Private Money Loan Details

3 Replies

I finally started a real estate business, and have a couple of deals lined up. We have done a couple of deals on our own before but this will be our first in the business name.  We put the word out to some investors that we were looking for private money, and they came through but they said they will need proof of income in our new business.  Clearly we don't have any yet.  We can also apply as a private borrower.  First would it be a big deal to apply without proof of income for the business?  Would there be anything that I could provide to get around this considering that we just started the business.  Since we can apply as private borrowers would I be able to back that up with my personal income?  Would it be a big deal to get the money as a private  borrower and still do the deal in the name of the business?  Just looking for a little advice on this situation?  Thanks.

Originally posted by @Sean Waits :

I finally started a real estate business, and have a couple of deals lined up. We have done a couple of deals on our own before but this will be our first in the business name.  We put the word out to some investors that we were looking for private money, and they came through but they said they will need proof of income in our new business.  Clearly we don't have any yet.  We can also apply as a private borrower.  First would it be a big deal to apply without proof of income for the business?  Would there be anything that I could provide to get around this considering that we just started the business.  Since we can apply as private borrowers would I be able to back that up with my personal income?  Would it be a big deal to get the money as a private  borrower and still do the deal in the name of the business?  Just looking for a little advice on this situation?  Thanks.

Congratulations on your new venture.

There is plenty of no income verification money out there.  Find a good mortgage broker.

Stephanie