Wall Street Journal (07/31/08) P. D4; Mincer, Jilian
Borrowers with good credit seeking money to build, buy or renovate a home increasingly are turning to private lenders to avoid the stricter underwriting standards and lengthy approval processes imposed by banks and credit unions. Wealthy investors, hedge funds, private-equity firms and even groups of lawyers are offering cash to borrowers in exchange for high returns. Borrowers can expect to put 35 percent or more down and pay 20 percent or more in interest, with loan terms ranging from about six months to five years.
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