If you are reading this post there is a good chance you are searching for private money lenders in Wisconsin. In this post, I am going to go over what you need to be aware of prior to partnering with lenders in the area & how to know if you are being taken advantage of.
Private Money Terms
The best part about private money is that the terms are flexible & can be negotiated directly with the lender. Please don't mistake private money for Hard money as those are typically institutional investors that require higher interest loans.
On a typical private money loan you can expect to pay between 8-12% interest. This is typically an interest-only loan for 6-12 months. The private money lenders we work with will give us up to 70% of the repaired value for an LTV requirement. Meaning if we get a deal at 70% ARV - repairs we will have no money stuck into the property.
Another thing to check with a private money lender on is their ability to close quick & what fees they charge. We do not have to pay any fees & can close within 7 days as we have the cash funds available. Don't work with any private money lenders that require an appraisal in order to do the loan. The chances that this will delay closing are significantly higher.
Can We Be a Resource?
If we can help you connect with a private money lender in the area please reach out to us today! 920-215-4201
