Hannah Betel May 15, 2020 No Comments

Private lenders are able to lend you money just like the regular banks would, however, the criteria and way that they lend will be different. 

Rather than having a set rule for criteria, private lenders are generally more flexible about the types of clients they can loan money to. 

For example, being self employed, you may have a hard time finding a bank that will offer you a mortgage.

Often, self employed workers work with private lenders who do not look at your employment as criteria. Rather, private lenders will often look at your loan to value, and how much equity is available in your home. 

Loan to value is the amount that you currently owe on your home, divided by what your home is worth. To determine how much your home is wroth, there are many ways in which lenders may look at the value. Having an appraisal done is one way, however, Tembo Financial does not always require this.  Comparing other homes in your area, and an internal system may give all the information needed for a home valuation. 

Private lenders can lend you more money than the banks generally would, so many people use them as a second mortgage in order to take out more equity in their home. 

Contact us at Tembo Financial to see if a private mortgage is right for you! 

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