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Private Lenders

Private lenders, unlike mortgage brokers, provide the funds for the actual loans. A private lender will underwrite the loans internally and provide all services involved with collecting on the loan. Mortgage brokers occasionally misrepresent themselves as a lending institution when in fact they money for your loan is provided from an actual outside lender.

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Private lenders got their start filling a niche in the lending market for loans that did not meet the strict criteria of conventional lending. Private lenders provide what is commonly referred to as a “hard money loan.” These loans are typically more difficult due to one or more of the following circumstances:

  • Fast closing (the borrower needs the money almost immediately)
  • Non credit borrowers
  • Non conventional (large loans)

Borrowers often seek private lenders if they have very little cash equity because it is tied up in other investments that they do not want to distract from. Other times the borrower is someone well to do who has suffered a big loss and gone through bankruptcy. A private lender may deem the borrower worthy of a loan when the banking world would not take on the risk.

Typically, private lenders have higher rates associated with their loans. However, private lenders are generally the last stop on the line in an effort to obtain a loan. If you have been turned down my institutional lending organizations, the rates of a private lender probably match the perceived risk of a lender offering you loan. Private loans are priced competitively based upon how “hard” the loan is to finance given the associated risk based upon passed history of the borrower.

 


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  Need Cash? Considering a Home Equity Loan? Why not get cash out from your equity and refinance in one process. Select ‘Refinance’ on the application and specify your ‘Cash-Out’.
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  Home Lending Resources
Private lenders have a reputation for being a last ditch option for obtaining a loan. In fact, private lenders are generally reputable and can often provide desperately needed loans that instituational lending firms cannot possibly provide… A home improvement loan can make it possible for you to turn your house into your dream home without waiting for cash on hand to make additions or remodeling. Take advantage of today’s low interest rates to improve your standard of living… Loan amortization calculators will tabulate your monthly payments just as a monthly payment calculator does. Additionally you will be able to see your monthly payments split into interest and principal to see how much equity your home is building each month…
Current mortgage interest rates are published monthly and yearly and can easily be found online. Various types of loans are indexed by different interest rate measures… Mortgage brokers make finding loans to suit individual needs their business. Experienced mortgage brokers can obtain good interest rates from banks for your credit history and debt to income ratio…

FHA loan advantages are great if you would like to qualify for a low interest rate and little to no money down on your new mortgage. FHA loans do not have limites set by the amount of income the borrower has…

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