Frequently Asked Questions

Who is Private Money Utah?

Private Money Utah is a private money lender based in Salt Lake City, Utah. We lend on real estate in various states in the United States and in Costa Rica. Our mission is to provide a fast and reliable source of financing for real estate investors and businesses

How long has Private Money Utah been in business?
Private Money Utah was established in 2008. Our headquarters is located in the State of Utah.
Are you a direct lender?


How do I know you are not a scam?

Private Money Utah has been an established, private money lender since 2008, with a physical office location in downtown Salt Lake City, Utah. We are an “authenticated” business by the Better Business Bureau with no complaints to date. We also have verified reviews on Google from our borrowers who are “real people.”

Are your loans asset - based?
Yes our loans are asset - based.
Are your loans credit - based?
No our loans are not based on credit score.
What if I have a bankruptcy, foreclosure, or short sale?

This is ok. We lend to borrowers with bankruptcies, foreclosures, and short sales.

How long will it take me to qualify for a loan?

In approximately 1 to 3 working days we can provide a loan approval.

How long does it take to fund a loan?
1 to 7 days is our average funding timeline.
Do you lend to individuals or to business entities?

We lend to both individuals and to business entities.

What is the criteria for approving a loan?
Because we are an asset - based lender, we base our lending decisions primarily on the real estate being used as collateral for the loan, rather than on the credit score or income of the borrower. In other words, the criteria for a loan approval is based on the property.
What information is required to get my deal accepted?

We are asset-based lenders so we require information about the real estate or property being used as collateral for the loan. Example: Property address, property type, property description, property value information.

Do you require an appraisal to determine property value ?

Private Money Utah typically utilizes a Broker’s Price Opinion to determine the value of real estate. We may also require an appraisal, but only on a case-by-case basis.

Does a hard money loan go on my credit?


What types of residential property do you lend on?

We lend on all types of residential property. We do NOT make consumer loans for household use.

What types of commercial properties do you lend on?

We lend on all types of commercial property. We do NOT lend on restaurants, nightclubs, hotels/motels, gas stations, and automotive.

Do you lend on multifamily properties?


In what States do you lend?
See loan programs by state in website menu.
Do you lend on mobile homes?
No, we do NOT lend on mobile homes
Do you lend to start - up businesses?
No we do not lend to start-up businesses UNLESS the collateral for the loan is real property, such as real estate.
Do you lend to consumers who have fallen behind on their mortgage payments?
No we do not lend to consumers who are behind on their mortgage payments, or are in pre-foreclosure, or foreclosure.
Is rehab lending available?
Do you lend to beginners in real estate investing?

Yes we lend to beginners who are doing their very first real estate investments.

Do you lend the funds for the repairs?
Yes, only on residential rehab projects. Varies by state. See loan programs by state on our website menu, for the rehab loan program specific to your particular state.
How are rehab funds disbursed?
Funds for repairs are typically placed in a repair funds escrow account. Draws are given to the borrower from the escrow account for the completion of the repairs to make sure the repairs are completed.
On your rehab loans, is the loan amount based on the After Repaired Value (ARV) or based on the purchase price?
Max loan amounts vary by state. See loan programs by state for rehab loan program information for a particular state.
Will you lend me the funds to rehab a property I already own?
Yes we lend on properties you already own to provide funds for repairs or updates.
Are loan extensions available?
Yes loan extensions are available
Are there any additional fees?
Yes there is typically a document preparation fee of $250. This is a closing cost that covers the cost of the loan documents to be prepared by a third party. There may also be a loan servicing fee, depending on what company will be servicing the loan. The amount of the loan servicing fee is between $250 to $420.
Are the points and/or loan fees due at closing, or are they paid on the backend when the loan pays back ?
On purchases, all points are paid at the closing of the loan by the borrower. On refinance loans however, a borrower can roll the loan fees into the gross loan amount
How do you determine the loan points and fees?

The loan fees(also called “points”) are calculated on a case-by-case basis. The points charged on our loans are most often based on the loan size. Loan amounts under $100,000 will have more points charged, or a flat fee. Loan amounts over $100,000 will have fewer points charged.

Do you require monthly payments on your loans , or is it possible to defer the loan payments?

Yes, monthly, interest only payments are required. We may allow a borrower to defer payments for a short period of time, on a case-by-case basis.

Are your loans amortized over 30 years?

The majority of our loans are not amortized over 30 years like traditional mortgages. Most of our loans are interest only loans(no principal payments), with the principal balance of the loan being due within 1 to 5 years. (This is also known as a “balloon payment.”) Our loans are called “bridge loans” because they are short-term in nature and do not require any principal reduction payments, just interest payments.

Do you offer any non-recourse loans?
All of our loans are collateralized by real estate. The real estate itself is the recourse for a loan, should the borrower choose not to pay the loan back.
Do you offer second mortgages or gap financing?
No, we do not offer second mortgages or gap financing. We offer bridge loans in a 1st position only.
Can I cross collateralize the loan with other properties I own?
Yes we have the ability to lend on other properties that our borrowers own to provide cash-out for business or investment purposes.