Private Money Vs Bank Money
Most people call us and lump us into the same category as institutional banks. The reality is it couldn't be further from the truth. Because we live in the asset based lending with private money world, we focus on fast transactions that are short term funding. A banks focus is normally on retail borrowers that qualify for 20 year mortgages. These products are very different and therefor underwritten differently. A bank traditionally takes 30-45 days to close where private money can close within days of notice. For true private money there is very little paperwork needed as the emphasis is on the asset. With a bank you will normally find that they are not interested in the investment world and want to exist with primary residence's. These differences are very large and need to be accounted for when buying a property as the source of funding can make or break a deal.
Ian Walsh
215.839.3271
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