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The 101 OnPrivate Money Lenders

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Private Property Financing Options: Lender's Guide – Feeta Blog

Banks and insurance agencies are usually the sources for investors for financing. However, this can at times be a tedious process that requires a lot of waiting time and documentation.

Private money lending is a good substitute for this, especially in the fast-paced real estate industry. Both an individual and a corporation can look into private money lenders instead of larger financial institutions to hasten the process of locking a deal.

A private money loan, essentially, is capital that is offered to an individual, investor, or to a business by a: 

  • a private organisation, which is similar to typical financial institutions, but is not attached to banks, and therefore requires fewer qualifications from the borrower;
  • Private individual, who may be someone the borrower knows or someone who is part of the real estate financing industry. Just like many investments, private individuals release the money with the hope to profit from the returns.

Borrowers either work in real estate or are ordinary individuals seeking to invest in it. Borrowers may opt for loans to sell, rent, build or renovate a property.

Private money lenders are usually found within the local area of the borrower and are more likely to invest not just money, but their interest in the property and ensuring its success. Being hyper-local, they are more aware of the trends happening as well as the competition that might surround the property.

Unlike typical financial institutions, private money lenders can offer as little as a promissory note, or an agreement can be made through a deed of trust. Written in this document would be the loan amount, payment terms, interest rate, and whatnot. The property is mortgaged to the lender as a collateral until the borrower completes their payment. 

To ensure transparency before finalising a deal with their borrowers, private money lenders look into three aspects:

  • Credit score. The credit score will let private money lenders know if the borrower is timely in paying their debts.
  • Pricing. The lender makes sure that the loan amount is within a competitive range.
  • Exit Strategy. The lender looks into when and how the borrower must pay back the loan.

On the other hand, before choosing a private money lender, a borrower can look into: 

  • Making sure the lender has money that is available and was secured legally. The last thing a borrower would want is a loan not coming through right when they are in the middle of finishing the renovation of a rental space or in the final stages of building a house.
  • Looking into the lender’s experience in the field. How much they know about real estate, financing, and even the locality of the property will be very helpful before locking figures.

But for as long as both the lender and the borrower are secure in their agreement, private money lending is an appealing option for both parties. Negotiations for easy payment schemes can be made between the private money lenders and the borrowers, and deals can be made in just one day.

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In Finance

What Accounting Services are Provided for Business?

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Accounting services are essential to both small and enormous businesses. The services help to stay businesses on target regarding various payments, financial development, bookkeeping, and business expenses. Professionals provide advice to small starting businesses on the proper investment and best structure for his or her business to make sure financial stability. It’s thus crucial for a business owner to understand the simplest outsourcing accounting services for his or her business. The accounting service for businesses services differs counting on experience, business environment, and management status. It’s thus essential to understand the acceptable sort of accounting service that your business requires. You will also seek professional help from specialized accountants. Accounting services need to suit the laws and regulations of the corporate also as those of the state.

Here are different accounting services which include:

  1. Bookkeeping
  2. Tax accounting
  3. Chartered accounting
  4. Forensic accounting
  5. Financial controller services

1. Bookkeeping

This sort of accounting service involves keeping records of the financial accounts of the business. The bookkeeper updates financial systems by recording a tough copy of the financial data or use financial accounting software on the network. The bookkeeper monitors the payment of the accounts and the way they’re received.

2. Tax accounting

This deals with tax and other taxes that are placed on the business. The tax accountant ensures that they provide the simplest advice when it involves claims and protects the corporate from paying unnecessary taxes. The tax accountants also help in fixing issues associated with the filing of returns.

3. Chartered accounting

Chartered accountants concentrate on several areas from auditing to management. They’re usually a neighborhood of the professional financial body.

4. Forensic accounting

These accountants offer services within the tracking of missing funds which will appear within the course of the financial report. The accountants usually work hand in hand with enforcement agents. For effective delivery of this accounting service then it’s essential for the business owners to be transparent with their forensic assistants concerning any evasion or fraud or any financial problem.

5. Financial controller services

The financial controllers are the top of the commercial department. Their task includes; assigning work to employees, overseeing staff, and handling new clients. they’ll also carry both external and internal auditing tasks. They ensure efficient and accurate accounting work.

Accounting refers to the method of keeping financial records concerning the business. It involves the method of recording, summarizing, analyzing, and reporting all the transactions. Accounting is one among the key functions of all businesses. This key function is handled by an accountant during a small firm, or by a finance department with dozens of employees at larger companies. Once you outsource your accounting services to a reliable accounting service provider, you’ll surely find the difference you’ve been trying to find. Because it may be a well-known incontrovertible fact that your Accounting services are often an enormous task, your stress gets eased out here. The expert accountants will check out equally of your company’s accounts to offer you the simplest results. Outsourced accounting services have tons of advantages and can also help within the growth of your business. They lookout of small business accounting services also and supply top-notch services like bookkeeping services, professional accounting, tax accounting, payroll services, cash transaction services, and statutory compliances.

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In Business

The Services a Call Center Provides

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Call centers are offices from where trained professionals help out businesses remotely. The professionals carry out tasks like answering incoming calls, messages and emails; make outgoing calls as preferred by the businesses and transfer calls to the concerned people. Though a virtual receptionist does not remain physically present at the site of businesses, they carefully work for them. As a business grows and so does the query and expectations of people, it becomes tough to answer all the calls and mails in the real time. A remote receptionist does this job efficiently to maintain communication between a business and its customers and clients.

Outgoing calls

Many businesses require to make outgoing calls to present and prospective customer and clients. The main purpose usually is to let them know about new services and products. Often clients and customers are approached through mails. The receptionists are trained to present everything to the concerned people in an impressive way and convince them.

They are present even when you are not

Running a business does not mean you cannot enjoy your life. You can definitely decide to stay away from those phone calls and e-mails for a weekend or on a vacation. There is nothing to worry about as the receptionists got you covered. You might be on a holiday while they remain at the desk to promptly answer a call or mail. Though you might stay away from these things for a few days, you will never miss anything. The professionals will notify you of everything important to help you get back to the job without any problem.

Working with call centers has become much popular due to its low cost and efficient results. Even small businesses can easily afford the services as it is cheaper than setting up an in-house team.

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In Finance

Why and Where to Invest in Fintech

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Heard of fintech? If you read the news with any consistency, then you’ve surely come across the term by now. 

Fintech, or financial technology, is quickly transforming the banking industry, and bringing significant changes to many other areas of the global economy as well, especially eCommerce. 

As of February 2020, there were 8,775 fintech startups in the USA, more than any other region, though the US is by no means the only country embracing this nascent industry. There were about 7,385 such startups across Europe, the Middle East regions, and Africa.

The industry has only grown since then, aided in part by a pandemic that created a sudden and global premium for remote services, especially remote financial services. 


Or as Forbes put it: “Frenzied at-home trading and sky-high asset valuations became hallmarks of the stock market’s pandemic year, fueling a period of explosive growth for a crop of investing-focused fintech companies at the center of it all.”

Though dismissed as a fad just a few years ago, now the biggest financial firms and publications have daily stories about how and where to invest in fintech. 

Why? 

Because fintech drastically lowers the service costs of many financial transactions while simultaneously providing streamlined outcomes with automated financial operations, said Bardya Ziaian, the CEO of Sittu Group and an innovator in the Canadian fintech industry. 

So for starters, fintech is cheaper for many customers than conventional banking. It’s also part of the larger trend of cashless transactions. 


Most people, especially in the younger generations, now eschew the use of cash in most transactions, Bardya Ziaian said. Whether it’s a morning smoothie or online banking, the use of cash declines every year. Fintechs will benefit from this change as they flourish when more transactions take place on their platforms. 

Digital payments actually comprise 25 percent of the fintech ecosystem. And it’s not like smart phones are going anywhere. According to TechCrunch, about 90 percent of smartphone users make payments on their phone.

The other salient point is about data. The fintech industry has been an early adopter of data-gathering, using it primarily to draw conclusions about customer spending patterns. While many media outlets continue to question the ethics of data-mining, the reality embraced by every major eCommerce retailer is that customers now expect online businesses to offer personalization — and that requires data. 

“Fintechs have proven themselves extremely adept at leveraging the huge amounts of data out there to provide solutions that modern consumers want,” Ziaian said. “This trend isn’t going anywhere. It’s the future.”

So we’ve established that fintech is here to stay and will continue to grow in future years. 

Where should you, the investor, start putting their money? 

You could start with one of the fintech companies you’re already using in your daily life. The main services in fintech are: payment processing, financial software, online and mobile banking, online and peer-to-peer (P2P) lending, and financial services, and person-to-person payments. 

Unless you’ve been living under a rock the last 10 years, you’ve likely already embraced at least one or more of those services. 

That’s why when Motley Fool announced their Top 5 fintech companies for investing, the candidates weren’t newcomers, but fintech companies that have shown reliable growth for a number of years. 

The picks include Square, which you’ve likely used at a coffee shop or farmers market to pay for small items. Square processes card payments at a rate of over $100 billion, according to Motley Fool, it has a thriving small-business lending platform, as well as increased use among larger vendors. 

There’s also PayPal, founded by now-richest-person-in-the-world Elon Musk. Now the leader of online payments, it also owns person-to-person payment platform Venmo, and is venturing into the eCommerce space as well. 

The third pick from Motley Fool is the most interesting: Goldman Sachs. It’s an odd choice for fintech, given that Goldman Sachs is one of the oldest companies in conventional banking. But the company is now embracing fintech, 

“And unlike most other fintechs, Goldman’s massive investment banking business tends to be better in turbulent markets, making this a less cyclical fintech stock,” Motley Fool wrote. 

There’s plenty to explore about fintechs and investing, but this should help you get started. 

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In Business

Cardinal Rules for Michigan Businesses to Prevent or Control Fires

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Sunday, October 8, 1871. The story goes that a cow on a nearby farm in Chicago knocked over a lantern and burned everything in its surroundings.

In reality, the summer of that year was unusually hot, and as fall came, almost everyone in Michigan, Illinois, and Wisconsin knew the condition wouldn’t change. Instead, it transformed farms, homes, and buildings into a huge kindling.

And so the Great Chicago Fire began in the early evening of that October, destroying acres of land and ending lives. Later in the day, the smoke crossed over to the tiny towns of Michigan, rousing families to shouts of “Fire!”

It took about three days before the flame died, but the story didn’t end there. The Great Lake State has dealt more fires since then. As of May 2021, the Colfax Fire is raging in the north and destroying at least 420 acres of land.

Overall, the state experiences at least 8,000 wildfires and more home fires each year, some of which eventually make it to the headlines because of their severity. It isn’t surprising then that Michigan implements a strict fire prevention code.

For those doing business in the state, here are essential fire-related points that matter:

  1. Create an Emergency Plan and Involve the Local Firefighters

According to the provisions of the construction and fire codes for enterprises in the state, a business needs to meet three requirements to have an effective emergency plan:

  • Firefighter right-to-know, which means both employees and local firefighters need to be aware of the type of hazardous materials used in the establishment and their corresponding danger. In line with this, local firefighters have the right and obligation to inspect the site regularly.
  • HAZWOPER, which stands for hazardous waste operations and emergency response. It obligates companies that produce or use chemicals officially labeled as hazardous or dangerous by OSHA (broadly defined as one that can cause physical harm) to prepare for any emergency and train employees in the process. Based on the code, this plan will include first aid and other types of emergency treatment, evacuation procedures and routes, and coordination with outside parties, like firefighters.
  • SARA Title III, or the Superfund Amendments and Reauthorization Act. Under this law, industries that produce or use extremely hazardous substances in volumes, which increases the risks of public exposure, may need to make their inventory or chemical data sheet public. Moreover, every county may have to set up a fund to cover emergency response and toxic waste clean-up.
  1. Work with a Qualified Electrician in the State

Many fires happen because of faulty or old electrical systems. This is especially true in industries that rely on huge power lines. When they are not maintained well, they can still begin a massive wildfire as trees or branches can touch the line.

Electrical wiring is one job that no layperson can do in the state unless they are duly licensed. This means that businesses need to work with an industrial electrician in at least two situations:

  • Before installing any electrical equipment in the building
  • Altering the electrical system (such as adding or replacing worn wires), especially if the cost of the equipment exceeds $100

Based on the local building code, in these two scenarios, the company needs to obtain an electrical permit. But a qualified contractor can already take care of that.

However, this electrician may need to coordinate with a state-licensed engineer or architect, who has to provide signed-and-sealed building plans and specifications. These are part of the requirements for getting an electrical permit.

The only time that alterations or rewiring won’t ask for a signed plan is if it is considered “minor.” The working area is no more than 3,500 square feet, and the electrical system rating doesn’t go beyond 400 amps.

  1. Obtain a Mechanical Permit

The 1972 Act 230 of the state says that a building that needs to use specific flammable equipment needs to obtain a mechanical permit. These include water heaters, chimneys and vents, cooling systems, incinerators, boilers, and air pollution control systems.

Businesses can only work with licensed contractors to get the permit. Local firefighters, meanwhile, may inspect the area and the quality and condition of this equipment regularly.

Fires cost a lot of money and endanger lives, but the good news is, in many cases, they are both preventable and controllable. If not, then companies have the means to prepare for an effective emergency action to significantly reduce human and property losses. It begins by following the state building codes and collaborating with the local fire department.

Meta title: Essential Fire Rules for Michigan Businesses

Meta desc: Every year, Michigan experiences thousands of fires. Businesses can decrease their risks of human and property losses with these three tips.

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