Here are a couple of recent extreme examples of what private lending can do.
1) Client has poor credit rating with debt gone to collection agency, repossessed car, over 10K in unpaid taxes and behind in both first and second mortgages. The mortgages were called by the bank and sent to the lawyers to start the foreclosure process. Private lenders were able to come to the rescue with a first and a second mortgage while lowering the monthly payments by almost $1000.
2) Applicant looking to purchase rental revenue property with zero down payment by using the equity in the primary residence. However, the applicant only has a disability pension income and weak credit. The applicant already owns another rental property. The condition of both properties was fair to poor with liens and judgments against it. Private lenders were able to arrange for the financing of this second rental revenue property with zero cash down payment.
Please note though you may be in a similar situation, each deal is different and must be assessed and qualified on its own individual details. Contact us here for answers.
