PRIVATE LOAN FOR DOWN PAYMENT
A private loan for down payment is by definition a credit facility granted by a private lender or a private investor in favor of a private borrower who is looking to complete a mortgage without injecting any equity.
A private loan for mortgage down payment aims to assist future home owner to obtain a bank’s approval for a mortgage without having to bring in an advance or equity which is normally required.
A private loan for down payment for home financing is useful in case a personal loan is rejected by banks as they often insist the equity belonging to the borrower and bot being borrowed from another bank.
A private loan for mortgage for down payment needs a perfect documentation via a clear loan agreement which defines the terms and conditions particularly in case of payment default avoiding any repossession through the private lender.