With mortgage qualification tighter than ever, there's been an increased demand for private funds over the past few years. Although there are many benefits of using private financing, it's not for everyone. Private mortgages are great for quick closes, construction and development projects, assisting during a divorce, providing options for those with damaged credit and/or low income, providing easy access to equity in your property, and many others reasons.
Despite the benefits, private mortgages come with fees and higher interest rates. Sometimes it's the best (and only) option and other times it could have been easily avoided. Here are a few simple tips to help you avoid going the private financing route (unless it's your best & only option).
Feel free to reach out if you have any questions.