A private mortgage is a loan that is provided by an individual or a private lending company, rather than a traditional bank or lending institution.

Private mortgages work similarly to traditional mortgages, but they are funded by private lenders. Borrowers work directly with the private lender to negotiate terms and repayments.

Qualifying for a private mortgage is typically easier than qualifying for a traditional mortgage, as private lenders are often more flexible with their lending criteria. However, you will still need to meet certain requirements, such as having a reliable source of income, down payment and prove the ability to repay the loan.

The timeline for getting a private mortgage can vary depending on the lender and the borrower's circumstances. Some private lenders may be able to provide funding in as little as a few days, while others may take several weeks or longer.

Private mortgages often come with higher interest rates and fees than traditional mortgages, which can make them more expensive over the long-term. Additionally, private lenders may have less regulation and oversight than traditional lenders, which can increase the risk of fraud or other issues.