Unable to qualify for traditional mortgage options?
A private mortgage is an alternative source of financing or lending given to a borrower by a private lender. It can be given by a person or business that loans money to someone for a mortgage or a home refinance loan, who may otherwise not be approved the conventional way i.e. through a bank or lending institution. A private lender is typically needed due to income or credit difficulties. Money would be given as a loan and it would be secured by the property. Private mortgages are usually short-term interest-only loans ranging from 6 months to 3 years. Our team specializes in finding the best private lender who will offer you the right option for your needs and specific financial situation.
There are many reasons why borrowers require help or the assistance of a private lender.
- You have poor or bad credit and cannot get approved the conventional way.
- You are self-employed and the bank is not considering all your income.
- You are buying a non-traditional property that a conventional bank or institutional lender will not give a mortgage for.
- You only need a short-term loan.
- You need the money quickly and cannot risk a long approval process or not being approved.