WHAT IS A PRIVATE MORTGAGE?
Private Mortgages can be a residential, commercial, or construction mortgage. In some cases where credit, income, or the property do not fit well with conventional lenders, private lending can be a good options. Rates are higher than traditional lenders because the risk is higher to the lender. Ideally, private mortgage financing is a short-term solution until we can move the client back into a conventional lender. We work with private lenders so that we can facilitate private mortgage borrowing for our clients that need it. Our private lenders or MIC’s invest in individual mortgages, with the lender’s interest in the property registered directly on title. Each private lender is sent property and client details and can make a decision on whether to invest on a file by file basis in keeping with each investor’s preferences.
A Private Mortgage can help with:
- Proof of Income
- High 1st Mortgage Payout Penalty
- Renovations
- Job Loss
- Bad Credit
- Foreclosure
- Bankruptcy
- Consumer Proposal
- Debt consolidation Mortgage
- Second Mortgage consolidates all debt and gives you payment relief.
- You have a unique property, raw land, second property, or a non-conforming first or second property
- Large development projects
- Customized financing
LENDING GUIDELINES
Types Of Mortgages
- 1st, 2nd and 3rd mortgages
- NO credit or beacon score requirements.
- NO debt servicing requirements.
- NO income verification needed in most cases – Flexible BFS and Stated Income requirements
- Most residential and commercial properties considered – owner occupied and rental
- Construction financing available
Lending Guidelines
- Residential in urban areas – up to 85% LTV
- Residential in smaller towns – up to 75% LTV
- Mortgages up to $50,000,000. Large mortgages are considered on a case-by-case basis
- Raw land, mobile homes, acreage properties, and small commercial also available
- Flexible payment and amortization options are available including interest only payments
- We can deal with bankruptcies, collections, and judgments for taxes – even foreclosures!