When you think of traditional mortgages you probably think of your bank. However, when you visit your bank, they will require a lot of information from you to determine if you are eligible for financing.
If you are like many investors who require something alternative, that doesn’t conform to the traditional rigid lending guidelines, you need PrivateLend.com to help you secure a private mortgage.
What is a Private Mortgage?
Private mortgages are loans that are funded by investors or groups of investors. This type of mortgage is an interest-only or amortized short-term loan with terms that range from 1-3 years.
Private mortgages are ideal for those who may have poor credit because instead of relying on income and credit score, the loan is based on the property’s overall value and marketability. The mortgage system is set up in favor of those who have perfect credit and a solid borrowing history without regard to millions of other investors who have the ability to pay back a loan but are excluded because of mistakes they may have made in their past. For example, if you spent years trying to grow your business and in the process your credit score dropped, you may not be able to secure a conventional mortgage.
Even if you are now repairing your credit, the banks will probably deny you a loan. Conversely, if you approach PrivateLend.com you can still acquire funding because we know you have the ability to pay back the loan regardless of any prior blemishes made to your credit.
What are the Benefits of a Private Mortgage?
Private Mortgages provide investors with many benefits. Unlike with a traditional mortgage where credit and income are used as the real tools to determine how much money you will need to borrow, a private mortgage lender actually uses the home’s market value to your advantage.
Private loans are uninsured, which means that the lender relies heavily on your property’s value instead of your income and credit to determine how much you can borrow. Furthermore, private mortgages mean fast funding. At PrivateLend.com we have a 24-hour approval rate which offers quick turnaround so you can receive your funds within three days of being approved for a mortgage.
Consider a Private Mortgage if:
- You are looking to refinance, as PrivateLend.com will let you unlock up to 85% of your property’s value
- You are in the market for a rental/commercial property to use for income purposes and investments
- You need fast financing and have little time to wait for the long traditional approval process
- You have less than stellar credit history and have been turned down by your bank
- You are only looking for a short-term loan using the equity in your home
- Your income is non-confirmable because your work relies on bonuses, commissions, etc.
- You are self-employed and don’t fit the bank’s rigid criteria for refinancing
- You may already qualify for a private mortgage. Contact us now and let PrivateLend.com get you the funds you need to refinance your proper
You may already qualify for a private mortgage. Contact us now and let PrivateLend.com get you the funds you need to refinance your property.
