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Private Lenders – the Quick and Easy Route to Funds

In recent years increasing property prices and changes in legislation has made it increasingly difficult to qualify for a mortgage through a traditional bank. The application process is slow and time-consuming due to the stringent rules and legislative requirements.

It is because of this that many investors are turning to Private Mortgage Lenders in Mississauga and other parts of Canada. Unconstrained by bureaucracy private lenders move quickly and the application process is simple.

Private property investors, the self-employed and people with poor credit ratings have all found that Private Mortgage Lenders will very often help when the banks have been reluctant to offer them money or are simply too slow for investors seeking to make money from valuable opportunities.

Investors use private funding for “fix and flip” property purchases since they don’t need the money for long periods of time. Repaying the loan as soon as they resell their investment property. Others turn to private mortgage lenders when they require a second mortgage.

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Featured Rates

FIXED

LenderRateTerm
Mortgage Lendwise RateLendwise

2.39%

5-Year
Mortgage First National Bank RateFirst National Financial

2.69%

4-Year
Mortgage RMG RateRMG Mortgages

2.64%

3-Year
Mortgage Street Capital RateStreet Capital Bank

1.99%

2-Year
Mortgage TD Bank RateTD Bank

2.69%

1-Year

VARIABLE

TermRate
5-Year Variable

2.85%

3-Year Variable

3.10%

OTHER

TypeRate
Line of CreditStarting at

3.00%

Equity LoansStarting at

5.99%

Private MortgagesStarting at

5.99%

A Short-term Loan Based on the Value of the Property

Typically, private mortgages are short-term loans that are usually paid off in a year or two. In the private mortgage industry, it is not the individual who comes under scrutiny but the property that will serve as collateral. The main considerations are the location and the condition of the property.

Since the lender will have to recover his money from the sale of the property should the borrower default on payments, the size of the down payment will depend on its marketability. Properties in a marketable area can get private financing of up to 85% of the value.

Private mortgages do come with additional costs. Firstly, interest rates are higher than those charged by traditional banks. Tax deductions on income-producing properties can help to alleviate these costs. In addition, there will be legal fees, lender fees, mortgage broker fees and appraisal fees. Make sure that you interrogate the additional costs up front. Some private lenders may allow you to include these costs in the mortgage.

Certified Mortgage Broker in Mississauga can Help

Many private mortgage lenders specialise in particular fields so if you are looking for a private mortgage lender to assist you, you should approach a broker. The private mortgage broker should have a list of private lenders who are looking for clients. They will be able to match you up with the best fit for your investment.

The broker will collect all of the details of the deal such as the property that you intend purchasing, what you plan to use the property for, and how you plan to repay the loan. He will put together a deal that will include an exit strategy since this more expensive funding should not be used over the longer term.

Many people replace the privately funded mortgage with a regular mortgage once the property has more equity or their credit rating has improved.

If you have had trouble getting bank finance you should not give up on your dreams. There are alternatives. Give us a call If you live in the Mississauga area. We can help to put together a deal tailor-made to suit your needs.

OUR CUSTOMERS LOVE US

I've worked with mortgage brokers before and have had some issues, so wasn’t sure if i wanted to go to a bank or a broker again. I ended up finding Leon and his team and the reviews seemed really positive, so i decided to just give them a call and see what they offer. Leon explained everything over the phone and was able to adjust to my schedule for a meeting. We ended up going over everything from start to finish, I explained my situation and he recommended a mortgage for me. He explained how it would save me money and how he would guide me step by step. At any point during the process he was literally just a phone call away and was very responsive. The best experience I’ve ever had with my mortgage. Gonna stick with Leon and his team from now on.
Randa Conyers
Randa Conyers
04:49 24 Feb 18
I found Leon a few months ago when we were looking to secure a mortgage for our new home. I read the reviews and they all seemed positive, so I gave him a call. Leon and his team honestly live up to their reputation, they answer all their calls, respond to emails within the hour and have the best rates I’ve seen. They know everything about the market and answer every question I have. Got a great rate and the customer service was outstanding. Would recommend to anyone, 5 stars
Yolanda Sizelove
Yolanda Sizelove
11:41 17 Feb 18
Most of my income is in dividends so my mortgage approval turned out to be a lot more complicated than normal. Leon guided me step by step through the whole process. He explained everything, was very patient and answered any questions i had. A week before the closing the lender asked for some additional documents and Leon was just a phone call away and was able to get everything together right away. Great service and great team.
Christin Franco
Christin Franco
03:34 01 Feb 18
Working with Leon has honestly been amazing. He managed to find a bunch of properties at a great price. We told him what we were looking for and our budget, he was able to find properties that we were able to renovate and re market. It has honestly been a pleasure working with him.
Tener Fellers
Tener Fellers
03:02 19 Jan 18
The entire team at certified mortgage broker were very kind and professional. Never worked with a mortgage broker before, but was tired of the terrible service at my bank. After a bit of research I found these guys and its been great. They are easy to reach, my rate is lower and they are VERY professional. Awesome service.
Myron Wiggins
Myron Wiggins
02:11 15 Feb 18

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