The financing solution
Looking for an Alternative to the Bank?
Bridgmohan (AMP)
How Does Private Mortgage Lending Work?
Private mortgages have shorter terms and higher interest rates than bank mortgages but can be useful when traditional lenders won't finance unique properties or borrowers with impaired credit. Private lenders can help finalize deals for home purchases or refinancing, and property equity is often the easiest way to qualify. Private lending isn't just for those with impaired credit, it can also benefit those building unique homes or in non-traditional locations.
Who Can Benefit From Private Mortgage Lending?
- Those ineligible for traditional bank mortgages due to factors such as self-employment, poor credit, foreign investor status, tax debts, or short-term financing needs.
- Borrowers seeking a faster loan application process and quicker access to funds.
- Those purchasing or refinancing unique or non-traditional properties.
- Borrowers with property equity as security for private financing despite weaker income or credit profiles.
- Investors seeking higher interest rates and returns from private mortgage loans.
Expert Assistance for All Types of Situations
Bad Credit
No Income Verification
Previous Bankruptcy
Credit Card Arrears
Tax Arrears
Mortgage Arrears
Accounts in Collections
Bank Turn Down
Steps to Apply for Private Mortgage With Us
Awards and Recognition
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FAQ's
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● What is a private mortgage?
A private mortgage is a loan obtained from a private lender, such as an individual or a private lending company, rather than a traditional bank or financial institution.
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● Who can benefit from a private mortgage?
Private mortgages are particularly useful for borrowers who are unable to obtain financing from traditional lenders due to factors such as impaired credit, difficult-to-prove income, or unique property types or locations. Private lending can also be advantageous for those seeking a faster loan application process and quicker access to funds.
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● How does a private mortgage differ from a bank mortgage?
Private mortgages typically have shorter terms and higher interest rates than bank mortgages. Private lenders are also more willing to finance unique or non-traditional properties and borrowers with less-than-perfect credit.
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● What is the process for obtaining a private mortgage?
The process for obtaining a private mortgage involves finding a private lender, submitting an application, receiving pre-approval, conducting a property appraisal, obtaining legal advice, signing the mortgage agreement, and receiving the loan funds.
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● What are the benefits of a private mortgage?
The benefits of a private mortgage include faster loan application and approval processes, greater flexibility in loan terms and property types, and the ability to obtain financing even with poor credit or difficult-to-prove income.