Private Mortgage Lenders in Ontario
Unlike banks, we don't shy away from transactions. Private mortgage rates starting as low as 3.99%.
Private mortgage lenders work by funding transactions based on the equity and location of the home. In many cases, they come in where the major banks or institutional lenders aren't willing to go.
Waiting for a long approval process isn't always fun. If time isn't on your side, or if you can't qualify for a mortgage from a bank or institutional lender, then a private lender may be the answer.
They can be useful for the self-employed or those with bad credit, who tend to have a harder time getting a mortgage, as well as investors who want a fast, tailored service.
How we can help:
Home renovation and construction projects
Individuals who can’t prove their income by conventional means
Credit management or recovery from bankruptcy
Income tax, property tax, bills or mortgages arrears
Unique & “non-conforming” properties
Stopping a power of sale
Our team of experts helps to cut our customers’ monthly payments on second mortgages by up to 50%!
Is a private mortgage the answer?
Private mortgages as a refinancing alternative
Private mortgages can potentially become a great financial solution for homeowners who are looking for alternative financing options in Toronto and across the GTA. If you are a homeowner in need of funds and are unable to get a mortgage from banks, then you can borrow the money using private mortgages.
So how does a private mortgage work?
A private mortgage is simply a mortgage, which is issued through investors other than banks. The investors or private lending bodies have more flexible lending processes, which are not as stringent and drawn out as conventional banks. In most cases, you will be able to get a private mortgage as long as you are a homeowner and there is equity in your home. The loan amount you can get for a private mortgage will be based on the equity of your home.
What you need to know:
All homeowners who have a loan worth less than their home value have home equity. The equity is basically the value of the house after the loan amount is deducted from it.
So, if you are thinking of taking out a second mortgage, an equity line of credit, or a private mortgage, you need to be aware of the value of your home.
Am I in need of funds?
While home loans have been designed to ease your financial situation, it is always crucial to understand the urgency of your financial needs. Remember that while the loan amount will need to be repaid by you in smaller sums of money, this will still affect your monthly budget. If you require money urgently and are unable to get a bank loan due to the time factor or a bad credit score, then turning to a private loan could be the best option for you.
We offer a range of solutions for all your financing needs!
At Canadalend.com we network with many private investors and lenders who have helped our clients with private mortgage financing. So, ease your financial stress by getting in touch with us right away and we’ll be more than glad to professionally help you choose the best option available in the market!
At Canadalend.com we are dedicated to 5 star customer service. Get in touch with us and a lending specialist will help set up an appointment for a free personal consultation. We will help you review your mortgage options and find the solution that fits your needs!
Frequently asked questions
What is a private lender mortgage?
A private mortgage lender is a business that offers loans that are secured by real estate, such as a home or condo.
How does a private mortgage work?
Private mortgage lenders approve loans based on the value of the applicant’s property. They take into account factors such as the equity and location of the home.
Is it better to get a mortgage from a bank or mortgage company?
This depends entirely on your circumstances and your needs. Private mortgage lenders have more flexible lending policies than conventional banks do.
Are private mortgage lenders safe?
Yes. A private mortgage is still simply a mortgage - it's just offered through investors that are not a bank.
What do private lenders look for?
The main thing a private lender is interested in is how much equity you have in your home.