HOW TO QUALIFY FOR A PRIVATE MONEY LOAN?

Because the funding process will most likely go quickly once you begin and because the loan will be secured by the property in question, the most important thing that needs to be done first is finding and securing the property you want to invest in. Without the property being under contract, the lender will not want to invest time in working with you without a specific property to work with.

With that said, here are the steps to give you the best chance at qualifying for a private money loan.

• Write offers and secure a property using a Proof of funds Letter.
• Make sure your offer is within range.
• Property must be a 1-to-4-unit residential property, under 2800 sq ft and on a 1/2 acre maximum.
• Up to 5 bedrooms and 3 bathrooms
• There are some State that we cannot fund too. Ask for more info…

Once you have secured a property and it falls within the above criteria, you are ready to show for cash. To apply for a private money loan, go to WC Private Funding to get your Application.

5 REASONS WHY INVESTORS USE PRIVATE MONEY

There are 2 opinions about private money, just like with everything else, some love it and some hate it. But the fact is, private money is a tool, when used correctly, it is an invaluable part of the real estate investment business. There is a time when it is just what is needed and there are situations when some other solution will be a better fit.

1. Fast Funding: Time is money in the real estate business. Unlike traditional loans that can take weeks or even months, private money loans can be processed and funded within a few days or a couple weeks.

2. Bad Credit? No Problem: Private money loans don’t need you to have good credit, the property that is going to be backing the loan is the only thing that will be looked at to make sure it qualifies.

3. Real People Lending Money: People with money sitting in low paying CD’s and other investments are looking for better opportunities for their money which is where you come in with your real estate flip. It’s a win win for both sides.

4. Creative Opportunities: Banks stay away from loaning money for fix and flip projects, but private investors love this kind of opportunities. This is why they are able to provide creative funding solutions.

5. Flexible Terms: Traditional loans are bound by strictly enforced guidelines. Private money lenders understand this business better and are more willing to work with you to create a loan that works for your project.

Now having the confidence to submit many offers and finding the perfect deal. Once you have the property secured and have done the proper due-diligence, It time to fill out an application!