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If you are looking to get into real estate investment, then you have likely come across a number of different solutions. One such solution is to find a provider who is willing to give you a private money loan. If you have never heard of this kind of loan, you are likely not alone. While these are becoming more prevalent in the business and real estate world, they are still not talked about all that much because banks don’t like people to know they exist.
[/vc_column_text][/vc_column][vc_column width=”1/3″][vc_column_text]Private Money FAQ
What Is Private Money?
How to Qualify For a Private Money Loan
Property Types For Private Money Loans[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]
A private money loan in Clearwater is a way you can secure cash to or a line of credit, by first putting up real property you own as a way to secure the funding. Instead of going through a bank to get this money, these kinds of loans are usually offered up by other private companies and lenders. By going through those providers, people who don’t have the best credit ratings can still get off the ground. There are some firms that would even be willing to offer up some private money loans if you have taken significant damage to your credit score. On the flipside, you might need to have to pay back at a higher interest rate, or have a higher valued piece of personal property as the way to secure the loan.
The good news is that these Clearwater loans can lead to you fixing your credit at the same time you are starting to dip your toe in the real estate investment field. Why this kind of funding is most often used is because these kinds of loans are larger and usually geared towards projects that span a few years. This isn’t a different version of a payday loan, despite the similarities, when it comes to distressed credit ratings.
Payday loans are usually used to take care of debt that you need to get rid of in a short period of time. private money loan lenders understand that they aren’t going to see the money they are doling out in a short period of time.
While private money loans are still largely used for commercial reasons, there are some people who are looking at getting mortgage money. Of course, these people need to have other personal property they can put up in order to get this kind of loan. There are reasons why someone might need a mortgage loan, while they still have plenty of personal property to put up. The mortgage money can also go towards expanding or rebuilding part of the house that will take more than a few weeks. These kinds of loans are meant as a kind of safety net when there is a special project that needs extra attention.
Private money loans are not meant to be the kind of money you secure when you are in a pinch. Make sure you have planned out what you are going to spend it on and when. Then you can apply quickly and easily and know that you have put all your ducks in a row.
[/vc_column_text][vc_column_text]Located along the coast, northwest of Tampa, Clearwater, FL is a great place to vacation at. It boasts one of the most beautiful beaches in the world, attracting vacationers from all parts of the country every year. Clearwater, FL which was incorporated as a city in 1915 is home to 116,000 people. Multiple roads traverse the area including US 19 and SR 60. About a dozen zip codes reside in the Clearwater area including 33755, 33764, 33756, 33767 and 33759. As far as landmarks to visit, by far our favorite is Sand Key Park. Here the Gulf of Mexico will show itself in all its splendor. Go and relax at the beach. If you prefer more of a nature hiking feel, take a closer look at Moccasin State Park. Just don’t get bit. Afraid of snakes? Head south to Largo, FL where you may not necessarily find less snakes, but at least they don’t have a park devote to them.
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Capital Fundings is a direct private money lender. We are federally licensed with the NMLS and carry professional liability insurance. Our licensed professional team will provide outstanding service from approval to closing with great rates and terms. Our PROMISE to you on Closing day: Your MONEY will be there!!!
