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SMART MONEY

Best private mortgage lenders

A private mortgage is a loan provided by a lender that is not a traditional financing institution (i.e. banks). Your broker should only work with the best and most reputable private lenders on the market to protect your interest.

Common questions from clients on private lenders:

1
How do private mortgages work?
Very similar to traditional mortgages but with higher pricing, shorter terms, and less restrictions. Your broker will match you with the lenders and products that are most suitable to your situation.
2
Are private mortgages safe?
Private mortgages are safe when you work with an experienced mortgage broker. Your broker should only work with the best and most reputable private lenders that have been vetted.
3
What are your rates?
Lenders decide based on your income, credit, and equity. As brokers, our job is to help you get the best offers. Private mortgages in 1st position start at 5.29% and in 2nd at 7.99%.
4
What are my next steps?
Call us or apply online. We'll show you how much you can save and what you might qualify for, collect some documents, and present the best options on the market.

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Approved for $295,000as a private mortgage
Paid $80,000for spousal buyout
Interest payments $0for 12 months

Case Study: Private Lenders

Priya and Arjun are in the process of finalizing their separation. As part of their agreement, Arjun has agreed that Priya and their children can continue living in the family home. To make this arrangement work, Priya needs to qualify for a mortgage on her own and pay Arjun a lump sum to buy out his portion of the property.

Priya was only working part-time before the split so her income alone did not meet the qualifications required by traditional lenders, leaving her uncertain about her ability to stay in her home.

How 360Lending helped a single mother find stability

Our team helped Priya order an appraisal from an approved appraiser to confirm the value of her home and the equity available.
We obtained a copy of her finalized separation agreement to determine how much she will need to pay her ex-spouse.
We were also able to determine that Priya could qualify with a traditional lender in the future with if she returns to work full-time along with the child support and alimony payments that she will receive.

Results

Our team helped Priya qualify for a $295,000 private mortgage which paid out $80,000 to Arjun as part of their agreement. We also structured the private mortgage to include its interest payments over the next 12 months so that she would not have to make any payments for the term.