Real Estate Statistics
AS SEEN ON
Hamilton Private Lenders
What is private lending?There are business professionals that deal in loaning out mid-way monetary amounts in the form of loans and these are called Hamilton Private Lenders. The private lending sector is a business, so not to be confused with a personal loan, this is usually dealt with through friends, family or payday loan companies. Private Lenders are just that, private individuals that are in the business of loaning out funds to people who need a medium sized loan (not a large loan like one would obtain to buy a home and not a small loan that would pay off some backed-up bills). So, who would use Private Lenders? Sometimes people want to get a loan to invest into their business, pay for an extended vacation or business trip, invest in a business venture or a small piece of property, pay for a wedding or any other life event that requires a mid-sized loan.
How does private lending work?Hamilton Private Lenders have an application process like banks, but with some subtle differences like higher interest rates, questions on how the loan will be spent or invested, income information verification, credit history check and so on. The Private Lenders do not lean very heavily on a person’s credit rating if the loan is being invested into a secured thing that could be sold if the borrower defaults somehow on the loan agreement. A person’s income must understandably show that taking on a loan with a higher interest rate can be afforded comfortably. Another difference between Private Lenders and banks is processing time, the Hamilton Private Lenders have a higher approval rate and do process applications in a timely manner. Private Lenders are taking a risk by loaning money to people who have avoided going to their own banks, for whatever reason (usually because of credit issues or inconsistency with income like self-employed people experience).
How can private lenders offer customizable credit solution?Getting the funds that you need... that is the first gainful impact of using Private Lenders! Having Hamilton Private Lenders approve your application with a big YES, that is the personal plus (as you can see, Private Lenders offers people positive results and quickly). Obtaining a loan from Private Lenders gives you the ability to keep moving forward financially, which is the goal of the lenders too! Working closely with borrowers to give them every chance to be approved for a loan is another gainful impact, so it’s a win-win situation!
Are You a Licensed Real Estate Agent or Broker?