“Why Private Mortgages Are A Good Option!”
Well if you are at this stage, you have obviously tried a thing or two.
You have been turned down more than once!
The property does not fit normal lending guidelines.
You are facing foreclosure.
You have plenty of equity in the property.
You have a commercial property or commercial development.
To top it all off you need funding quickly!
These are the typical applications to private lenders. However when you get to this stage, you should know what to expect. So you are not disappointed. Here are some things that you should know.
These are not long term lenders, typical loan is for 12-24 months. So have an exit plan.
Interest only terms are available.
Rates start at 10% and go higher, and lender’s fee can be up to 10%
They are equity lenders and will lend up to 75% toward the value of your property.
Contact us today to see if private lending can help you with your present situation.
If you are currently lending private mortgage funds, or would like to, please contact my office so I could either set you up with a current lender or start to advertise your services to fellow brokers and to clients.