PRIVATE MONEY LOANS!

Got Equity? Private Money in a Pinch:


At Premier Lending we understand that not all borrowers are alike. As a result, in some instances we are unable to provide institutional or bank financing for some of our clients. However, often times we are still able to help these clients by turning to a little known “niche” product known as Private Money!


Private Money is typically considered a temporary solution to an immediate crisis or problem! Simply stated, private money loans are funded by individuals as opposed to banks or other lending institutions. Private money offers many benefits such as flexible and “common-sense” underwriting guidelines, quick approvals and fast funding! In addition, most private money loans offer interest only payments and no pre-payment penalties.


Conversely, private money loans require that you have more equity in your home than traditional loans. In most cases, private money will lend up to 65% of your homes value (up to 70% in some purchase scenarios). Also, private money loans are more expensive than traditional loans and the fees and interest rates you pay are higher. Private money loans are often considered a loan of “last resort” when you cannot qualify for traditional financing or a bank loan…but you need money fast!


At Premier Lending we are private money experts! Over the years we have helped hundreds of distressed clients with their private money needs. Below are some classic examples of situations that may require private money:

  • Hard to Verify Income:  Perfect for those who are self employed. Private money offers “stated income” and low-documentation programs.
  • High Debt-to-Income Ratios:  Private money does not have a maximum debt ratio requirement. Often times, we can underwrite loans with debt-to-income ratio's as high as 60% (In some cases even higher).
  • Derogatory Credit & Low FICO:  Private money does not have minimum credit and FICO score requirements.
  • Bankruptcy:  If you have recently filed for bankruptcy, it will be between 3-5 years before you will qualify for a conventional loan. Private money looks at each borrower’s situation on it’s own merits and does not have minimum time requirements on bankruptcy. 
  • Foreclosure: If you are currently in foreclosure a private money loan may help save your home and help you get back on track.
  • Fixer-Upper Properties: Most banks won’t lend on properties in need of any significant work. Private money will look at each property on a case-by-case basis regardless of the condition of the property.

If you need money fast and if you have equity in your home (even if you’ve been turned down elsewhere), private money may be the answer. Please call us today and we would be happy to discuss your financial needs and determine if a private money loan is right for you.

Call today!