Some private lenders will even take the time to look beyond a credit score for logical ways to explain the credit rating.
The strict bank rules of income, assets and credit rating are typically less important than proving liquidity or cash in the bank, credit and income or sometimes stated income. Since a private lender is usually smaller and/or operated independently, approval decisions are more likely to be determined by the base level product guideline and professional experience than algorithms. In addition to simpler, faster funding, private lenders can offer a more personal customer service experience. In a competitive housing market like the current one, this gives an investor the ability to move forward with a higher likelihood of acquiring the property they want. Private lender loans are most often non-owner occupied, short-term, interest-only, more flexible than traditional bank loans and may result in an easier and faster loan-approval process.
Private lenders are typically funded by accredited high net worth groups, individuals or conglomerates as opposed to institutional banks.
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