Private loans can serve as a valuable alternative when you're aiming to acquire investment properties, commercial properties, or vacant land, particularly if conventional lenders have denied your loan application or you require a swift, straightforward transaction. They're often favored when credit scores aren't ideal or when a quicker closing process is necessary.

Features

• Qualifying
  Compared to standard banks or mortgage lending firms, private lenders could be more flexible with their eligibility criteria. While your credit score is a consideration, these lenders might prioritize the value and income potential of the property.
• Quick Closing
  Compared to traditional lenders, private loans could provide a speedier conclusion. This proves beneficial when you've identified a prime property and need to secure finances within a limited timeframe.
• Down Payments
  Usually, private loans necessitate larger down payments compared to conventional loans. The precise down payment sum varies based on the property type you're procuring.
• Residential Investment properties, down payments typically fall within the 30% to 35% range.
• Commercial properties, you may need to put down 35% to 40%.
• Vacant land might require a down payment of 40% to 50%.
• Ensure that you have the required down payment funds readily accessible.
• Income Potential
  Private lenders might emphasize the income-generating capability of the property. If the property can produce sufficient income to meet the monthly loan repayments, it can fortify your standing for securing a private loan.