Private Mortgage lenders can be individuals or organizations who can be utilized when regular financing options are not possible. These lenders lend for short-term, based on Equity of property. Some people utilise private financing to flip housing.
The most common reason why people choose private mortgages is because they cannot qualify for a traditional mortgage. This may happen for a number of reasons ranging from bad credit, to not being able to pass the stress test, to being self-employed. Private lenders are not bound by the same rules as traditional lenders, so they are able to look at the bigger picture when making their investment decisions.
But there are other reasons people choose private mortgages as well. Perhaps you need to get a mortgage approved more quickly, or for a shorter term, or for an unconventional property. Traditional lenders may be hesitant to approve you for a mortgage in these circumstances, and a private mortgage may be the answer.
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