What is a Private Money Loan

Benefits of Private Money Loans

Quick Approval and Funding: Private money loans offer a faster approval and funding process compared to traditional mortgages, making them ideal for time-sensitive investments and opportunities.

Flexible Loan Terms: These loans offer flexible terms and conditions, including interest-only payments, shorter loan durations, and the ability to finance various property types, including residential, commercial, and mixed-use properties.

Asset-Based Lending: Private money loans are primarily based on the value of the property being used as collateral, rather than the borrower's credit score or income. This makes them accessible to a wider range of borrowers, including those with unconventional financial profiles.

Ideal for Real Estate Investments: Whether you're purchasing, refinancing, or renovating a property, private money loans provide the capital you need to achieve your real estate investment goals.

WHY CHOOSE US

What We Offer To You

Welcome to Las Vegas Mortgage, where we specialize in providing fast and flexible financing solutions through our Private Money Loan program. As a dedicated private money loan specialist, I am committed to helping real estate investors, developers, and borrowers with unique financial situations secure the funding they need with ease and efficiency.

Expertise in Private Money Loans

With extensive experience in private money lending, I understand the specific needs and timelines of real estate investors and developers. Whether you're looking to finance a fix-and-flip project, purchase an investment property, or bridge a financing gap, I provide expert guidance and customized loan solutions to meet your goals.

Tailored Solutions

At Las Vegas Mortgage, we offer tailored loan solutions based on the property's value and potential, rather than the borrower's credit score or financial history. This makes our private money loans an ideal option for borrowers with less-than-perfect credit, self-employed individuals, and those with unique financial circumstances.

Flexible and Fast Funding

Private money loans, also known as hard money loans, offer flexibility in terms and conditions that traditional loans often cannot match. With a streamlined approval process and faster funding, we help you seize investment opportunities quickly, without the lengthy paperwork and delays associated with conventional loans.

Commitment to Clients

Your satisfaction is my top priority. I am dedicated to providing transparent, honest, and responsive service throughout the entire loan process.

Local Expertise

As a locally-based mortgage company, we have a deep understanding of the Las Vegas real estate market. Our insights and connections enable us to offer you valuable advice and assistance, whether you're buying a home in the city or the surrounding areas

Comprehensive Loan Options

We offer a wide range of mortgage products, including FHA, VA, conventional, and jumbo loans. This diverse selection allows us to tailor our offerings to meet your specific financial needs and goals, ensuring you get the most suitable loan product for your situation.

Mortgage Pre-Approval

Secure your financing before you start shopping. Our pre-approval process is quick and easy, giving you a clear understanding of your budget and making you a more attractive buyer. Start your journey with confidence!

House Shopping

Explore a wide range of properties that fit your needs and lifestyle. Whether you're looking for your first home, a vacation retreat, or an investment property, our team is here to guide you through the search and help you find the ideal match.

Loan Application

Complete your mortgage application with our streamlined and user-friendly process. Our experienced loan officers will assist you every step of the way, ensuring all your questions are answered and your application is processed smoothly. Let us help you make your homeownership dreams a reality!

WHAT’S THE BEST

Mortgage Programs

At Las Vegas Mortgage, we offer a variety of mortgage programs tailored to meet your unique financial situation and goals. Whether you're a first-time homebuyer, a seasoned investor, or somewhere in between, we have the perfect loan solution for you.

Specific Programs

FHA Loans: Ideal for those with lower credit scores or limited down payment funds.
Conventional Loans: Flexible options with competitive rates for a range of borrowers.
USDA Loans: Great for rural property buyers, offering zero down payment.
VA Loans: Exclusive benefits for veterans and active-duty military members.
DSCR Loans: Perfect for real estate investors focusing on cash flow properties.
Bank Statement Loans: Designed for self-employed borrowers who need to show income differently.
ITIN Loans: Accessible options for those without a Social Security number.
Foreign National Loans: Financing solutions for non-U.S. citizens.
Fix and Flip Loans: Short-term financing for property renovation and resale.
Cannabis Industry Loans: Tailored loan options for professionals in the cannabis sector.
1099 Loans: Options for independent contractors and freelancers with 1099 income.
Private Money Loans: Quick and flexible funding for unique situations or investments.

OUR TEAM

Our Staff Profiles

KeVIN SCHANDA

SENIOR MORTGAGE ADVISOR

NMLS 93971

JONATHAN FESSER

MORTGAGE ADIVSOR

NMLS 2225687

BONNIE CLOCKEL

MORTGAGE ADVISOR

NMLS 1906508

Frequently Asked Questions

What is a Private Money Home Loan?

A private money home loan, also known as a hard money loan, is a type of short-term financing provided by private investors or lending companies. These loans are typically used for real estate investments, such as fix-and-flip projects, rental property acquisitions, or bridge financing. Unlike traditional loans, private money loans are asset-based, meaning they are secured by the property being purchased or refinanced, rather than the borrower's creditworthiness.

Who Can Benefit from a Private Money Loan?

Private money loans are beneficial for real estate investors, developers, and individuals who need quick access to capital and have difficulty qualifying for traditional loans due to credit issues, self-employment, or unique financial situations. These loans are also ideal for those looking to finance properties that may not qualify for conventional loans, such as distressed properties or those requiring significant renovation.

How is the Loan Amount Determined for a Private Money Loan?

The loan amount for a private money loan is primarily determined by the value of the property being used as collateral. Lenders typically offer a loan-to-value (LTV) ratio, which can range from 60% to 80% of the property's current or after-repair value (ARV). The specific LTV offered depends on factors such as the property's location, condition, and the borrower's experience and track record in real estate.

What Are the Key Differences Between Private Money Loans and Traditional Mortgages?

The key differences between private money loans and traditional mortgages include:

mortgages include:

Approval Process: Private money loans have a faster approval process, often closing within days or weeks, compared to the longer process for traditional mortgages.

Qualification Criteria: Private money loans focus on the property's value and potential, rather than the borrower's credit score or income. Traditional mortgages typically require thorough credit checks and income verification.

Loan Terms: Private money loans usually have shorter terms, ranging from 6 months to a few years, while traditional mortgages often have terms of 15 to 30 years.

Interest Rates: Private money loans typically have higher interest rates than traditional mortgages due to the increased risk for the lender.

What Are the Risks and Considerations of Private Money Loans?

While private money loans offer fast access to capital and flexible qualification criteria, they come with certain risks and considerations, including:

Higher Interest Rates: Private money loans typically have higher interest rates compared to traditional mortgages, which can increase the cost of borrowing.
Shorter Loan Terms: The shorter loan terms may require borrowers to refinance or sell the property quickly to repay the loan, which can be challenging if market conditions change.
Balloon Payments: Some private money loans may require a balloon payment at the end of the term, where the entire remaining balance is due at once.
Property Risk: The value and condition of the property can significantly impact the loan terms and the ability to repay the loan, especially in the case of fix-and-flip projects