Private Money Mortgage is a California company. Our Managers and Staff have decades of experience in financing real estate transactions.
We specialize in providing mortgage solutions for clients who choose not to work with Banks, due to their Restrictive and Time Consuming lending practices. Private Money Mortgage offers rapid, creative alternatives to conventional financing.
We are direct lender and broker.
Our investor base enables us to provide financing from $100,000 to $2,000,000.
We strive to meet the special needs of our clients, from the First Conversation until the Loan is Funded.
What is a Private Money Mortgage?
Private Money Mortgages are funded by private individuals, trusts, partnerships, real estate investment groups, and retirement funds. Private Money Mortgages are not offered by banks.
Is a Private Money Mortgage Right For You?
A Private Money Mortgage is for a special client. The most common scenario is that the client’s “borrower profile” will not satisfy, the often Restrictive and Time Consuming, lending policies of Banks. These issues may be Credit Score related (PMM has No Minimum Credit Score requirement). Income related (PMM does Not request Tax Returns), or Property related (PMM has no “Standard” Property Profile, acceptable as collateral for the loan.).
A Private Money Mortgage comes at a substantially higher cost than a conventional mortgage.
If you have explored other mortgage financing options (Banks,Brokers,etc),and are dissatisfied with the Time required or by the amount of “Red Tape” involved… a Private Money Mortgage may be the solution.
The Interest Rate range is between 8.95% and 10.95% depending on the loan scenario/risk factor.
The APR on a Private Money Mortgage is always higher than the interest rate.
The APR is calculated using the interest rate and most non-recurring closing costs (ie.title,escrow,& origination), amortized over the term of the loan.
Not Cheap, but... If You’ve Got Equity...You’ll Get the Cash! .
Single Family Rentals...2-4 units.....Apartment Buildings...and Commercial Properties.
Properties where the rental income will cover the new Private Money Mortgage payment.
Properties in the Greater San Francisco Bay Area and Greater Los Angeles Metro Area.
We Don't Like
Owner Occupied properties... but we will consider them on a case by case basis.
2nd Mortgage Loans…also considered on a case by case basis...Please Don't ask us to do a 2nd of 100K behind a 500K 1st mortgage.
Land Loans...We will NOT consider them.
"Credit Criminals"...No Minimum Credit Score is required....BUT…If there is a history of credit abuse, bankruptcies, etc., our Investors may decline the loan.