What Are Private Mortgage Loans?
Through a private mortgage loan, it’s possible to secure a short-term loan that ranges anywhere from 1-3 years in length and requires interest-only payments. With an interest-only loan, you’re only required to make monthly interest payments rather than facing the requirement for paying down the mortgage principle.
A private loan is a simple way to secure a loan when you can’t afford to wait through a lengthy approval process or do not qualify for an institutional lender or conventional bank loan due to a poor credit score.
While conventional lenders and banks exclude many people who have the ability to pay back their loans, a private lender may be your best solution for your situation. Private lenders look beyond credit history and use a property’s overall marketability and value when analyzing whether they’ll lend you the money you need.
Why Would You Possibly Need a Private Mortgage Loan?
- You Have Bad credit
- You’ve Received a 60 day notice
- Bridge loan
- First and second mortgage financing
- Debt consolidation
- Home or office renovations
- Tax arrears
Types of Properties Eligible:
- Private Homes
- Commercial buildings
- Industrial buildings