Are there mortgage brokers for private money loans?
Before the 2007–2008 mortgage meltdown, getting a conventional loan was much easier. If you could prove you had income on your tax returns whatever the source (1099, temporary positions or non full status employee positions), you could get approved. Now it seems that banks want you to demonstrate that you’ve been in a full-time job as a full-status employee with all the benefits for over two years as part of the approval process. It’s much harder to get conventional loans. Even if you have passive income from other properties, they only count a portion of that income towards qualification. My 850 credit score was also less important to a broker I spoke to and who felt I wouldn’t get qualified for a conventional 30 year fixed. Since I work in the motion picture business where you move around a lot from studio to studio, I can’t show steady employment with one single company for two or more years which means I may need to explore the world of private money. With that in mind, just like with conventional loan brokers, are there brokers who can find sources of private money I might want to check into?