PRIVATE LENDERS AND HARD MONEY LENDERS ARE NOT THE SAME. PERIOD!
I've borrowed over 10 Million dollars from Private Lenders over the past 14 years of investing in real estate. Private Lenders and Hardmoney Lenders are like night and day. A private lender does not need to initial know you either. My first private lender was a guy who was mentioned in a book I was reading on real estate investing. I looked him up online because he had a unique name and called his house. I simply asked his wife if he was a private lender she said yes and she would have him call me when he got home. We met in his office a few days later and I met him and his partner. I have been borrowing money from them for over 14 years now (No resume, No checking of credit, No bank statement check, No background check, No Tax return check, No financial statement) JUST SHOW US THE DEAL!!!!! Always at 100% of the purchase and a 100% of construction. These guys where real estate investors them selves, but now ran construction companies, print shops, etc. They also had family funds in the mix as well. Though the total cost and loan is always below 75% of the ARV. When tough times came in 2008 they stood with me. They lent when all other forms of financing dried up. The HardMoney guys were no were to be found!!!