If you’re looking to grow your own business or perhaps extinguish some outstanding debt, a private mortgage may be the answer you have been looking for.
A private mortgage, or home equity loan, is a short-term loan ( about 1 to 3 years) that you can use for any reason. Banks may come up short when you need funds to see your plans through. Private mortgages are an excellent option for the self-employed who are looking to expand or need seed money to get a project off the ground. Another common reason to take out a private mortgage is to renovate your home to increase its value. Whatever your reasons, Ken and Dani can help you.
- People with poor or no credit
- Turned away from banks
- Already holding a sizeable amount of personal debt
- Owing to government such as taxes
Furthermore, a private mortgage is offered by a private lender and is calculated on your home without concern for your current income or credit score. Private mortgages are also interest only loans. This means you do not pay down the principal of the mortgage. You only need to pay the interest payments each month to remain in good standing.
For some great advice and answers to any questions that you may have about private mortgages, contact Dani or Ken at Real Mortgage Associates.