Private Money Lending
At Home Again, we have wholesale agreements in place
with one of our nation’s largest Private Money Lenders.
We use Common Sense Decision Making and Straight Forward Terms to give you Total Control of your fix and flip,
buy and hold, bridge financing, and extended rehab properties.
Offering one, two, and four year loan programs, all starting at 7.5% and 2 points, the reality is that Private Money projects with reliably fast approvals, quick closing and competitive rates remain available.
Loan Guidelines
- 75-80% LTV
- Purchase, Refinance, Cash Out and Rehab
- $100k – $5 Million
- Non-bank/Direct Lender w/In-House Underwriting
- Interest rate based on experience and FICO
- NO HIDDEN FEES
- 5 to 17 day Closings
- Interest Only Payments
- 12, 24 and 48 Month Terms
- Minimal Pre-Payment on 24 and 48 Month Terms
- Non-Owner Occupied Only
- No Minimum FICO Requirements
- SFR, 1-4 Units, 5+ Units, Condos
- Stated Income/Bank Statements Only
- For Multi/Family, No Minimum DSCR Requirements on ‘in place’ income
- Fast Turn times on Draw Requests
- Reserve requirements: Borrower to have 4 months interest payments reserves, down payment, closing costs and rehab funds
- Lending to LLC, Trust and Individual Borrowers
Frequently Asked Questions
What is a Private Money Loan?
A private money loan is a specific type of asset-based loan financing through which a borrower receives funds secured by the value of real estate.
How are Private Money Lenders different from Banks?
Since Private Money Lenders typically lend based on the value of the property, they are not as dependent on traditional underwriting guidelines such as the borrowers employment income and FICO scores.
Who borrows Private Money?
Real Estate Investors use Private Money Lenders for fast financing on Fix and Flips, Buy and Hold, Cash Out Refinance, Bridge Loans and other Longer Term Strategies when Traditional financing cannot be obtained.
Are Private Money Loans expensive?
Private Money Loans are more expensive than traditional bank loans however they are generally only used for a short period of time and for a specific purpose. Private Money Lenders will loan their money with the expectation of being paid in back in 12 to 48 months. Private Money Loans are usually Interest Only Loans with a Balloon Payment due at the end of the term.
What makes a reputable Private Money Lender?
The key components for a reputable Private Money Lender are a Commons Sense Approach to Lending, Transparency to Process, Straightforward Terms, Ongoing Communication, Local Control and certainly the Ability to Fund around YOUR SCHEDULE! Home Again builds relationships with its borrowers with the approach that the first Private Money Loan will be the launching pad for many more successful projects.