You may spend hours on the phone trying to find someone willing to lend you money. It is not uncommon that many private lenders use high-interest rates, strict loan requirements, or even being turned down. As discussed in the clip “How to Find Private Money Lenders for Real Estate Investing,” there are several tips on how to get private money lending.
The good news is that there are quite a several lending options that will work with borrowers. Some of these good public lending institutions are banks, credit unions, and businesses with venture capital investing in them.
These lenders have various criteria for lending. They include collateral, creditworthiness, and other factors that can make finding the options and getting approved difficult.
If you are looking for a mortgage or want to borrow money from someone else, ask people you know that could refer a suitable lender to you. Some great private lenders will also work with borrowers. They include friends, family, and others. One tip on how to get private money lending options is searching on the web.
Friends, family members, and coworkers may also be able to refer you to someone they have dealt with in the past or are currently working with. When asking people for referrals, be sure that they give references and contact information. The details will ensure you can contact them to ask about their experiences with the lender.