Mortgages by Adrian Kania
CREATIVE FINANCING SOLUTIONS FOR HOMEOWNERSHIP AND INVESTORS
mortgage solutions
Private Mortgage
Generally, there’s a mortgage product for almost any person in any situation because of the private lending market. Self-employed? Low income? Bad credit? Or just need a quick and simple line of credit? Private lenders tend to be more flexible and accessible, but at the cost of a higher interest rate. Some private lenders prefer to specialize in construction loans, second mortgages, investors etc. and our mortgage specialists are prepared to match your real estate needs with the best mortgage option.
private mortgage
Private lenders differ from institutional banks by the following ways:
- There are no insured private mortgages, so in most cases buyers should expect a minimum downpayment of 20%-25%. Though, depending on the situation, our mortgage specialists also work with private lenders offering custom loans especially for investors using a common sense business case approach to allow for much lower down payments.
- Some private lenders offer second mortgages or a refinance for as much as 95% of the real estate value, though it often depends on the location and quality of real estate.
- Private lenders tend to request many of the same documents (employment, taxes, bank statements etc.), though their requirements for approval tend to be more flexible. Some private lenders even accept self-declared income and history of bankruptcy with minimal documentation.
- Private mortgages tend to have shorter terms, from 3 months to 3 years, and their loan repayment structure can vary from interest-only to interest plus principal.
