Any Private Lenders With 7% Interest Or Better ?

Question

Hello Investors,

Does anyone know of any private money lender with better rates than 7% and loan term for 5 years for more ?

John Thedford · Answer

Ask everyone. It was a chance conversation with an attorney that lead me to one private lender. Ask family. Friends. People at church. Everyone. Make offers such as "I will pay 6%. That is much better than any bank. If you do that, make sure and explain how they will be protected to give them reassurance they are making a safe investment.

John Thedford · Answer

Account Closed

What you are seeking is probably going to be found through relatives, friends, associates from various organizations you belong to. Don't get too hung up on private versus hard money lenders. The only thing that matters is terms. If you can find 7% for five years in my opinion that is pretty decent. Also, try posting an ad on craigslist but be specific as to what you are willing to pay and see if you get any bites. Years ago I advertised I was looking for private money and found two different people willing to lend. The collateral was worth about 300K and I wanted to borrow 50K so there was no risk. I did have a lender in Naples that was giving me 6% for 5 years interest only but Dodd-Frank scared him right out of the lending business. I found him by asking an attorney if he knew anyone that loaned money. Ask around.

Account Closed · Answer

Thank you very much for the info. I do have a guy here in Arizona asking 8% for 5 years interest only, down side his points are a bit high. He charges 5 points

Chad Brey · Answer

Would they have to be in Arizona?

Any Private Lenders With 7% Interest Or Better ?

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