Offers money from private sources with only one condition
There are different ways of obtaining private money loans when the budget itself is not enough for expenses and debts. Some are more flexible than others, that is, they have fewer restrictions for the client. Next we will talk about an alternative that offers money from private sources with only one condition: having a debt-free home as a guarantee.
Private money loans are mortgage-type loans in which an investor grants money to an individual in need of liquidity, at a variable interest rate. “They have two great attractions compared to traditional options: first, they are managed much faster, since the process is done online. Secondly, they are friendly with the client’s financial situation, because they can be requested while unemployed, without payroll, appearing in a debtor file, in RAI or Financial Credit Institution ”.
How much can you get with private money credits
Indeed, none of this hinders access to private money loans, as long as the property deed is owned, either in the name of the client, or that of a friend or family member. Investors authorize a sum from 6,000 USD onwards, which can reach up to 20% of the market price of the property or 150,000 USD. Of course, APRs must be paid, but they do not depend on the Bank of Spain: they vary depending on the characteristics of the debt.
What cancellation deadlines are allowed? Private money loans can be repaid in a period of time ranging from 1 to 15 years inclusive. From the second year of payment, it is possible to request new installments with 0.25% amortization cost. It is good to note that the operation and its terms are recorded in a loan contract. The document is signed before a certified professional and at a notary’s office in the same city as the consumer.
Deadlines for private money loans
On the other hand, it is not a minor fact that it is an absolutely confidential operation, which remains between the private lender and the client. Just as it does not review the client’s payroll or credit history, the investor does not need to know what the capital is for.
This type of credit is easy and fast, in a sense much more than those offered by banks, but that does not mean that it has to be illegal or that you have to expect unpleasant surprises. Private money loans are an alternative way of financing to the usual ones, simply with fewer papers, waiting and demands than usual.