estate investing or get your next deal done regardless of outside circumstances. Here’s how private money differs from traditional lending options, how to find private lenders, and when to consider getting funding through this avenue.
Private Money Loan Options
- You can get a private money loan from an individual or private money fund, rather than a bank.
- Private money loans are often secured by collateral, such as real estate or another asset.
- Private money loans can be used for a variety of purposes, including flipping, mortgages, and wealth building.
- Private money loans often have flexible terms and can be quick to secure.
- When considering a private money loan, be sure to consider the risks involved and the interest rate you will be paying.
What You Can Buy With Private Money
If you’re looking for a quick and easy way to get funding for your next real estate venture, private money may be the answer. With private money, you can buy fixer-uppers, foreclosures, and even rental properties. Plus, you can get the funding you need in as little as 24 hours. So if you’re tired of living paycheck to paycheck or working 9 to 5, consider getting your own private money loan.
Sourcing Funds From the Investor Community
If you have a time-sensitive loan or your money is tied up for the next 6-12 months in another property, private money may be the answer. Private money lenders are individuals who lend their own money, as opposed to banks or other financial institutions. They’re typically more flexible with terms and easier to work with than traditional lenders. And because they’re investing their own money, they’re often more willing to take on higher-risk projects.
How Much Can I Borrow?
You can travel the world and make six-figures while being your own boss–all you need is access to private money. But how much can you actually borrow? There are millions of dollars being lent by private lenders. With Smith Robinson Funding, we can help you get access to $100,000 to $5,000,000 in funding depending on your real estate deal. Our Sweet Spot is Fix and Flips, however, we also lend for rentals, new construction, land, and commercial investments.
When To Shop For Private Money
The steps are simple:
- Find a profitable property using the right tools.
- Make an offer supported by aProof of Funds.
- Put down earnest money to lock in the contract.
- Complete all of the required documentation to get approved for your loan.
First and foremost you need to ensure you have a profitable deal. New and seasoned investors can use our Profit Calculator and order our Collateral DNA Property analysis to make the best decision on investing in the right property. Smith Robinson Funding will loan up to 100% of your flip including rehab and closing costs up to 70% of the after repair value (ARV). Our calculator and report can help you find the right deal and get 100% funded. You can also order leads that may meet the 100% financing qualifications by filling out our form. To continue your loan application you will need a Purchase and Sale Agreement which starts with getting your offer accepted. You want to put your best foot forward when making an offer on a property. With Smith Robinson Funding you can make your offer stand out by ordering our Proof of Funds letting the seller know that you have access to a lender with the funds to close on your deal.
10% down payment required? That’s no problem!
If you’re looking for a quick and easy way to get funding for your next real estate venture, private money lending may be the answer. With private money loans, you can typically secure funding with just a 10% – 15% down payment, compared to the 20% required by most banks. Plus, private lenders are often more flexible with their terms and are willing to work with borrowers who may have been denied by a bank.
BLUF – Bottom Line Up Front
► Seasoned but Over Leverage investor?
► New to Real Estate?
► Low Credit but Want to Invest?
► No Down Payment?
Navigate to Smith Robinson Funding.com
Real estate investment can be one of the most profitable types of investments there are, but it also tends to be one of the riskiest. Whether you’re new to the field or whether you are adding to your investment portfolio, with some careful analysis and planning, you can start seeing returns on your first or next investment in just 60 days or less as long as you take consistent and directed action.
At Smith Robinson Funding, we educate, we lend, we coach! Not only can you have 4 loans with us at a time, we offer the tools, steps, and education to get you to your next deal in as little as 2 weeks, with many deals closing in 60 days. We have the tools to find your next deal, make an iron clad offer backed with a proof of funds up to $5 million, build purchase agreements, obtain a loan even if you have low credit or are over leveraged, and start the work on your next deal – rinse and repeat. Use these steps and take action today or simply go to Smith Robinson Funding.com to start the process to work with us on your next deal.