Private Lender for Personal Home Purchase
I am a realtor whose looking to purchase a personal home and to rent out the lower level for passive income. I've applied for mortgage loans for the past three years with favorable outcome. I am searching for a different loan option.
Thank you.
Hard money generally does not favor owner occupied properties.
Private money, well, that'll be up to the person lending.
Much success.
Bob
If you have been pre-approved by a traditional lender, why are you wanting a private lender? If it is for the interest rate, you are probably going to pay the same or more with a private lender right now.
Typically a private lender is somebody you know. A friend, family member, colleague, acquaintance. So if you do want to work something out with a private lender, you need to think about your network and who within that network has some cash laying around that they are looking to invest.
Thank you, Bob, for your feedback.
Hello Scott, It is not for the interest rate. The amount I have been approved for allows me to purchase in areas that are not safe. So I am in search of a private lender. As I educate myself on what is available for loan products in my particular borrowing situation, I now understand the difference between a hard lender and a private lender. Thank you.
Quote from @Robbin Kimbell:
Thank you, Bob, for your feedback.
Hello Scott, It is not for the interest rate. The amount I have been approved for allows me to purchase in areas that are not safe. So I am in search of a private lender. As I educate myself on what is available for loan products in my particular borrowing situation, I now understand the difference between a hard lender and a private lender. Thank you.
Hey Robbin,
What are the factors affecting your purchasing power? Is it your DTI?
How did your lender qualify you? Did they approve you for a conventional loan?
