The short term nature of private lender mortgages serve to bridge the gap for those with temporary business capital requirements. They can also act as bridging loans while you try to secure longer term traditional bank financing such as financing the purchase of a new property while you are awaiting the sale of your current property. The quick turnaround time of private lenders gives you access to rapid financing options with some private lenders being able to provide funding within days.
Private lenders are able to provide second mortgages which are loans that occupy the second position against a property. Commonly, a second mortgage is provided to purchase a business, or access equity in a property for business working capital or other business uses.
Private lenders are also able to assist with First Mortgage loans that can settle quicker than traditional banks and can also assist with caveat loans, unsecured business loans and commercial and industrial property loans.
