OLYMPIAN MORTGAGE CORPORATION offers specialized programs for individuals who do not fit the traditional guidelines of institutional financing or choose not to go through the bank route for any particular reason.  This program is called private lending because we utilize the capital from private individuals rather than from banking institutions.  There are some benefits to this type of lending that are not present with conventional financing. 

First lets explain the three typical situations by which one may find them selves in that would make them a candidate for these type loans.

1.      First, your credit report is not acceptable to the bank. 

2.    Second, you are under some very tight time constraints and    whether or not your credit is good or not, you simply do not have time to jump through all the numerous hoops the bank puts in front of you. 

3. Third, your income is sufficient to repay the loan, but your income is either hard, impossible or you refuse to report it on your federal tax return.  If you fall in that category, you may be eligible for a private loan. 

In order to obtain one of these loans, you must have more equity in your house than the bank requires in order to offset the lenders risk.  In addition, the rates, costs and fees will be higher in exchange for the borrower being able to borrow the money despite their current circumstance.  Some of the terms, for example, period of repayment or other clauses may be different than your ordinary bank, but then again these lenders are not doing typical loans.  Lastly these loans are currently restricted to Florida only, simply because these individuals need to be able to inspect the property before the money is lent and also inspect the property on a periodic basis if need be. 

Presently, since our company is located in Tampa, Florida the majority of our private investors are from that area, but we are developing programs by which these special loans could soon be offered to the general public.  If you have any questions and/or comments regarding these private loans, please contact us.