A Private Mortgage is a short term solution. These deals typically involve Business for Self, Credit Issues, Rural Properties, Construction Advances, or other non-traditional funding needs. If you have equity in your home, we have private lenders that will lend money regardless of your credit or employment at competitive rates.
Private Mortgages can prove beneficial in several ways:
Mortgages up to 85% of the value of your home.
Unconventional Mortgage for residential or mixed use properties.
Purchase of a Nonconforming Property that might not be able to be financed,
Turned down by Bank, due to any number of reasons.
Need financing fast and can’t wait for the bank to make up their mind.
Have bad credit, unverifiable income or you want to buy a unique property.
Not based on your credit history
Lenient or No income verification
Short-term solutions for one to two years until you get back on your feet and become ‘bankable’ again.
Depending on where the property is located we have private lenders that will fund private mortgages.
Private Mortgage Might be for You!
Private Mortgages are funded by individuals or groups who want to make a better return on their investments other than in their GIC’s at their bank. They are comfortable with investments that are secured by real estate and they will look past bad credit, bankruptcy, and environmental or zoning issues. Basically they invest in people and property and not reports and numbers.
Some private mortgage investors only invest in residential housing some will look at commercial plazas. Every investor is different and that’s why you need a mortgage broker. They each have their own appetite and lending comfort zone. Private mortgage investors will even look at farm mortgages, mobile home mortgages, variety store mortgage, mortgage for a cottage or vacation property, or even a mortgage on bare land.
One thing is for certain; they will listen to your story and make a decision based on all of the information. Canadian private mortgage investors look at things like bank statements, recent appraisals, and employment letters, whatever you can provide to show them why you and your property are a good investment.
Sometimes, god forbid, they will even want to meet with you, see your property, and hear the story in person. When is the last time that a bank wanted to hear the whole story?
To get access to private lenders and mortgage investors you generally need to deal with a Private Mortgage Broker and that’s where we come in. We’ll take a look at the entire application, including the back story, package it as an investment and present it to the most appropriate private mortgage lender for approval.
Please contact one of our Mortgage Professionals for further information how a Private Mortgage could work for you.
Elias Financial Corp is part of the Verico Brokers Network.