A private money lender secured loans using a property you own or are buying by placing it as collateral. In simpler terms, to qualify for private money funding borrowers place the equity in their property to lenders in exchange for a loan. This way if the borrower ever stops making loan payments the lender can then take the property to recoup their losses.
Typically a non-owner occupied bridge loan property that would qualify for securing private money funding is either your second home or an investment property. A non-owner occupied home loan is NOT your primary home.
At USA Private Money you can get private money funding for residential non-owner occupied bridge loans by either hard money lenders, alternative financing or institutional lenders. Our private money funding can be taken out for residential property types easily with our dedicated USA Private Money lenders.
Private money lenders will usually consider the purpose of the loan more important than the occupancy. If a borrower owns the business and needs to take equity out of a primary residence to use for their business, there are some private lenders that will provide a loan in this scenario.
Some private lenders (including ones we work with in Arizona, California, and many other states) will also offer residential bridge loans which are used if a borrower is purchasing a new primary residence and needs to use the equity from their current home which will be sold right after the closing of the new home. This loan is usually for 12 months. The private money lenders in Arizona that we typically work with do not have strict requirements on credit and tax statements. At USA Private Money we make it easy for you to get funded by private money lenders. Arizona especially is a very interesting space to find such lenders and we typically always have an interested lender here in Arizona.
