The homeowners source for private money loans.
The basics you need to know in securing a private money mortgage.
money mortgages are mortgage loans funded by a private individuals,
trusts, partnerships, real estate investment groups and retirement
funds. These mortgages are often referred to as a hard money loan. These
mortgages are not offered by a traditional bank or lending institution.
This site provides you the information needed to locate and utilize
these types of lenders if the circumstances dictate that you need their
Private mortgages are for a not for everyone. Most borrower seeking a
private mortgage or hard money loan is an individual who has difficult
or challenging issues that require them to seek non-traditional
financing. The issues are usually because of credit, income, or property
type and condition. If this is the case, you may want to explore a
private mortgage. Common problems requiring a private mortgage include:
You are currently behind on your mortgage payments.
Currently facing foreclosure or have a notice of default filed against
Have tried to refinance but have been turned down because of credit or
Need a mortgage loan immediately and are willing to pay more to have it
Trying to finish a construction loan
Financing a commercial property that has not had a steady income stream.
Financing an unusual property; commercial, hospitality or investment
obvious reasons, a private mortgage will come at a higher cost than a
traditional mortgage and you should always explore other mortgage
financing alternatives first. After you’ve exhausted your traditional
options, a private mortgage may be an excellent temporary mortgage
solution for you.
Most private mortgages are for high credit risk borrowers or unusual
property circumstances. As with any type of investment, the higher the
risk, the higher the reward. That applies to both the borrower and the
lender. If you are a high risk borrower due to your special financial
condition, be prepared to give a private mortgage lender the higher
return expected. In turn, your reward is financing a deal that preserves
your capital or helps you to acquire the property. You can expect to pay
private mortgage rates of 9 to 17% dependant on the risk and if the loan
is a first or second mortgage.
private mortgages are used as a temporary mortgage solution , you should
plan on keeping a private mortgage open for only a the time necessary to
accomplish what you couldn’t do under the terms of a traditional.
Most situations requiring a private mortgage can usually be corrected
within 6 to 24 months. Although a borrower requiring a private mortgage
may be paying a higher mortgage rate on a hard money loan than a normal
conventional loan, this option often makes sense, especially for someone
facing foreclosure who will lose their home.
If you are a borrower, real estate professional or mortgage broker who
is in need of a private mortgage we can help you. The equity in your
property is the single most important factor for qualifying for a
private mortgage because it helps offset the risk to the private money
Private mortgages can also be used for many property types such as,
homes, condominiums, townhouses, commercial properties, hotels, motels,
construction loans and other real estate secured investments.
Use our site to assist you making a plan and contacting the appropriate
lender. If you need immediate help, take a moment to complete our quick
app form and we will contact you shortly. Please note. All information
is strictly confidential. We are a direct mortgage lender, so your
information is not shared or sold to any other parties.