Why use Non-Bank Privte Lender?
A private lender or non-bank institution that generally lend off their own balance sheet or Peer to Peer lending , normally provide loans for business purposes only. The different types of private lenders include short term lending and those that specialise in development lending.
When big banks reject, private lending may be a viable solution. Private lender essentially lends money with a focus on value of asset, unlike traditional banks lending that focus much on income serviceability. Therefore it can be called asset lending. Private lending is primarily for business purposes, and do not fall under the National Consumer Credit Protection Act (NCCP). Private lending is emerging as a very popular solution for sophisticated property investors, property developers as well as small business owners who seek quick financing alternative.
Private lending as per above mentioned at times called asset lending, thus real estate backed. The loans can come in the forms of first or second ranked mortgages, that will vary in costs. The type of asset to be secured can usually be residential property, commercial property, industrial property, vacant land, real estate projects, etc. And LVR usually max 65% to 75% depending on the type of asset/security. Private lending also suits borrowers who may only need a shorter term bridging loan solution, for instance 3 months to 12 months loan term.
The niche of Super Finance is to provide high-standard service to privately owned business owners. There are various advantages of private lending loans, according to your circumstances. They are as follows:
- Quicker turnaround for faster loan approval
- Short term contracts
- Low or no document alternative
- Non conforming and bad credit loan approval
- Repayment structure flexibility
- Hassle-free loan application
- Apply online from our website within 3 minutes
- Get approval within 48 hours
- Private loans ranging from $50,000.00 to $5,000,000.00