Interest only loans do not require homeowners to pay the mortgage principal down, and instead only require interest payments each month.
Private lenders have realized that conservative lending guidelines used by banks and conventional lenders can often exclude individuals who are in fact able to pay back loans. Private lenders take into account a property’s overall value and marketability as opposed to the borrower’s credit history.
Private Financing is ideal for those who:
- Want to purchase an unconventional property that a traditional lender (banks) won’t finance.
- Need quick access to your equity and don’t want to wait for a long approval process.
- Have a bad credit history and have been turned down by conventional lenders
- Only need a short term loan.
- Have non-confirmable income that is preventing individuals from obtaining a traditional mortgage.
Subject to approved credit, income verification and meeting lending credit granting criteria. Applies to residential mortgages only and some conditions may apply. O.A.C., E.O.E. All content is subject to change without notice.