Saturday, August 05, 2006

What type of borrowers are appropriate for hard money or private mortgages?

Private mortgages are appropriate for many different kinds of people, inlcuding the following:

* Poor credit scores
* Income cannot be documented - often true of the self-employed
* People that don't want to do all of the paperwork

If you, as the lender, aren't looking at their credit or their income, what do you look at? You look at the equity in the property. The borrower only needs to have enough equity and be able to show the ability to repay. As long as the equity is there, your risks are minimal.

To learn more, buy and read Private Mortgage Investing by Teri B. Clark.





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