A private lender is a person or business that provides loans directly to real estate investors. Private lenders typically provide capital to investors who would otherwise have a difficult time qualifying for or obtaining a loan from a bank or financial institution. In many cases because the loan is for a property in poor condition, or the borrower does not have a W-2 source of income.
Private loans are typically guaranteed by the borrower and collateralized (backed) by real estate or other assets of the borrower.
If you own a rental property individually or in an LLC, you can easily refinance to a lower interest rate and pull cash out in the process.
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