The homeowners source for private money loans.

Private money mortgages, satisfying the need for speed.

Private money mortgages are available for personal, investment, and commercial purposes. By dealing with a private money mortgage lender, you are avoiding the pitfalls of dealing with a traditional bank. Private money mortgages can be obtained from private parties, hard money lenders, investment groups, private lenders or venture capitalists.

The need for speed

A traditional loan obtained from banking or institutional source, called conventional mortgage money, can take up to several months These lenders need to obtain an appraisal the property, perform a detailed examination of the borrowers credit history and current financial status. They will perform a detailed analysis of financial statements and tax returns for the property as well as other real property and business interests owned by the borrowing entity and the borrower himself.

Private mortgage lenders on the other hand can usually complete a transaction in a few weeks, sometimes within days. The property itself is the main criteria to be used to determine loan eligibility, much less information on the borrower and the borrower's other properties are required, resulting in a much quicker approval process. The private mortgage lender can make a decision within 24 hours of receiving information; institutional mortgage money usually is approved by a loan committee, a process that substantially slows the process.

Private mortgage lenders can provide financing for real estate investment projects, land acquisitions, and construction projects. By cross- collateralizing real estate you already own, you can obtain a private mortgage for purposes that are unrelated to real estate. The use of funds is not nearly as important as much as how the loan will be paid back. As with any collateralized loan the real estate is the security for the loan and will sold off by the private mortgage through the foreclosure process; just as traditional banks foreclose on homes when you cannot pay the mortgage.

Regardless of the path you choose in obtaining private financing, you will find private money mortgage companies are much more flexible in their lending criteria than banks, SBA, or similar traditional lending institutions. Check out our private financing sources and links throughout the site.
 

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