Getting private mortgages in order to make real estate transactions has nothing to do with going to a bank. Smart investors won't go near banks. They don't want their lives controlled. Neither do they want to be told what they can or can't qualify to borrow. Brokers who offer private mortgages will usually only loan money based on the equity in the property. Their decisions to loan you money is not based on your credit.Therefore, your credit should be irrelevant. The sole interest will be the collateral. Interest rates may be creeping up, but private mortgages are not difficult to get. There are no applications to fill out, no committee approval, and no long wait. The loans should close merely days after you get an appraisal.Get the Funding You Need with Private Mortgages
Using private mortgages (to the exclusion of your own money) is a great way to leverage funds. You can do more investing while keeping your own funds tucked away for a rainy day. You can borrow millions in private mortgages, and it won't show on your credit report. This will help you become more credit-worthy, saving your credit for when you need it most: on large projects.It's important to create respect for yourself and to build these relationships that can lead to millions of dollars in financing. The best way to build this relationship is to socialize with people who have money. You must do this in a knowledgeable way, and always in the context of investing. Learn how to present your past successes as leverage; convince donors that you can and will offer them a return on their investments.