As banks have stricter regulations, many opt for private money lenders as their structure of loan is quite easy. There are various benefits of providing private money lending to both borrowers and lenders.
The private money lending provides you with unique opportunities such as faster closing, simplified process, and attractive interest rates. Lenders make benefit by earning large returns in a short period by adopting a passive strategy.
Borrowers benefit themselves from private lenders by getting loans at a faster rate. Private lenders typically grant your loans within a couple of days after your application is submitted.
Your credit score rating doesn’t matter to money lenders as the only thing that matter to them is a secured tangible asset. Unlike banks or other investment agencies, they do not require a complete set of details of your credit score, financial status, etc.
You have flexible repayment procedure in terms of private lender Los Angeles and the mode of repayment is discussed mutually by both the lender and the borrower. However, in the case of financial institutions, you have to follow the strict guidelines.
The approval rate to get the loan is even faster if compared to banking sectors. While banks require more than a month to check everything and grant the loan, the private lender grants it within a week or less.