If you own a business or tried to start one, you know that getting a loan from banks is about as easy as getting an uber to fly you to the moon, more so when your credit history isn’t as spotless as you may want it to be. It seems like no matter how well prepared you are and how nicely drawn your business plans are, financing via a bank loan just isn’t for everyone.
Private Lending as Alternative Funding
Financing via a loan from a private lender is often the best funding option for entrepreneurs who’ve been turned down by banks or is likely to be turned down by traditional lenders. This isn’t because private lenders will just hand over money to anyone who asks, in fact they are often as diligent as banks when checking for your information and credit history; it is just that they aren’t as institutionalised as banks and can look into each application with more consideration.
This is good news for those who want to keep their whole enterprise their own and not take investors in who want control in operations and executive level. A private lender won’t want that. They are usually just concerned with you being able to pay off your loan. That’s why they take risks on business ideas that have a good chance of truly taking off, to begin with.
Should You Get A Loan From A Private Lender?
A private lender is your best bet if you’ve got a realistic business plan that shows good promise backed by statistics and solid feasibility, more so when you can find a private lender that specialises in your business’ niche. Not only will they look into the viability of your proposed venture but can provide you great insights along with giving you a sound repayment plan that you really can pay for. Kind of like getting a mentor or a business fairy godmother.
Get a Private Lender
How do you find the private lender for your niche? You can ask around or get the help of professional brokers who can match you with a private lender that’s likely to give you a loan. This is easier than going through lender after lender trying to get one to take interest in what you’re trying to do.
Know too that there are private lenders that do not really have a niche or a specialty as to whom they give loans to, but have a solid track record of spotting businesses that are bound to succeed. These lenders usually use brokers to help connect them to entrepreneurs in need of capital. The brokers screen the projects and recommend the right private lender to borrow capital from. As such, they make everyone’s life a lot easier.
Thinking about getting in touch with a private lender to get a private mortgage but don’t know how and would want to get assistance from a professional mortgage broker? We’re here to help! Talk to us today! We’ll get in touch as soon as we can!