Private Mortgage

Private Mortgages

Private mortgages are a great solution when traditional lenders such as banks are not able to lend the necessary funds. As an alternative source of financing, private mortgages give you more flexibility in the mortgage criteria. A traditional lending institution has structured lending guidelines that can be rigid and can’t accommodate unique property investments or increased risk mortgages. Private lenders are able to finance increased risk mortgages because they are generally able to yield a greater return on their investment. Using a private lender can give the home buyer an opportunity to exhibit a clean mortgage repayment history, which can then help them secure a conventional mortgage with a better interest rate further down the line.

When a private mortgage lender can help:

  • When lenient repayment terms are needed
  • When your debt ratios are high
  • When you’ve recently undergone a bankruptcy or consumer proposal
  • When past financial missteps are impacting your credit score
  • When you want to purchase but are unable to secure a down payment
  • When lower or non-traditional income impacts your ability to qualify
  • When you need financing for unique properties, large renovations or commercial deals that a traditional bank won’t finance