Nearly every person in America has taken out a loan or has a debt of some kind. This might sound like a bad thing, but taking on debt to pay for your needs in the immediate future is often a sound financial decision.
Many people acquire debt in the form of student loans, auto loans, mortgages, credit cards, or private loans for personal use. In this article, we’ll be focusing on the last type of loan. We’ll tell you everything you need to know about Atlanta private lending and how to get a private loan of your own.
What Is Atlanta Private Lending?
Private lending is a financial practice in which a borrower (you, theoretically) gets a hard money loan from a private investor instead of a bank. Traditionally, if you wanted a loan from a bank to buy a house, you’d have to jump through all sorts of formal channels to get the money you need.
You’d need to provide appraisals on the value of your home, tax audits and credit reports. This process could take weeks or months, and at the end, the bank could still reject your proposal.
So if you’re a young person with a limited credit history, or you’re an older person with a poor financial history, getting a private loan from a wealthy individual or non-banking organization is your best route.
Advantages of Private Lenders
On top of having poor financial history, there are a thousand other potential reasons why a bank would deny you a loan. For example, if you need money for a house or a car that required extensive repairs after serious damage or vandalism, they might deny your loan request.
Private lenders, however, have much more lax requirements for loan offers. This is because they’re just normal people who make their own decisions. Banks, on the other hand, are often making their loan decisions algorithmically. The person you’re talking to at the bank may not even get to decide whether or not to give you a loan.
A private lender will assess their risk independently and will more often make a decision in your favor.
How Do You Get a Loan?
Now here comes the tricky part: actually finding a private lender. Most of us don’t pal around with rich folks willing to part with their money, so tracking down someone who will want to invest in your home or new business is tricky.
But we here at Hard Money Georgia, make ourselves and our capital readily available for borrowers seeking hard cash. We make the process easy peasy and can get you your money in no time.
Any More Questions?
Hopefully, this brief guide to Atlanta private lending has helped you understand what this financial practice is all about. If you’ve got any more questions about how private loans work or want to apply for a loan with our firm, don’t hesitate to give us a call. We’ve got the expertise (and the capital) you’d want from a private lender.