Title: Real Estate Investors Guide to Private Mortgage Financing
Author: Don H Konipol
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Product Description

Private mortgage money offers unique advantages for the professional real estate investor. Private mortgage lenders are able to close most loans in 2 weeks or less whereas institutional lenders require 6 weeks or more to close and fund a commercial mortgage loan. Further, private mortgage loans are asset based; the real property itself is the basis of the lending decision. Hence, if a property is producing or can produce sufficient income to pay the interest on the note and the value of the property will fully secure the note and provide sufficient equity, then the borrower’s credit is not an issue. Instead of concentrating on minute detail of the borrower’s credit history as institutional lenders do, private mortgage lenders concentrate their due diligence efforts on the real estate securing the loan. They provide the professional real estate investor with the ability to borrow on underwriting criteria not available through institutional lenders. No credit check or detailed application forms are required and private mortgage lenders can usually render a decision in 24 hours.