A private mortgage is when funds can be sourced from a business or another individual person rather than borrowing from a finance provider or a bank.
In the case that you are not able to be approved by an institutional lender we can always shop for a fitting private mortgage for you.
Having access to the private mortgage market is a major benefit of dealing with a mortgage specialist at Oceanvale Mortgage & Finance. We have access to over a dozen private lenders that don’t care as much about credit, income, and many other factors that may have been the reason for a declined application elsewhere.
The key to a properly executed private mortgage is getting in and getting out. If poor credit is the reason you need to get a private mortgage, our staff will arrange the financing and counsel you on what you need to do to get back into an institution at a better rate.
On the other hand, taking out a private mortgage may be appealing to those who want quick and effortless funds. Minimal conditions are requested by private lenders and funds can usually be transferred as quickly as you need them (within reason).
Regardless of the reason for taking a private mortgage, the main thing to remember is to keep the loan short term as private mortgages come with higher rates.
To learn more about this side of the lending business, call us or visit us the next chance you get!