Real Estate Statistics
AS SEEN ON
Newmarket Private Lenders
What is private lending?Newmarket Private Lenders are individuals who have access to funds and who are willing to loan out money to other people, it is just that simple. Private Lenders understand that banking institutions have restrictive application qualification criteria that not all people can get approved for, and this is where private individuals step in and attempt to assist people with borrowing the funds they need. Private Lenders can be anyone who is not a regulated banking institution, so in other words, Newmarket Private Lenders can be an organization, a hard money lender, a small private company, family members, individuals with wealth, investors and so on.
How does private lending work?There are some key points to know before approaching Private Lenders for a loan, such as understanding upfront that they generally charge a higher interest fee on the loan (when dealing with a professional company/private investor as apposed to approaching a family member who may not charge any interest on a loan). Professional Private Lenders know that they are creating a relationship-based interaction with the borrower, and although they will work very hard to help people qualify for a loan, there are sometimes hurtles like bad credit ratings, poor payment & debt repayment history, lower income or no security against the loan. When a person can qualify for a loan with Newmarket Private Lenders, the processes are like what banking institutions will execute (an application for a loan) with such measures like a financial background check, employment and income verification and other information like what is the loan being used for and if it would provide any collateral or security against the loan if approved.
How can private lenders offer customizable credit solution?Some of the positive aspects of working with Private Lenders is their flexibility to sort out and approve a loan for a person, Private Lenders are not regulated by the government as banking institutions are, so there is a better chance of approval, which translates into a big gainful impact for the borrower! Newmarket Private Lenders also have the freedom to work with the borrower to set realistic terms for the duration of the loan (long term or short term is usually determined by the amount of money being borrowed). Working closely with the borrower, Private Lenders will set the monthly payments that is feasible for the borrower too, the Private Lenders want to be paid back in full including interest, so the monthly payment amounts need to be realistic to the borrowers income and current monthly expenditures.
Are You a Licensed Real Estate Agent or Broker?