Private lending groups are generally made up of experienced individuals, or groups of individuals willing to make private mortgages.
The reason you may have to dig to find the right private lender is because they often serve very specific niches (e.g. non-owner occupied rehab loans, or multi-family lending, or commercial lending). The lenders also tend to be smaller companies and work mainly on referral and word of mouth.
One of the reasons this lending guide was created is because to find a hard money lender (as they are sometimes called) is challenging. Here are some tips to help you best locate a private or hard money lender that will serve your needs.
Browse the Private Money Lending Guide Site
Read a few articles before you contact any private lending companies in order to bring yourself up to speed with what you should expect.
Use the Private Lender Directory
After you’ve read a few articles, search the private lender directory to find a specific private lender to to fund your private mortgage. .
Contacting a Private Lender
Discuss your loan scenario with one of the private money lenders in our directory. You will often be speaking with the principal owner or manager of the firm who will be very knowledgeable and helpful about what is and is not possible with regards to your loan.
Select a Private Lending Company
Interview a private lender or a few of them, and find someone with whom you feel comfortable. The lender will visit your property and complete a loan application to determine if they can fund your loan.