Private Placement Loans Alternative Mortgage Financing for Getting Properties
With current interest levels hitting historic lows, one would assume it needs to be incredibly easy to obtain a home loan. • especially since mortgage repayments tend to be more affordable as a result of lower rates of interest. • However, just about 100% of loan products offered by institutional lenders today are strictly "prime" loans and they are available just to the top qualified borrowers with perfect or nearly perfect credit, income, and employment. • In addition, the exact property, which may serve as collateral, must be in top condition too to qualify.
Just about the most significant bi-products of the very recent economic crisis, along with the ensuing "great recession," was • effective disappearance of "alternative," also referred to as "non-prime," house loan products. • In the past, when borrowers buying or refinancing property would not have a high enough credit standing but had solid jobs and incomes. • they could be eligible for alternative Mortgage Loan which compensated for your extra risk with higher rates of interest.
No prime lenders wouldn't lend about it, although condo unit has not been directly involved in the lawsuit. • Bob got an excellent price around the condo that has been about 30% below the market industry value. • He put a substantial down payment and our firm obtained for him a personal Placement loan, which funded in approximately 3 weeks. • Bob thinks will sell, Refinance, or pay back the house within three years. Meanwhile, this condo is a superb investment rental for which he paid about 70 cents over a dollar. • [Source: http://mortgageloan-processor.blogspot.in/2012/03/private-placement-loans-alternative.html]
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