Why Private Money Loans?
Private money loans help Borrowers acquire properties quickly and easily to allow them to rehab, resell or hold their investment properties. If these Borrowers had to obtain conventional financing, most or all of these deals would be lost due to time constraints from these sources.
Since this is one of the only ways for the active real estate Borrower to purchase real estate, it allows for higher rates of interest to be collected. Eventually these loans will be paid off once the property is rehabbed and sold or the Borrower refinances through a conventional institution once the property is rehabbed.
These loans have terms between 1 year and 5 years and the equity base is built into the loan from the beginning.
Heritage Financial will provide the investor with the following:
*Property specifications (size, year built, etc.)
*Sales comparables on the property
*Detailed photos of interior and exterior of property
*Borrower application
*Title report for the subject property