The Secrets to using Private Money for Your Mortgage Needs
We recognize that the conservative lending guidelines used by the banks and conventional lenders, have often excluded many individuals who are in fact great mortgage candidates. Instead of the borrower being scrutinized, the property is what gets the most attention from a private lender. This is because private loans are not insured, meaning the lender must fall back on the property should a default occur. Our primary criteria at Private Money 4 Mortgages is the condition of the property, where it is located, the LTV (Loan-to-Value ratio), and how easy it is to sell the property, should the borrower default on the loan.
A few reasons you might need a private mortgage:
- Investing in a Fix n’ Flip and BRRRR Strategies
- Bruised credit
- Debt consolidation
- No income verification
- Credit cards in arrears
- Power of sale / Foreclosure
- Refinancing
- Rejected by a bank
- Mortgage in arrears
- Taxes in arrears
- New Immigrant
- Home renovation
- Bridge financing
- Construction financing & Commercial loan
- Short term financing
- Little or no down payment
- Judgements
- Recent bankruptcy
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ON THE BLOG
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