Are you a real estate investor who wants to buy and rehab properties? Have the banks turned you away or you are not sure how to pay for your investment property? This article is an excellent starting point to help you find the right Private Lenders in Philadelphia so you can narrow your search, get the money when you need it, and finally start doing deals!
What Are Private Lenders Philadelphia?
When you think of banks, you probably think of big companies with deep pockets that lend money for mortgages. The thing is: banks only really invest in residential mortgages. (There are some exceptions but banks are generally very scared of things they don’t understand—like investment lending.)
Fortunately, investors in PA have another option: private lenders in Philadelphia that are experts in lending only for investment purposes. These companies are private lenders (which means they’re not banks or publicly traded).
Who Are Private Lenders Philadelphia
If you really want to know what you’re getting into when you borrow from a private lender, start with this question! Find out who is on the team at the private lender you want to work with. In the case of Legacy Capital, we have two principals who are both highly experienced in the world of investing and lending, plus a small but experienced team of support staff.
Whoever you choose to work with, make sure they have the skills and experience you need!
Why Private Lenders Philadelphia?
While banks want to look at your personal credit to determine if they will rent to you in the long-term for your principal residence, private lenders look at other things, including the potential viability of the property as an investment and the likelihood of a return on investment, and they are lending based on those factors.
In other words: banks are judging you only for your financial reputation while private lenders in Philadelphia are thinking along the same terms as you: what will your investment property do for you?
Where Are Private Lenders Philadelphia?
As the name implies, you’ll find private lenders in Philadelphia and, in fact, all through PA. You don’t necessarily have to find one in the same city or town as you but it helps. If you’re looking to invest in Philadelphia, you should at least start by looking for private lenders in Philadelphia.
When Should You Work With Private Lenders In Philadelphia?
While some people choose to acquire a property and then start looking, we recommend that you first build some relationships with private lenders before you acquire a property. The private lender can help you consider the best investing strategy for you before you acquire a property.
How To Work With Private Lenders Philadelphia
If you are an investor looking to invest in Philadelphia or anywhere in PA, you have probably already started your search for a property to invest in. However, now is the best time to reach out to a private lender in the area and introduce yourself. Get to know the lender (and they’ll get to know you) and the two of you can determine if it’s a fit to potentially work together. They’ll also give you some ideas and recommendations that could influence which properties you choose to invest in.
If you’ve never worked with a private lender before, it can seem intimidating… but it doesn’t have to be. Private lenders Philadelphia are in business to help you succeed. They believe that when you win, they win… so they want to help you win! Use this article as a starting point to understand that private lenders Philadelphia are more than just money lenders—they are your allies in real estate investing.