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Private Loans
Under a private loan,
an individual who is not normally in the business of
making loans extends the loan to another individual
or entity. This is a business transaction, the lender
provides the use of the money, and the borrower pays
for that use. As with any business transaction, there
needs to be formality to the process, or it risks turning
into something one or both parties did not intend.
Loans between individuals
are not new – there are millions of individuals
in the United States who have extended or received these
types of loans. These loans can be used for many purposes,
but some of the more common include:
• small business
purposes, such as start-up, acquisition or expansion;
• home purchasing or refinancing;
• real estate construction, rennovation or improvements;
• major consumer purchases, such as car loans,
furniture loans and the like;
• Education funding;
• Emergency funding;
• Seller take back financing.
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