If you are looking for a short term interest only loan, for a period ranging from 1 to 3 years, then the private mortgage is the right product. With this product, you do not need to make any down payment of the principal; instead, you need to pay only the interest each month.
Many times the conservative guidelines and screening processes of banks and prime lenders reject loan applications specially those individuals who have the ability to pay back the loan. But private lenders consider them favorably as they do not decide only on the credit history of the borrower. They also take into account the property's marketability and overall value to work out the eligibility of the borrower.
It is worth considering the option of a private mortgage under the following circumstances:
To finance an individual property that cannot get finance from a bank or a prime lending institute.To get funding fast without long waiting periods for approval.
You have a bad credit history that will make it difficult for you to get the loan through regular banking channels. You need the loan for a short term to hold and then resell the property.
You have irregular incomes that preventing you from obtaining a mortgage.
In all such cases, we at Zena Shekarabi & Associates are here to guide you through the process to get a private mortgage in a quick and professional way.