Are you looking to buy a house? Eager to try your hand at house-flipping? Thinking about moving your business to a new location? If you answered “Yes” to any of these questions, odds are you’re going to need a loan. But before you head to the bank, consider financing through a private business lender.
Private business lenders are companies or individuals who finance loans, mainly real estate and personal loans. For many individuals and businesses, financing through a private business lender is a great alternative to a traditional bank loan. Not sure about the benefits of a private business loan? Read on for 3 great perks of financing through a private business lender.
1) It’s easier to get approved
It’s true! It’s easier to get funding through private business lenders than through a bank. The approval rate for private business lenders is significantly higher than that of banks, and the approval time is much faster.
2) Private business lenders are more flexible
Banks are subject to many government regulations. In contrast, private business lenders still have to comply with laws, but they have much more flexibility. For example, they may be more lenient if your credit is not in good standing or if you are trying to finance an investment property in a short period of time.
3) There are A LOT of loan options
Not only do private business lenders offer more flexibility, but there are also many different types of loans. From bridge loans to mezzanine loans to refinancing an existing loan and everything in between, there’s a private business lender that offers the loan you’re looking for. All you have to do is pick the lender that meets your unique business needs!