- Private Money Loans are asset-based loans that are usually used to finance short-term repairs and the acquisition of properties.
- Very often, Private Money Lenders can step in to provide funds where banks cannot.
- The best way is to fill in the information requested on the application. Please fill it out completely to speed up the process.
- Yes, but only if the property is non-owner occupied.
- Down payments are always required. The great news is that we can cross-collateralize.
- Your credit report will be pulled for the loan review, but it is not a determining factor for loan approval. A high credit score may reduce your interest rate.
- Non-owner-occupied residential property and commercial property.
- Our loan-to-value ratio is 70%
- The typical loan terms are between 3-18 months, and sometimes up to 2 years
- Our loan amounts start at $50,000 and up.
- Yes, the cost of the lien will be added into the closing costs.
- Yes, by one of our approved appraisers only.
- Yes, our team will order all inspections.
- When you are pre-approved, we will give you a pre-approval letter.
- The loan can only be made to your entity.
- We prefer that the property is under contract but will be happy to speak to you about your options if it’s not.
- Yes, as long as the amount does not exceed our loan-to-value ratio of 70%.
- The closing will take place within 10-14 working days after all required documentation is provided to us.
- Absolutely.
- For the right borrower and deal, we fund projects nationwide.
- Absolutely. The best way is to fill in the information requested on the application. Please fill it out completely to speed up the process.
- Closing costs vary and are between 5%-7%. Assuming our loan-to-value ratio is not exceeded, these costs will be added to the loan.
- Interest rates are 12-14% and 3-6 points.
- Yes, there is a $250 application fee. When you repay the loan, we will refund the application fee.
The visionary and dynamic leader of Nova Money Lenders, LLC, an emerging private money lending institution. With a passion for innovation and a deep understanding of the lending landscape, Elizabeth is dedicated to driving the success of the company.
Drawing from her extensive experience and solid educational background, including a BSC in Mathematics and Physics from the University of Guelph, Canada, and a Certificate of Marketing from McGill University in Montreal, Canada, Elizabeth has developed a comprehensive knowledge of market trends, risk assessment, and strategic financial planning.
Throughout her career, Elizabeth has focused on both the investing and lending sides of the real estate sector, accumulating over 35 years of experience. She has honed her skills in various specialties, including real estate wholesale, fix and flip, rental properties (single family and apartment buildings), mortgage notes (1st and 2nd) (performing and non-performing), creative financing, foreclosures, short sales, and more.
Outside of her professional pursuits, Elizabeth indulges her love for fine jewelry, even becoming a bench jeweler, a budding gemologist, and a diamond appraiser.