We provide private mortgages for residential properties:
- 1st mortgages
- 2nd mortgages
If you have been turned down by conventional institutions, you can obtain financing from other sources. Conventional institutions, such as banks, have to adhere to certain rules and also CMHC requirements. Private mortgages may be your solution as they are able to work around the requirements! With private mortgages, the interest rate you get is determined by several factors, such as your credit score, the property, and the “overall” picture. High risk borrowers may have to pay more. Many private mortgages are short-term solutions, so the terms for most of our private mortgages are 6 months to 2 years. Many conventional institutions will look at your situation after 1 to 2 years to determine if you can now qualify for a regular mortgage.
2nd mortgages are commonly used for refinancing, to free up funds for renovations, special projects or to consolidate debts. If your 1st mortgage is in good standing, it is even easier to free up funds with a private 2nd mortgage. Or if you have a 1st mortgage with a fixed interest rate, and the penalty costs are high, then it would be more beneficial to get a private 2nd mortgage.
We provide up to 75% LTV for private mortgages, but will consider up to 77% for special circumstances. To get started, call us for an application form and we will help you from there.
