The Easiest Way To Get Pre-Qualified For A Private Money Loan
If you have a good credit score and solid income, you’re already halfway to getting a loan. But if you don’t have any of those things, your chances of getting approved for a private money loan are slim.
The good news is that it’s easier than ever to get pre-qualified for a loan. The bad news is that there’s still a lot of competition out there looking for customers who need help paying off debt or making ends meet.
What does pre-qualification mean? It means that your lender has looked at your financial details — including your credit score, the amount of debt you have, and how much income you bring in each month — then determined whether or not they think they can trust you to repay the money once it’s gone out into the world. If they decide that they can trust you, they’ll ask for some additional information before proceeding with an application.
Things You Have to Do to be Pre-qualified
If you’re looking for a private money loan for real estate investment, there are a few things you have to do to be pre-qualified.
First, you’ll need to have good credit. But this is only the first step. There are other factors that lenders consider when they decide whether or not to approve your loan application.
To be pre-qualified for a private money loan, you must meet all of the following criteria:
- You must have good credit. Your credit score needs to be at least 600 and preferably more than 700. If your score is below 600, you will need to work on improving it before applying for a private money loan.
- You must be able to repay the loan if necessary (creditworthiness). Most lenders require borrowers to make at least five monthly payments on time every month until the debt is paid off completely or otherwise forgiven by them (such as through bankruptcy). Failure to do so could result in the lender terminating their business relationship with you if they find out later that you can’t afford to pay them back when they choose).
How to Find Right Lender
Getting a private money loan is easier than you think. You just need to know how to find the right lenders and the best structure for your financing needs.
1. Find A Lender According to Your Needs
2. Find The Right Loan Structure For Your Needs
3. Look Around For The Best Rates with Terms
Bridgewell Capital: the Best Hard Money Lender in Wilmington & Charleston, SC
Wilmington and Charleston, SC are two of the most rapidly growing cities in the country. With a population of over 800,000 residents, Wilmington has become one of the fastest-growing cities in North Carolina. Wilmington’s population has increased by over 50% since 2000 and is projected to continue growing at a rate of 2% per year. While this growth is great for Wilmington’s economy, it presents many challenges when it comes to financing commercial real estate projects.
Bridgewell Capital is a Commercial Hard Money Lenders in Wilmington and Charleston SC. They provide fast and flexible financing options for your business needs. Bridgewell Capital has years of experience in the commercial hard money lending field and has helped many businesses grow.
Bridgewell Capital is a locally owned and operated hard money lender providing access to loans with short-term terms. They provide funding solutions that help our clients meet their objectives whether they are looking to build out their portfolio or simply refinance existing properties. Their focus on helping people get what they need helps us serve our customers with respect and integrity by providing personalized service from start to finish.
They understand that you have a lot on your plate as it pertains to your business and we want to help you get through the growing pains of being a new venture.
The team will work with you throughout the process so that you can focus on running your business. You will not be left out in the cold when it comes time for financing or if any issues arise with your loan. They will take care of everything so that you can focus on what matters most – growing your business!
At BridgeWeLL Capital, they help business owners and investors get the money they need to grow their businesses. They work with businesses across all industries and stages of development, from start-ups to established companies that are looking for capital for expansion or growth.
Commercial Hard Money Lenders in Charleston, SC offers a wide range of financing solutions to meet your needs, including:
- Corporate Commercial Hard Money Loans
- Commercial Small Business Hard Money Loans
- Commercial Real Estate Hard Money Loans
Contact them today at 704-464-3000, if you want to learn more about what we can do for you or if you’re ready to start working on your next project!