“Nobody wants a 1/4-inch drill. What they want is a 1/4–inch hole.”
– The great Zig Ziglar (1926-2012)
If you think about Zig’s famous quote in real estate terms, you will see how this wisdom also applies to private money lending.
You Don’t Want None of This
Most people generally don’t ‘want’ to get financing through a private money lender. What they do want is to improve their home or financial situation in one way or another.
Private money may not offer you the lowest rates, lowest fees, nor the most attractive features for the long term. But it will help you get to the ‘next step’ in your life sooner rather than later.
After 11 years of working directly with homeowners and investors on their real estate financing, this is what I know about most people:
- You don’t want to go further into debt.
- You don’t want to pay higher interest rates than a bank or credit union.
- You don’t want to pay for points and loan fees.
- You don’t want to wait about 3 weeks to get your loan application approved and funded.
- You’d rather not go through the loan process and submit a little bit of paperwork to get your financing lined up.
Most people don’t.
And I totally get it.
But when you compare this to a traditional mortgage loan and the processing time it takes to get a loan approved in our new economy, there are some real advantages to using private money for your unique situation.
How to Get What You Want
Here are some examples of what a private money loan can help you get:
- Cash to pay off your bills so you can finally free up some monthly income to start saving and investing.
- Cash to consolidate your consumer debts so you can start rebuilding your credit history.
- Cash to bring your property taxes current.
- Cash to pay your back taxes to the IRS so you can get ahead of the game next year.
- Money to settle a divorce or separation situation so you can go about your own biz…
- Cash to make those property repairs that you’ve been putting off til ‘someday’.
- Cash to make improvements to your property so you can rent it out and start generating some cash flow.
- Cash to finish your rehab or remodel project so you can get your property sold as quickly as profitable.
- Money to buy out a family member (or joint owner) from the title to your property.
- A new loan to consolidate your 2 mortgages into one single payment.
- Money to invest in a commercial property or business venture.
- Money to pay off a private loan that is coming due.
- The money you need to purchase a property (now) while you work on building your credit.
As you can see, there are many reasons why someone would use private money to achieve their short-term goals.
We understand that every situation is unique based on your own needs and objectives. And that’s exactly why we wrote an e-book for you!
After reading this FREE e-book, you will know if private money makes sense for you or not.
(It’s totally free)
Related Posts You Might Like:
- Why Would Anyone Want a Private Money Loan?
- The 5 Myths of Private Money Loans
9 Critical Lending Terms You Absolutely Must Know About Your Private Money Loan (Learn these and you’ll avoid last-minute surprises)
- Are Interest Only Loans Good or Bad?
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