Private Lending

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How It Works

  1. Call us or apply online
    Talk to one of our friendly advisors to help us understand your situation and your goals.
  2. Follow our process
    Follow our simple yet effective process to qualify for the best offers.
  3. Receive your funds
    Once you sign your paperwork, the funds will be released usually within 5-8 business days.

What is a Private Mortgage

Private mortgages are a flexible financing option for situations where banks, credit unions, and even equity-based lenders will not help. While this option usually has a higher interest rate, the conditions of the contract are kept to a minimum.

When You Should Consider A Private Lender

You should consider using a private lender in the following circumstances

  1. Where your debt to income ratio is high
  2. If your credit score is preventing you from getting a mortgage from a traditional lender
  3. If you have recently been insolvent
  4. When you have insufficient funds for a down payment on the property
  5. If you earn income from a non-traditional source
  6. If you want to obtain a second mortgage
  7. If the property that you wish to purchase is not one that the banks would finance
  8. You need fast finance and don’t want to wait for a long approval process.

Not everyone will qualify for a mortgage through traditional lenders. Institutional lenders are governed by strict lending regulations. Private mortgages are short-term, interest-only loans and they offer the borrower an opportunity to finance property over the short term while finding alternative ways to borrow money.

Private mortgage lenders are a great option for those who want a personalized experience, and who want to avoid the extended lead times and red tape required by institutional lenders. Private lenders are usually happy to finance property by up to 85%. Their primary concern is the value of the property rather than the history of the borrower.

Reason for a

Private Mortgage

Credit issues are usually one of the main reasons that a person would require a private mortgage. For example, a person coming out of bankruptcy may need more time to rebuild credit before a bank will consider giving that person a mortgage.

A prime mortgage lender is required to follow strict guidelines, which can make it difficult to obtain a mortgage. When working with private lenders, a common-sense approach is applied to lending that involves considering other important details resulting in a client now qualifying for a mortgage or mortgage renewal. Our goal is to make this happen for you. Are you having difficulty obtaining financing, contact us now to see how our common-sense approach is different. We work for you, to meet your financing needs.

Other reasons where people would seek private mortgages may include:

When someone currently in a consumer proposal who would benefit by paying off a mortgage through private financing, which will allow them to rebuild credit quicker
When someone who is self-employed that has difficulty providing sufficient proof of income to banks and other prime mortgage lenders

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