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Private Mortgages

If your application for a mortgage has been turned down by the bank then you should consider a private lender. Private lenders are not required to follows the same guidelines as the banks. They will provide mortgages for people that are self-employed or who have bad credit.

We have access to many private mortgage lenders across Ontario.  People who are in difficult situations with regards to cash flow and credit history typically have difficulty getting mortgages.Our mortgage professionals deal with these kinds of situations all the time. With help, our clients can improve their financial situation. Once the credit score has increase we typically help them get a lower interest rate mortgage with a traditional lender.

We charge reasonable lender fees and help you to deal directly with our private lenders.

How to Qualify for Private Lending

To obtain a loan from a private lender you must be the owner of the property. Most private mortgage lenders will provide loans for homes up to a maximum loan to value ratio of 85%. The maximum loan to value ratio for a condo is 80 with some exceptions going to 85% loan to value. Commercial mortgages usually have a maximum loan to value ratio of 70%.

Private lenders Are Best Suited For

  • Bad credit loans
  • Mortgage is in arrears
  • Tax arrears
  • You are self-employed or unemployed

Bad Credit Score

Your credit score and employment is not the biggest factor when dealing with a private mortgage lender. The primary factor is the amount of equity that you have in your property. If a property has a large amount of equity the lender will charge a lower interest rate. Conversely, if the property has a small amount of equity the lender may charge a higher interest rate. If you have a bad credit rating our brokers can explain some techniques that will improve your credit score.

Private Mortgage Lenders

Due to the strict guidelines that banks are forced to follow, many people cannot qualify for loans from banks. Private lenders fill in the void, and are able to provide money for whatever purpose the borrower deems fit. Private lenders can be very flexible regarding the mortgage terms and conditions. Therefore tell us your requirements and we will arrange a private mortgage for you.

Do I Need An Appraisal For A Private Mortgage

In most situations an appraisal is required to get a private mortgage. The lender will assign a appraiser to determine the value of the property. The appraisal will show what comparable properties is Whitby have sold for and base the property value on those sale prices.

We do our very best to get your finances back on track! Stop worrying and allow our team of experts to help you get a private mortgage.

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