If you are searching for Private Money Lenders for Residential Real Estate in Phoenix, Arizona or surrounding areas, Brad Loans by eMortgage, Inc. can help!
The definition of “residential private money” in reference to real estate financing, is fundamentally a non-bankable loan on an investment single family home. The name residential private money is regularly interchanged with “no-doc”, bridge loans, private loans, etc. For a residential private money loan, the financing decisions are established on the borrower’s hard capital. In this instance, the residential investment real estate would be used as collateral for the transaction. Residential private money closes quickly (sometimes in as little as 3 to 4 days depending on the situation).
Private Money Loans vs. Traditional Bank Loans
The following list sums up the key variations in loan characteristics between a traditional bank loan and a residential private money loan from Brad Loans by eMortgage, Inc.
Bank Loan
- Grounds for loan approval: Income, credit score, tax returns, financials, appraisals, etc.
- Minimum FICO scores: Typically, 700 or higher
- Required documentation: Very important
- Upfront fees: Appraisals, application fees, etc.
- Property Type: Investment and owner-occupied properties, capped by the number of properties
- Loan Money Received: 60 days or more
Private Money Loan
- The basis for loan approval: Residential Real estate capital
- Minimum FICO scores: None
- Required documentation: Minimal on the property
- Upfront fees: None
- Property Type: On residential loans can only lend on investment single family homes
- Loan Money Received: 10 days or less
A residential private money loan is an excellent alternative to conventional bank financing. This financing option is favorable to the borrower in many situations. Below are some of the reasons when a residential private money loan might be suitable.
When is a Residential Private Money Loan Appropriate?
- Borrowers with damaged credit (Brad Loans by eMortgage, Inc. can lend to borrowers with any credit including prior bankruptcies)
- Tax Liens, Judgements, etc.
- Borrowers that need funds fast on their residential investment property
- Repositioning of the property
- Time restricted borrowers/ Borrowers requiring a quick closing
- Debtors in need of a stated loan due to tax returns or lack of them
- Foreclosure prevention
- Foreign Nationals
- Borrowers that don’t have the time or energy to fight through the red tape of a conventional lender
- Complex loans with multiple pieces of collateral
- Brad Loans by eMortgage, Inc. is able to handle many unique residential real estate financing needs with no upfront fees on investment single-family homes.
Need a Private Money Loan Anywhere in Arizona?
Brad Loans offers private money loans in many areas of Arizona including Phoenix, Mesa, Tempe, Chandler, Gilbert, Cave Creek, and Flagstaff.
