Institutional lenders are not always ready or able to lend money to everyone, so private lending houses are a great resource for getting the money you need reliably and these are ready
To work with you. Most of the time, traditional lenders have to stick to strict loan instructions, making it difficult to lend to people with special needs. Private lenders, on the other hand, work closely with borrowers to ensure that all their specific needs are taken care of and met.
Whatever you’re financial situation and whatever type of online application you need, a private lender can probably give you a chance. If traditional institutions do not seem to be a good choice, consider doing business with a private lender and this could be the best decision for your financial future.
They are almost always a great option. If any of the cases below match your current mortgage situation, then you should definitely consider working with a private lender. The specialized service of a private lender will give you peace of mind and help you through your respective mortgage path.
If you want your repayment terms to be more lenient
If your debt ratio is too high
If you recently went bankrupt and found that it hampers your ability to get a mortgage
If a past life event has greatly affected your credit rating and prevents you from getting an online application from a more traditional lender
If you want to buy land or a house and do not have enough money to cover a down payment
If you have below-average income or unconventional source of income and find that it affects your ability to qualify
If you want a second mortgage to finance renovations
If you want to buy a unique property
Why choose a private mortgage
Choosing a private mortgage, even if you are able to get one from an institutional lender, could be the best decision for your future. Most people view private mortgages as an option of last resort, but that is not the case. Private mortgages are for everyone, especially those who want a personalized experience and an easy-to-understand process.
There are many differences between private lenders and traditional lenders; depending on your situation, one of these differences can help you choose the best option for you.
The application process. Private lenders often have online applications that do not focus on controlling every aspect of your financial life, but rather getting you the money you need.
A personalized service. With a private lender you receive a much more personalized service. The mortgage specialist you work with will ensure that he knows all aspects of your situation to provide you with the best options.
Freedom of choice One of the best things about a private mortgage is that you choose who you want to work with. Often, people who choose to go with a traditional lender must work with the only bank that will approve them. This can be limiting and you do not have a say in the process. There are more options available for those who choose private online application.