Private Lending to Prevent Foreclosure

If you are under foreclosure and cannot sell your property private lending may be a solution. Private lending does not take as long as a traditional bank loan would take to fund. A private loan can be completed as quickly as three days when necessary but typically close in ten business days. This can provide capital to pay off existing loans or bring existing loans current to avoid costly default rate interest or even losing your property to foreclosure. This can hold off a foreclosure for long enough to sell a property, refinance with another lender, or a liquidity event in the future.

A typical lender may not be willing to accept the risk of lending money to someone in foreclosure as their credit may have been impacted by the foreclosure. Private lenders are able to take a more common sense look at the deal to decide weather or not to lend. Private lenders are not beholden to the rules and bureaucracy of a large bank that slows down and complicates the process.

Private lenders are typically willing to have more creative terms. Private loans are more of a problem solving process then they are a product and thus are flexible to meet the needs of a borrower.

Interest rates can vary with different with loans that are different risk profiles. Since private loans have the ability to underwrite at a quicker pace and with no credit, income, or paperwork requirements there is typically a premium payed in the interest rate. If you are interested in getting my opinion on your loan needs give me a call, email, or click the contact button below.