Banks are not your only option for securing a mortgage. Depending on your situation, a hard money lender may be a more viable resource.
Private mortgages are a good option for homebuyers with less-than-perfect credit, or for buyers who are self-employed and have variable income levels. If your project looks profitable, a private lender will be interested, though they will likely want a shorter payback period and a higher interest rate.
If you plan to renovate and “flip” a house, you should utilize a private lender, since fixer-uppers won’t qualify for conventional mortgages. Likewise, if the property under consideration is mixed-use or you plan to use it as a rental, it won’t be eligible for a traditional loan, but a private lender will cover it.
Private lenders are less bureaucratic and more responsive than banks tend to be, so you will get the attention you deserve. Let Boston’s best hard money lenders be the answer to your funding needs. Call Conquest Capital Partners at 617-340-6483 for more information.