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Read MoreMortgage Advisory
Mortgage procurement by private parties, also known as private mortgage lending, involves funds sourced from an individual or non-bank entity rather than a conventional bank or credit union. This method is less regulated than traditional mortgages and is commonly used for investment properties, house flipping, or for borrowers who may not meet strict bank requirements.
The Procurement Process (Direct Lending)
When dealing directly between two private individuals (e.g., a wealthy friend or family member), the process generally involves:
Agreement on Terms: The borrower and lender agree upon the loan’s terms, including the interest rate, duration, payment frequency, and any penalties.
Securing the Loan: The property is used as collateral, giving the lender the right to foreclose if the borrower defaults.
Legal Documentation: A lawyer or solicitor is engaged to draft a formal loan contract and mortgage deed, ensuring the agreement is legally binding and the lien is properly registered.
Fund Transfer and Closing: The lender transfers the funds, often to a lawyer’s account, who then disburses the money to the property vendor upon completion of the sale and purchase procedures.
Repayment: The borrower makes payments according to the agreed-upon schedule.