Most people wonder how private lenders can be of great help in both expected and unexpected trying situations. Mostly, a private lender can be anybody: a family member or a hard money lender. Many banks also give out loans. In fact, they are a traditional source of financing. However, banks usually work on strict guidelines for lending for security purposes. Hence, there are limitations on how much and to whom they can finance.
A private lender has the choice to limit their ability to finance under certain suspicious activity under borrowers’ profiles. Moreover, getting a private mortgage loan is much easier, especially when compared to banks. Although the rate, in this case, is relatively usually higher than the bank rates, still a majority of people prefer opting for private mortgage loans due to easy accessibility.
Below are some situations where private loan lenders can help with a mortgage:
- Financing for renovation and construction
- For individuals who can prove their basic income
- Individuals who have property tax or income tax arrears
- Private lender’s loan flexibility
In processing bank loans, usually, it takes 45 to 90 days to fund. However, in the case of private mortgage lenders, it takes less than ten days. In addition, the application for a loan is very easy with private lenders. The loan incurred by a borrower can be used for many purposes like refinancing an existing mortgage or purchasing more property.
Click here to find out more about assisting borrowers and why it is even more imperative now.
About Note Servicing Center
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid.
Contact us today for more information.