FAQs
How is private lending different than a loan from a bank?
Banks typically work under stringent rules and regulations which limit their ability to provide loans in a variety of situations. Their process is typically slow and complex. As a private lender we are non-regulated, which means we are not bound by the same requirements as banks and typical financial institutions. This provides us with many opportunities to structure a loan more creatively. We also work much faster than banks.
What information do I need to provide when applying for a private money loan?
You must provide detailed information about your real estate project, including the property details, financials, project plans, personal financial statements, and credit history. This list is not exhaustive and additional documentation may be required.
How can I apply for a private money loan with DFI Private Lending?
You can contact us directly through our website, email, or phone to apply for a loan. Our team will guide you through the application process and provide the necessary forms and requirements.
What criteria must I meet to get the funds I need?
Because we are executing complex deals that require creativity, we look at a number of factors to determine your eligibility for a loan. The first is your ability to execute your business plan. We want to work with borrowers who have demonstrated an ability to execute. If you do not have experience, having an experienced team around you can make a difference in our assessment. We are also looking for borrowers with “skin in the game” and sufficient collateral to secure the deal.
What types of loans does DFI Private Lending offer?
DFI Private Lending offers a variety of loan products, including bridge or interim loans, construction loans, development loans, fix-and-flip loans, rehab/renovation loans, commercial property loans, multifamily loans, hotel loans, joint venture loans, land loans, condo-conversion loans, letters of credit, and acquisition loans.
What is the interest rate for your private money loans?
The nature of our deals tend to be more complex, requiring creative and innovative solutions. That is why, while the rates we charge vary for each deal, our rates tend to be higher than those offered by a typical bank, but can be as low as prime +1. However, our ability to creatively structure the deal and our fast response time often more than make up for the increase in interest. For example, many construction finance deals are so short that the difference in the interest rate is negligible in comparison to the convenience and time saved to get the deal done.
What is the typical loan amount provided by DFI Private Lending?
We typically lend between $200,000 to $10,000,000. However, we are open to considering deals that exceed $10,000,000 based on the project’s merits and our evaluation.
What are the typical loan terms offered by DFI Private Lending?
Our loan terms are flexible and typically range from a month to 5 years, depending on the nature and requirements of the project.
Are you a hard money lender?
No. We prefer the term private lender instead. We do not chase rates. What sets us apart is our commitment to the relationships we build with clients. We focus on win-win scenarios and always conduct business with honesty, integrity, and transparency. We have earned a reputation as a reliable, responsible, and disciplined lender for the past 50 years.
What makes DFI Private Lending different from other private lenders?
DFI Private Lending stands out due to our 50 years of experience in lending and real estate development, our personalized approach to each deal, competitive interest rates, and flexible loan terms. We are committed to helping our clients succeed and offer support throughout the loan process.
How long does it take to get a loan approved?
The approval time can vary depending on the complexity of the project and the completeness of the application. Generally, we aim to process and approve loans as quickly as possible and can reach a decision within a week.
How can I get in touch with DFI Private Lending?
You can complete the funding form, send financial packages to [email protected], or call us at 617-212-8961. Our team is ready to answer your questions and assist with your lending needs.