Private mortgage lender
in Niagara Falls

Private lending & mortgages provide financing opportunities for Canadians of all shapes & sizes.

Our Experts Broker

Most Canadians are not familiar with the concept of private mortgages. Private Mortgages help to fill the gaps that institutions like the big banks, are simply unable or unwilling to fill. We’ve included some fast facts for you to browse below.

Approval Process

• Credit score review – Good or Bad credit
• Online calculator

Lender FAQ

You might not be able to qualify for a loan from your local bank or lending institution for a wide range of reasons. You could be self-employed or simply don’t meet the banks typically conservative criteria and thus you’re left high and dry. This is where private lending comes into play. Private lenders take into account a property’s overall value and marketability as opposed to simply the borrower’s credit history. There are private individuals who are willing to lend their money to you in hopes of earning a return on their investment.

• Purchase of a property that a conventional lender or bank will not finance
• You need immediate financing and cannot wait for a long approval process
• You simply need a short term loan
• Your credit history might not be ideal and thus you are always being turned down by conventional lenders
• Your income is possibly non-confirmable (i.e. self-employed individuals)
Private lenders can be individuals, a group of investors who pool their money on a case-by-case basis or possibly a group of investors who pool funds to make available to several different deals.
Private mortgage lenders base their rates on the area, type of property, degree of risk perceived and estimated costs of administration. Each private mortgage interest is quoted on individual circumstances. Typically however the interest rates are a bit higher than what you would see advertised from most lenders. You can likely expect mortgage interest rates of 10% and higher.
Approval typically takes place within 1 week of application and can sometimes be done even quicker. The actual processing of the loan and the final release of the funds can take approx. 2-3 weeks.

Just like with a traditional mortgage private lenders do need you to provide some of the same basic items such as…

• Property value and type
• Your income
• Down payment amount (if you are purchasing)
• Equity (if refinancing)

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