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
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.”
This is ok. We lend to borrowers with bankruptcies, foreclosures, and short sales.
In approximately 1 to 3 working days we can provide a loan approval.
We lend to both individuals and to business entities.
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.
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.
We lend on all types of residential property. We do NOT make consumer loans for household use.
We lend on all types of commercial property. We do NOT lend on restaurants, nightclubs, hotels/motels, gas stations, and automotive.
Yes we lend to beginners who are doing their very first real estate investments.
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.
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.
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.