If you are an investor looking for resources to finance your next real estate purchase, you may want to consider private mortgage lenders. A primary difference between these financiers and traditional mortgage lenders the former provides special lender services. The latter is usually a group of banks.
Additionally, private financiers are more flexible, which is what real estate investors need to structure the types of loans necessary to close their deals.
Other key differences can make your decision easier, especially considering that traditional lenders are not likely to finance your purchases.
Qualifying for Mortgages
The qualification process is another key difference between private lending and other financing sources. Traditional lenders will focus on your credit history, financial statements, tax returns and the level of debt you have currently.
In contrast, using a private lender means you are not required to provide such details as a means to getting approved. Rather, their primary concern is the appraised value of the property you want to acquire. This main criteria is set because a high value helps to guarantee providing the financing is a good investment.
In addition to the value, these lenders also want to consider whether the property is poised to produce income. With these two elements, you have a good chance of securing the loan. Most loans are not valued above 70% of the property’s appraised value. If the property does not produce expected income, you will receive a lower percentage.
Another advantage to using these financiers is the speed of closing on a property deal. Unlike the time it takes with traditional lenders, the private firm you choose can complete the entire transaction in about one week. Compare this length of time to the two or three month wait that normally occurs with traditional mortgage providers.
Usually, traditional banks say they have approvals within 24 hours. However, those are often conditional and will require that you provide more details and paperwork to get a full response. Private lenders, on the other hand, can provide an approval for most situations within the 24-hour timeframe and it will mean that you are approved.
The next time you are looking to finance a good real estate deal, think about other options before starting the process with traditional mortgage lenders. While there are a variety of options, think about which one makes the most sense for what you are trying to accomplish. You do not want to miss out on a good property investment waiting for 30 days or more to get approved.
People value convenience when it comes to traveling. Uber is a big help to people, especially those who live in countries where public transportation is inadequate. The ridesharing service is praised for its practical and efficient service. You can hail a ride anywhere, as long as it is within the covered area and you have the app installed on your mobile phone.
Uber may be a praise-worthy app, but its drivers and its passengers are only human. Both parties may be involved in an accident within the duration of their trip. Vehicle accidents happen even when you are riding an Uber registered car.
Uber drivers, regardless if they are full-time or part-time, work long hours daily. Treading unfamiliar roads and streets just to get to their passengers to their destinations may be unnerving for them. The additional pressure of meeting strict deadlines and achieving customer satisfaction also add to their challenges.
Drivers for Uber have the responsibility to provide safe and convenient ridesharing services for their passengers. Uber emphasizes the importance of safety for its drivers and passengers. However, the demand for high-quality service may sometimes become a little too much for drivers. As a result, they may get into accidents.
Uber Insurance Explained
Drivers need to familiarize themselves with the company’s insurance. Uber’s insurance coverage has three periods:
First. This period starts when you log in and use the app, and you are waiting for a passenger’s request.
Second. The second one starts when you accept a request from a passenger, and you are en route to pick him or her from the designated location.
Third. The last period is when the passenger gets in the car. The trip ends when the passenger is dropped off at the location.
Once your trip finishes, you are back to period one. Uber has a $1 million insurance coverage for periods two to three. These periods also have collision coverage. For period one, Uber does not provide collision coverage. Therefore, any accidents that occurred during this period are generally not covered by the company’s insurance
What Should You Do?
Uber is not spared from vehicle accidents. After all, their drivers are only human. If you want to reduce your risk of getting into an accident or you’ve been involved in an Uber accident, it is best to consider these steps:
For the driver:
Prepare. As an Uber driver, you must keep your passengers safe. Preparation is still the best way to avoid getting into accidents. Know the traffic laws in different areas, as you are not limited to servicing a specific one.
Practice safety measures. Being a driver for Uber involves long periods of waiting. Instead of waiting on the sidewalk, you can wait for a request at home or in a parking lot. This tip prevents you from driving around the streets aimlessly. It also reduces your risk of getting into a car accident.
Know your numbers. Keep emergency numbers as well as the police assistance hotline close to you while driving. Contact the relevant number once you get into an accident. The authorities and medical professionals will assist you and your passengers.
Document. Take photographs of what happened to the car. Document every scratch or dent that your car has to serve as evidence. If you have a dashboard camera, it is best to make a copy of the recording during the time the accident happened.
Call a lawyer. Call your legal representative before any other party speaks with you. Tell your attorney about the accident, and he or she will aid you through the legal process.
If you sustained any injuries while you are driving your passenger to his or her destination, you can make a claim against the negligent party and make sure that Uber covers your accident. Since the accident happened while you are driving for you passenger, Uber insurance still should cover you.
For the passenger:
Do not panic. If you are a passenger, stay cool as a cat. Panicking will not help you anyway. Stay calm and check if everyone, including the driver, is okay.
Call for help. Seek medical attention, even if you only sustained a minor cut or minimal bruises. It is critical to get help from emergency respondents to ensure that you are okay.
Call your lawyer. You should also call your lawyer. Tell him or her about the incident. Your lawyers will advise you on how to cooperate with the other party, but they will recommend you to refrain from talking about anything related to the case without their presence.
Document the incident. Taking photos or videos of the incident is helpful in case someone from Uber or the other party talks to you.
If you are injured as a passenger, you can file a complaint against the other party or Uber, depending on who is at fault. You need to provide enough evidence before you make your claim.
One can never predict when an accident will happen. Despite taking precautionary and safety measures, you are still at risk of getting into an Uber accident. Understanding what to do when an Uber accident occurs allows you to know your legal rights from a law firm like this here and the steps to take in order to make a claim.
This article was written by Donna Williams, who loves writing about law and automotive topics for the common reader. As a professional writer for almost 10 years, Donna continues her passion for both writing and law through different law firms. She enjoys cooking with her siblings during her free time.