Private lending simplified

Call Phil Now for a No obligation Consultation 905 516 1150

Private mortgages are short- term, interest-only loans, ranging in length from 1 to 3 years. Interest only loans do not require homeowners to pay the mortgage principal down, and instead only require interest payments each month. Private lenders are not constrained to use the same rules as institutional lenders have to. Private lenders focus on the property’s overall value and marketability as opposed to concentrating on the borrower’s credit history. Private lenders will usually go to a total loan to value of 85% of the appraised value, as 1 entire first mortgage or a first and a second not exceeding 85% including the fees associated with the private lending process.

Who would need a private mortgage lender?

Perhaps you want to purchase an unconventional property that a prime lender or bank won’t finance. You have bad credit history and have been turned down by conventional institutional lenders. *You have non-conformable income that is preventing you from obtaining a traditional mortgage.

You may only need a short term loan while you wait to get an insurance settlement, you may want to do a construction loan that conventional lenders will not lend you the money for, and there may several other reasons.You may have property tax arrears or have a balance owing to CRA.There are many, many reasons to use the Equity in your home to get out of financial hardship, we do not judge the reasons why...We just want to help!

How Does it work?

Contact a Professional Mortgage Broker, and discuss your situation with them and if the Broker feels they can help you, he would discuss the rates and fees associated with setting up the private mortgage and you would determine if you would wish to proceed with a mortgage application.

Once you decide to proceed the broker would obtain any supporting documents required by the private lender, such as, income verification's, etc.

Once you have completed the application the Broker would contact his group of private investors and determine if they would like to proceed with the application.

Once an potential investor is found, an appraisal is ordered and the lending value determined, and if it is acceptable, a private mortgage approval is presented to the customer for acceptance.

Once the loan agreement is signed by all parties involved and the customer has reviewed and signed all of the required legal documents, the file is sent to the lenders lawyer and the borrower's lawyer to complete the transaction.

Call me to find out what your options are and how much you can get!

Fast Approvals and Fast Funding available!

Phil Romano

Mortgage Broker

Cell: 905 516-1150

1-1423 Upper Ottawa St, Hamilton, ON L8W 3J6, Canada

Your Paragraph text goes Lorem ipsum dolor sit amet, consectetur adipisicing elit. Autem dolore, alias, numquam enim ab voluptate id quam harum ducimus cupiditate similique quisquam et deserunt, recusandae. here