Private Mortgage Lenders are a Great Resource for Fast Cash 

Alternative lending sources provide fast access to cash. Whether borrowing money from a friend or a private mortgage lender, a homeowner may be able to obtain an equity-based loan. With fewer regulatory concerns, private mortgage lenders are a great resource for borrowers who need fast cash.

About Private Mortgage Lenders 

Homeowners with time-sensitive needs for a loan may be able to skip a lot of the paperwork that a traditional lending institution would require.

To maintain fair lending standards and affordable home loan guidelines, banks are required to follow safe mortgage lending laws, which prevents banks from placing its depositor’s funds at above-average risks.

Therefore, when a borrower enters the bank with an extenuating circumstance, a loan officer might be compelled to decline a request for a second mortgage or for home equity financing.

Many people believe that a private mortgage stems from a source where the borrower has a relationship, such as past experience with a local bank or a secured loan from a friend. However, a private mortgage loan could be obtained from a family member, a friend or nontraditional banking firm.

Private mortgage lenders can review a loan scenario to determine whether the transaction is worthwhile. Additionally, the associated risks are generally used to determine the loan amount and the mortgage interest rate.

Why Get a Private Mortgage Loan? 

Speed is a primary reason that a borrower might perform a search for a private mortgage lender. Instead of submitting a loan application and financial documentation to secure a traditional mortgage loan, which could take several weeks to approve, a borrower may be able to get a private mortgage within a few days.

A financial hardship might prompt a borrower to find fast financing resources.

If a homeowner has a disabled car or past-due auto payments and a vehicle repossession is looming, a private mortgage lender may be able to quickly issue a check to resolve the arrears.

If a homeowner has late mortgage payments and a loan modification is unavailable, a private mortgage may be used to end the foreclosure process or to stop power of sale.

A bank or a credit union might deny a loan for a borrower with bad credit, however, a private mortgage lender may be able to quickly provide the money that a homeowner needs.  

Second-Mortgage.Ca is a reputable firm that homeowners can trust.

Contact Second-Mortgage.Ca today to discuss the requirements for a private mortgage loan.