Private Mortgages
The use of private mortgage solutions has never been more common. As traditional banks and lenders become less flexible, alternative lending options are stepping in to fill the gap. There are many reasons why a private loan might be the right choice. Whether it’s due to credit challenges, property value concerns, or unique situations that don’t fit conventional lending criteria. Every scenario is different, so if you think this might be the right solution for you, don’t hesitate to reach out. I’m here to help.
Frequently Asked Questions
When working with private lenders or B lenders, the minimum down payment or equity requirement is typically between 30% and 35%. In some cases—especially when the property is located within town limits—we’ve been able to secure approvals with as little as 25% down. These situations are considered on a case-by-case basis. If you’re unsure where you stand, feel free to reach out to discuss your options.
With B lenders, the minimum credit score (beacon score) typically starts in the 500s. The key factor in qualifying for our alternative lending program is the amount of equity in your property. In some cases, I’ve been able to secure approvals with private lenders for clients with beacon scores as low as 440. The more equity you have, the stronger your chances of approval—regardless of credit. Reach out to see what options may be available for your situation.
The Alternative Lending program is designed to help cover judgements, collections, CRA debts, unfinished renovations and more. If you’re facing challenges that traditional lenders won’t consider, this program could be the solution. Reach out to learn how it might work for your situation.
After paying off debt or applying for new credit, it’s essential to stay on time with all payments that impact your credit report. Building strong credit can take up to a year, but recovering from missed or late payments may take several years—it all depends on your specific situation. If you’re working to improve or rebuild your credit, reach out. I can help guide you through the right steps to get back on track.
In some cases, bankruptcy can be avoided—especially if you have equity in your home. By consolidating your debts, we may be able to help you find a solution before it reaches that point. However, if bankruptcy becomes necessary, it doesn’t always mean losing your home. You may still be able to keep your property and mortgage during the process. I strongly recommend doing everything possible to hold onto your home, as it can be very difficult to qualify for a new mortgage afterward. Many lenders are hesitant to approve financing if there were past issues with a mortgage.