This is a recent question posed about private money:
Question: I am currently trying to raise private money. Right now I have been able to save half of the money I need. I am looking into financing and a few other options to overcome my dilemma. I have called some investors but I don’t want to do nothing while waiting for their responses. I’m offering investor (private lenders) 10% with a loan guarantee and i’ll have to pay the principal amount on the agreed time. So can give me some ideas how to get private money from investors so that I can buy bank owned properties or buy a house on a cash basis?
Answer: One thing you should do is to know what exactly WHAT you are offering when it comes to getting money from private lenders. It is better to present something to people without giving them options to customize it according to their conditions.
Let’s say you offer them 12% per annum which 1% is paid monthly with a guarantee that they will have their money back in three years. With this kind of offer for your private lender, you are giving them a simple and clean deal.
In cases when your prospective private lender does not agree with the terms you are offering, you can think of another good option which you can present to him, but you will always have the option to negotiate or not. The option you are giving them is simple and clear. Its more effective when you offer something with a clear outline, like answering a Yes or No question rather than, I think I like it or I don’t think that works for me.
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