Private mortgages are offered by individuals, syndicates, and mortgage investment corporations. An experienced mortgage broker may be able to put you in touch with a reputable private lender, or you can search for one yourself.

While getting a private mortgage is generally faster and easier than qualifying for a mortgage with a bank, you’ll still have to meet some eligibility requirements. To qualify for a private mortgage, you need to have:

1. Proof of income: You’ll need to demonstrate that you have the income necessary to make mortgage payments. This can be tricky if you’re self-employed, and you may be required to provide extra documents.
2. Down payment: Usually you’ll need a minimum down payment of 15% of the purchase price to get a private mortgage.
3. A sellable property: If the borrower defaults on payments, the lender will want to be able to take possession of and even sell the property to recoup their investment.

Even if you’re more than able to repay the loan, mainstream lenders are required to verify that you can repay, and they have specific criteria to complete that verification.