So, what do you do if your lender backs out or if you doubt it will finance your project? What happens if you have a non-refundable deposit that is at risk? Here is where Bedrock 1st Mortgage comes in.
Bedrock 1st Mortgage is a private money lending source or simply borrowing from a private individual or group. The benefits of this are that you will be talking to the decision maker who can structure deals that work for everyone. Bedrock 1st Mortgage has much more flexibility than a bank or conventional lender.
Private money also called hard money is private money from a professional lender. Bedrock 1st Mortgage has done the “hard” work of accumulating capital and is ready to loan it to you. There are underwriting guidelines, including a low loan-to-value ratio, which is the loan amount compared to the value of the property. Private money loans have accessible funds and are often much easier to qualify for.
They gave us a
loan when the
big banks wouldn't
and they gave us
a great rate!