The short answer
Getting the funds is only one part of the decision.
When time is tight, an available loan can feel like the answer. Before accepting it, look at what happens after the immediate problem is resolved.
Understand why it is being considered.
Ask why the proposed financing fits and which other options were considered. A recommendation should explain the situation, not just the speed of funding.
See the cost beyond the payment.
Private mortgages can carry higher rates and fees. Interest-only payments do not reduce the principal. Ask about upfront charges, renewal costs and the amount you will actually receive.
Make the exit specific.
How will the loan be repaid or replaced? What must change, by when, and what happens if it does not? A plan that depends on a large income increase or a rising property value needs careful scrutiny.
A useful next step
Ask for the costs, obligations, exit plan and backup plan in plain language. Review the agreement with your lawyer. If the arrangement is not manageable, an approval does not make it suitable.
General information, not a financing recommendation or a promise of approval. Mortgage terms and lender requirements vary. Review the details of your own situation before acting.