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The loans offered by the private money lenders are often secured by a real estate asset. You can use these loans to purchase a condo, a house or a multifamily building. You can take this personal loan from a friend or private lending companies. Therefore, private money lenders are also known as “relationship-based” lenders.
However, people usually refer to hard money lenders when they think about private lenders because these money lenders offer short-term real estate loans that can be used to renovate or purchase an investment property. These loans are suitable for both long-term buy-and-hold investors as well as short-term fix-and-flip investors. In this section, we’ll describe if private lenders are the right option for you.
The private lenders are divided into three different categories. Here are the three different categories of private money lenders:
Primary Circle: Friends and Family
Secondary Circle: Personal and professional acquaintances or colleagues
Third-party circle: Hard money lenders and accredited investors
The hard money lenders are the most reliable, therefore, they are considered to be the best private lenders. Similarly, they offer standardized fees, costs, interest rates, and loan terms. However, based on your needs, you need to decide the right type of private money lender.