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B & Private Mortgage Lending
B & Private Mortgage Lending
If a borrower cannot get mortgage financing through a bank or a traditional “A” lender, then there are many other mortgage options to consider. Private and B Mortgage Lending could be beneficial for those with bruised credit, high debt ratios, self-employed borrowers or a buyer/homeowner looking for financing on a unique property. Private and B Mortgage Lenders are very reputable and large financial institutions but, will have a slightly higher interest rate and/or a mortgage lending fee.
Short-Term Financing Solutions
Private Mortgage Lending is recommended for short-term financing situations whether it be a few weeks or a year when all other options are off the table. The mortgage interest rate and lender fees are typically much higher in this case.
Is Private Lending Right for You?
Speaking to a mortgage professional about alternative or private lending is extremely important as these products and mortgage lenders may not be suitable for everyone. If alternative and private lending is an option for mortgage financing, it is important to have a short and long-term plan in place so that one day you can hopefully switch your mortgage back to a traditional “A” lender.
