Also referred to as hard money lending, private lending is gaining dramatic popularity due to its versatility, safety, and flexibility. It has proven to be a successful and highly rewarding borrowing source for small business owners and entrepreneurs across the US.
However, regardless of a private lender’s credibility and trustworthiness, borrowers must be cautious of private lending dos and don’ts that can help them maximize benefits. Read this blog to learn the ins and outs of private lending from our lenders in Yonkers, NYC.
Conduct A Business Assessment Before Borrowing
Taking out a private loan without knowing where you’ll spend it can be a big mistake. Always have a clear plan for borrowed money allocation to ensure full and fair repayments within the due dates. Taking out loans and spending the money like a headless chicken can lead to significant financial liabilities that can even cause business failures.
Don’t Lose Integrity and Honesty
Private lending is undoubtedly one of the easier and most beneficial business financing solutions. However, borrowers tend to get carried away by flexible terms and low fee requirements and hide their business’s real financial conditions. They either don’t provide proper documentation or use business loans for personal or other unintended purposes.
Doing so may feel all right but can lead to serious and even legal consequences for borrowers.
Do Explore Your Options
While private loans may be very attractive, it’s important to explore them in detail to understand their types, terms, and rates. Don’t rush your business loan applications and take full charge of pre-loan due diligence. Some of the most popular private loans available in the market include business lines of credit, merchant cash advances, and working capital loans. In addition, you can consider quick cash advances ranging from $5,000 and $500,000, or even higher.
Check out Whitestone Fund’s wide range of business financing solutions today!
Don’t Miss Out On the Fine Print
Borrowers who face difficulty during their loan application process often miss out on reading their lender’s fine print. It’s possible that a private lender may not have terms and conditions that match your borrowing needs. They might follow the traditional lending regulations and end up charging high-interest rates from you.
That’s why it’s important to read the fine print before signing a loan agreement with any private lender.
Whitestone Fund Offers the Safest and Most Rewarding Private Loans in Yonkers, NYC
Whitestone Fund is a credible business money Lender in NYC. We offer a wide range of financing solutions, such as cash advances in the area. Whether you’re looking for a small business line of credit or short-term cash advances in NYC to make a purchase, contact them right away.
We also offer comprehensive assistance to new borrowers who aren’t well aware of different types of private loans for businesses in the US.