Private Money Loans

One of the main reasons why people choose private money loans over bank loans is the fact that private lenders have higher approval rates. Bank loans need to go through a lot of processes and procedures, making the approval slow and layered. With private lenders, though, it just needs to go through the people who run it, and voila – it’ll be approved and OK-ed faster than you say “ I need a loan!”

Banks don’t necessarily rely on loans to make money. Therefore, when it comes to loans and lending, they don’t go all out. They often give high loan amounts, and – this opportunity is only given to those with the best and the cleanest records (both entities and individuals). Private money lenders, on the other hand, only have their loans to make money (interest). So, they’ll craft their loans to attract many clients who would need them. How would they do it? They’ll do it by drafting handsome loans with considerate interests, higher loan amounts, and more flexible payment terms.

If you’re worried about your credit history (or if you got something you’re paying for currently), then you wouldn’t worry about it if you work with private lenders!

More often than not, private lenders wouldn’t care about your history; what they want is to make sure that you’ll be able to pay your loans off with them. So, if you think that your credit score needs some type of improvement and that bank loans wouldn’t fit what you need, private money loans are the deal!

Since then, banks had stiff and strict rules and regulations in approving a loan. This is actually one of the main reasons why small businesses choose private lending over traditional bank loans. They move and approve loans faster, and they don’t have to submit a ton of requirements, too!

Since it’s their only way of making money, private money loan lenders position their loans to have high-interest rates but hey – they do it with fast approval. You get the money fast, but you need to be prepared to pay higher than the usual fees.

Compared to banks that can craft up deals and terms that can go as long as 60 months, private lenders would usually go half that time. Private lenders have the upper hand in this because you need the money – and you need the amount they’re offering that bank loans aren’t able to. So, they take advantage of it by asking for high interest and by assembling a repayment period that is shorter than usual.

But we know that you’ve asked this question at least once “is there a private lender that can treat you fairly?” We all have and it’s safe to say that yes, there actually is a lender that can give out a private money loan without making you feel that you’ve been ripped off!

Here at Florida Commercial Real Estate Loan Group, we give value to all our consumers and our business clients. We give out private money loans that can be applied for by regular employees, micro, small, and medium enterprise (MSME) owners, and even self-proprietary businesses.