Not at all like the conventional financing channels, (for example, banks, credit unions, mortgage brokers) private moneylenders are quick, flexible and straight forward.
A few basic facts:
- Private money lenders in California are outside the mainstream lending market, but they also comply with lending laws.
- Private money loans, (aka hard money loans) are secured against hard assets, hence the expression “hard money”.
- Private money loans are formal agreements. They are legally enforceable.
- The best private money lenders are highly experienced businesspeople.
- The private money lending market operates on a high-end, strictly best practice, basis. Lenders work through lending brokerages.
- Unlike the mainstream credit market, the private lending market is highly efficient. Loans are processed quickly and funded quickly.
A good example of California’s high-end private money lending at work is a company called California Private Lenders. This company is a virtual benchmark for the industry. They provide a lot of very clearly laid out information about getting private loans and have a very clear emphasis on explaining loan choices, requirements, and processes. (Try finding a mainstream lender you can say that about!) They back up this information with client support, expert advice, and the sort of customer service you see in “How to deliver great customer service” books.
The other, critical point of difference is their loans. They lend for a wide range of purposes, including commercial, private, business, and construction loans. Their hard money lenders deliver on the basic premises of private lending – Good, structured, loans for borrowers of all kinds. Loan terms are clear, repayment terms are clear, and rates are good.
For more information about this company and their loans, see their website here at
www.cplenders.com. A word of advice at this point – There is a lot of very useful information on this site about private money lending. Take the time to read it and understand it. If you’re looking for a private money loan, this is the real deal, from the top of the market. You can contact them online or by phone to find out more about their loans and services.