There are a few key reasons to work with private lenders or secure a private mortgage:
In these cases, private lenders are an excellent source for quick and easy funds. In most instances, a private mortgage is needed for one year or less as a bridge loan before a traditional lender will replace it.
- When you need to close very quickly or receive access to money on a tight timeline
- When you require access to money for the short term as a bridge loan
- When your property is not in great shape or incomplete and traditional lenders require it to be fixed or renovated before they will provide a mortgage
- When qualifying with a traditional lender is not an option