People who are new to house flipping often have a lot of questions regarding the benefits of private money loans over traditional loans. Take a look at these frequently asked questions to get a sense of why you should consider a private money loan from Zinc Financial.
What is a private money loan?
Private money loans are advances that are funded by private entities, not banks. In the case of Zinc Financial, private loans are offered in order to secure investment properties. Private loans often have higher rates than bank loans because a private money lender is able to approve loans faster, allow for more flexible terms, and is generally more willing to take investment risks.
What does Zinc Financial look for in a private money loan applicant?
At Zinc Financial, we work with both experienced house flippers and new property investors. We like working with people who are passionate about their investments. Finding the right properties to invest in takes a great deal of time and research. We’re looking for investors who are willing to put in the necessary work to find ideal opportunities. With the right investors, we are able to offer loans of up to $750,000, and sometimes even more. We also offer flexible terms for returning clients that we have built a strong working relationship with.
How quickly could my loan be approved?
One of the major advantages of a private money loan is the speed of the application process. Once your application is pre-approved, we can have your funds transferred to you within seven to ten business days. No bank can offer that kind of speed.
My bank didn’t approve my loan. Should I even bother applying with you?
Absolutely. Private lenders are willing to take greater risks than traditional banks are. It doesn’t matter if your credit is less than perfect or if the property you want to invest in needs rehabbing. If we feel that your investment has strong potential, we will work with you to make it happen.
Call (559) 326-2509 today to learn more about our available loan programs and the advantages of private funding.