Private lenders lend money to businesses for a variety of uses including payment of wages, marketing costs and purchasing a motor vehicle for business. Private Lending options include first and second mortgages, caveat loans and unsecured business loans.
Private lenders can move faster than banks and there is generally less red tape and less paperwork. Private lenders tend to have faster approval times than banks or credit unions, thanks to streamlined or informal application processes
Private lending is essentially non-bank lending. In a nutshell, it is when a private individual loans money to a borrower.In the case of private lending in real estate, the loan is secured against real estate which is used as collateral.The vast majority of private lending is done between high net worth individuals and business owners.
