Individual Money is a commonly used name during the financial and you will finance. It relates to credit money to a friends otherwise individual because of the a personal private otherwise business. When you find yourself financial institutions is actually antique resources of investment for real house, or any other intentions, personal money is offered by anyone otherwise groups and will has low antique qualifying assistance.
Personal money is going to be similar to the prevailing rate of interest otherwise it can be extremely expensive. If you have increased chance with the a particular exchange extremely common having a private money lender to help you charges a interest rate over the heading speed. Read more