Why people borrow money from Arres Capital?

When interest rates of 7% to 10% are added to the prime rate, in most cases, the borrower is paying more than 15% annually for a private mortgage loan.  This is a good deal for private mortgage lenders, but why would borrowers want to pay these high rates when conventional mortgages range between 6% and 10%?  Many reasons exist, but all fall into these categories: