Borrowers have several options when looking for a mortgage. But, if you have specific issues that make qualifying for a “normal” mortgage, there is one very suitable solution: private money or “hard money”.
Private lending exists for several reasons, among them consider the following:
- Speed of Closing: Conventional mortgages usually take between 45-90 days to fund because of the necessary paperwork and property examinations required. Private money lenders can complete a transaction in 7-10 days because the property itself is the main criteria used to determine loan eligibility.
- Easy Application Process: Personal financial data has less effect on obtaining a private mortgage loan since it is mainly the property, or collateral, that is the basis for decisions in private lending.
- Other Money Resources Are Not Available: A borrower may not qualify for an institutional mortgage because of low credit scores, too much debt or the property itself is labeled “distressed”. With private money this isn’t the case.
Non-bank lenders are much like the original mortgage bankers – many are locally owned and family-run businesses, like Sun Pacific Mortgage in California. Smaller lenders such as ours face fewer federal regulations and can still welcome borrowers with credit issues. This type of originator is transforming the mortgage loan process and powering a more competitive market – which is much needed in today’s popular real estate market in top counties of California such as Sonoma, Napa, Marin, Santa Clara, San Mateo, etc.
If a fast alternative loan is what you are looking for, give Sun Pacific Mortgage a call at 707-523-2099 and discuss your situation with our experienced family staff. We have helped thousands of borrowers over the past 33 years, and we are here for you today.