private mortgages for poor credit

Private Lending

Let me be your “YES” man!
We can say YES where most banks and brokers say NO.

Whatever the reason we all find ourselves in a situation where an ideal opportunity presents itself but we do not have the means to take advantage of it. Maybe you are self employed,  just weathered the recession and have found the perfect house at a great price. Except the banks will not touch you. Here is where private lending could be the ideal option.

A few facts about helping you get a private mortgage:

  • This is also commonly called bridge lending, as it bridges the gap between where you are right now and where you want to be.
  • Lenders look more at the quality of the property, so YES is possible even if you have less than perfect credit.
  • Funding can happen fast, in a matter of days vs weeks with the traditional channel.
  • Since this is not a long-term solution you should also have your exit strategy prepared upon submission.

Contact Us Today

Contact Pat today to see if private lending can help you with your present situation.

These are the typical applications to private lenders. However, when you get to this stage, you should know what to expect so that you are not disappointed.

Here are some things that you should know:

These are not long-term lenders, typical loan is for 12-24 months. So have an exit plan.

Interest only terms are available.

Rates start at 10% and go higher, and lender’s fee can be up to 10%.

They are equity lenders and will lend up to 75% toward the value of your property.

If you are currently lending private mortgage funds, or would like to, please contact my office so I could either set you up with a current lender or start to advertise your services to fellow brokers and to clients.