December 4, 2017
A new real-estate investment can be an exciting and profitable venture. But the start up can be difficult due to money constraints. Have you considered a private money loan? Private money loans originated from Baltimore private money lenders are a great way to get money for a rehab property, fast. Here’s how to narrow down the field of possible lenders you are choosing from.
Credibility and Experience
Probably the most important characteristic to look at with a Baltimore private money lender is their credibility. Having a lender who is unreliable can put a damper on your investment. Have a look at their website, read reviews about their business on Google, and also simply see how long they’ve been in business.
All loans have interest rates attached to them. It’s how the lender makes their money on investing in you. Do not let the lender take advantage of you here. Find a rate that fits your desired payback ratio. You don’t want to end up losing money in the long run because of an unfavorable interest rate. Take your time to compare interest rates between lenders and find the best one for your goals.
Considering that private money loans are usually short-term, payments are different than longer termed loans. Look at the payment plans lenders offer and choose one which best fits your schedule and budget.
Just Find the Lender who Makes you Comfortable
There are many factors which go into selecting a private money lender. Take your time and sit down to seriously consider all of the aspects. Do not force yourself to choose one, the right one will stand out to you. In fact, take some time to meet with lenders, or at the least talk to them over the phone. Get a good gut-feeling about the lender and make sure you will like working with them.
Maryland Private Mortgage
For over 29 years, Guy Cook has been a trusted Baltimore private money lender who gets you what you need. We offer low interest rates, great loan terms, no pre-payment penalties, and provide fast closing times on your loans. Call today to find out how Maryland Private Mortgage can get you a desirable private money loan.