Private Lending On The Rise… 4/25/2013 Orlando Home Mortgages
Category : Industry News
With thousands of homeowners and prospective buyers affected by bankruptcy, short sale of a previously owned property, or even foreclosure; Private (or Non-Institutional) lending is on the rise. Investors who are experiencing horrible returns on their money, can make that money available for lending to prospective buyers who are looking to own again, but cannot qualify through traditional mortgage programs offered by banks and mortgage companies. These potential buyers now have an option that can enable them to own again now. Builders can get cash out of inventory they are waiting to sell, and Investors can buy rental properties quickly and with very little effort involved. Private money rates are a bit higher than the more-restrictive institutional loans, and the program requires a larger down payment or adequate equity; but, the other standard qualifying factors like minimum credit scores and documented income are practically non-existent. Once a homeowner’s credit score has improved or enough time has lapsed since one of those bad credit events, the homeowner can explore refinancing to a lower-rate institutional loan. Orlando Home Mortgages is one of the industry leaders in this type of lending and is constantly on the lookout for prospective Buyers who want to take advantage of this program, and Investors who want incredible yields on their cash with little risk or effort. Call 407 816-3863 today for more details.