That being said, then the next most logical question would be how to select a private mortgage broker.
First of all, remember that a private mortgage broker has the same credentials and falls under the same regulatory requirements as any other type of mortgage broker. The distinction of someone being a private mortgage broker is more about their choice of business focus.
This is important to understand when selecting a mortgage broker to assist you with locating and securing a private mortgage in that all mortgage brokers are in theory able to help you with this type of financing request.
In reality, however, only a small percentage of mortgage brokers actually work directly with private lenders and most only access private funds either through other brokers or through some of the mortgage investment corporations or MIC’s.
The farther removed a mortgage broker is from the source of private mortgage financing, the longer its going to take and the harder its going to be to get what you’re looking for due to all the potential degrees of separation between yourself and the actual private mortgage lender.
And experienced mortgage broker that works directly with private lenders and has well established working relationships with a variety of private lenders is going to be able to provide more timely service to you than someone who is trying to source a private mortgage for you indirectly.
Another key selection criteria is the private mortgage broker’s track record of success. A Broker that can provide you with a list of similar private mortgage requests he or she has facilitated including references is once again going to be more valuable than someone that cannot.
Finally, its always going to be important to be working with an individual that you are comfortable with and trust. While skill, experience, and direct relationships are very important, you also want to be working with someone who is prepared to fully understand your requirements and concerns, and have your best interests at heart.
By taking these points into consideration, you’re going to be able to make a more informed choice as to which private mortgage broker you should be working with.