Private Money Loans
Private money loans also known as hard money loans have terms based mainly on the value of the property being used as collateral, not on the creditworthiness of the borrower. Since traditional lenders, such as banks, do not make private money loans, these lenders are often private individuals or companies that see value in this type of venture.
Private money loans may be sought by property flippers who plan to renovate and resell the real estate that is used as collateral for the financing—often within one year, if not sooner. The higher cost of a private money loan is offset by the fact that the borrower intends to pay off the loan relatively quickly—most private money loans are for one to three years—and some of the other advantages they offer.
Why Choose Allstate Mortgage for Your Loan?
- Lending Private Money for over 25 Years
- In house Underwriting
- Local Decisions
- Limited Documents needed to close
- Easy Financing & Terms
- Appraisal and Income not needed
- Investors Welcome
- All Properties Types Considered
- Straight Terms Available
- Interest Only Available
- Same Day Approval
- Fasted Closings in the industry
- We can close as soon as Title Company clears
- Same Day Closings
- Average Close Time 7 days
- Tons of Investment Loans Available