If you study the work process of non recourse real estate lenders, you will find that private financers are more client-centric than banks. A private financer could be an individual or a company. Here, in this blog, we will see how private finance companies work and what makes them different from banks.
1. Accessibility and Availability
You know banks have a strict work culture. They work only weekdays and process loan applications only during business hours. In other words, they are against working late, weekends, or holidays to process loan applications. On the contrary, private financers work till late at night and are available on weekends and holidays. This is especially true about individual financers.
2. Minimal paperwork
If you go to a bank for an IRA loan recourse loan, you will be asked to furnish multiple papers related to your income, profit, bank statements, and assets. Banks require collateral to give loans. If they don’t get complete papers, they won’t consider your application. On the contrary, private finance companies can process your loan application with minimum paperwork. The financer will even help complete the paperwork.
3. Easy repayment
Banks won’t let you go scot-free without repaying the complete loan. They will make sure you repay your loan with interest. On the other hand, private financers allow their borrowers to walk out of the deal. For example, if you find it difficult to repay your loan, you can surrender the collateral property and walk out of the deal.
4. Finance all properties
Banks are choosey about investment properties. For example, if you ask for a fix and flip loan, your bank could deny your application. If the bank doesn’t find the deal profitable, it can trash your application. On the other hand, a private financer will approve your self directed IRA loan without checking the property. The financer will accept the property as collateral.
5. Quick help
If you have any queries or doubts regarding property finance, you can approach a private financer at any time. But it can’t be said about banks. If you want to talk to a bank, you will be asked to come only on weekdays.
Non recourse real estate lenders are friends of buyers. If you are looking for a property loan, you should approach a private financer or company. The biggest advantage of a private finance company is they can assure you of quick and real help.