Are you tired of being turned down by traditional lenders? You may want to consider a private mortgage! In this post, we’ll dive into the top 5 reasons why someone might need a private mortgage, including non-traditional income, credit challenges, unique property types, fast closing times and high-value properties. Say goodbye to the limitations of traditional lenders and hello to the freedom and flexibility of a private mortgage!
1. Non-traditional income: Some borrowers may have income that is difficult to verify through traditional means, such as self-employment income or income from investments. A private mortgage lender may be more willing to work with these types of borrowers.
2. Credit challenges: Borrowers with credit challenges may have difficulty qualifying for a traditional mortgage. A private mortgage lender may be more willing to work with borrowers who have less-than-perfect credit.
3. Unique property types: Some borrowers may be looking to purchase unique properties, such as a commercial building or a multi-unit rental property. These types of properties may not qualify for traditional mortgages, and a private mortgage lender may be more willing to work with these types of borrowers.
4. Fast closing times: Some borrowers may need to close on a mortgage quickly, and a private mortgage lender may be able to provide a faster closing time than a traditional lender.
5. High-value properties: Borrowers looking to purchase high-value properties may find that traditional mortgage limits are not high enough to fully finance their purchase. A private mortgage lender may be able to provide higher loan amounts for these types of properties.