Get A Second Or Private Mortgage

There are three type of mortgage lending in the Canadian mortgage market.

1. Institutional  lenders 

2. Sub-Prime Lenders

3. Private lenders.

If your application does not fit within the Institutional or sub-prime lender guidelines, a private mortgage is your option. Private lenders will generally require at least 20%-30% equity or down payment and a readily marketable property.

1) If you need a second mortgage to consolidate debt and your credit rating is low, Private mortgage is a solution. You will be able to lower your monthly payments and interest costs. This will allow you to improve your credit score and free up some credit lines for future needs.

2) If you do not have proof of income – Sometimes you cannot show the required proof of income or the proof you can provide is not  accepted by traditional lenders

3) If you are in foreclosure, a private lender may be able to refinance your mortgage so you avoid foreclosure.

4) If you’re credit score is less than 600, it is challenging to get Institutional financing. In this case, you should consider applying for private mortgage.

5) If the property you are purchasing is a raw land or in a remote area, private mortgage can help you.

6) If you own your own land and need to finance the construction, a short term private mortgage can help you out.

7) If you are purchasing or refinancing a commercial property and you cannot show record of income, private mortgage is the solution.

We have access to a large pool of private mortgage for you and we can tailor your financing need accordingly.