Private mortgages are offered by private lenders, who are individuals or companies that aren’t your typical financial institution. It allows individuals having trouble obtaining a traditional mortgage to get a mortgage despite their income, credit or property type.
Loan to value for private mortgage can be up to a maximum of 90% and interest rates start at 8%.
To qualify for a private mortgage, you must have equity within your property or if purchasing a property, have 15% down payment.
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