Getting a private mortgage

Private mortgage is a viable option when traditional ways of obtaining a mortgage through either Banks or Credit Unions have been turned down. But this is not the end of the road when it comes to obtaining financing needed.

We have a host of private lenders willing to provide mortgages to people who would not qualify through traditional lenders. For one thing, they're not bound by the same rules and regulations by which large institutions have to abide. These are a group of people or investors having surplus of cash and willing to lend it out with an interest.

With private lenders, many people are given a second chance to obtain a property or financing they need. The value of the properties are of more interest than the credit score of the borrower

A list of potential circumstances that may benefit from a private mortgage

• Self-employed individuals who are not able to prove their income
• Individuals with a high debt to income ratio
• Individuals wanting to invest in unconventional properties
• individuals thinking of consolidating debt through 2nd mortgage.
• Individuals with a low credit score
• Individuals who are in a time crunch to get money quickly

Typically, private lenders are more flexible when it comes to approving loans as well as simpler application needed to expedite the process. That means it takes less time compared to traditional banks.

Bear in mind that with private lenders,  loans are typically of short-term nature lasting 1 or 3 years with interest only. Lenders typically require an exit plan so that you can transition into regular low interest mortgages in the future, which is something that we can help you develop and formulate