Most borrowers, especially players in the real estate industry think of private financiers as a last resort if they can’t get financing anywhere else.

However, private lending has become a popular financing option due to strict mortgage procedures set by the federal government and the excessive caution being exercised by traditional institutional lenders.

What is a private mortgage loan?

Private mortgage loans are short-term, interest-only type of financing, ranging in length from one to three years. Normally, these kinds of mortgages do not require a borrower to pay the mortgage principal down; but alternatively, only require interest payments every month.
Private lenders have become conscious of the fact that conservative lending rules used by conventional lenders and banks exclude many potential homeowners who are actually able to pay back loans. Bear in mind, private mortgage lenders mostly take into consideration a property’s overall value and salability as opposed to merely the borrower’s credit history.

Typical circumstances where individuals may need private mortgage financing

Private mortgage lending can be a brilliant option for the following individuals:

  • Self-Employed individuals that declare little or no income
  • Individuals wishing to buy unconventional property which a traditional lender may not be willing to finance. For instance, some banks usually don’t finance cottages or micro-condos that are very less in terms of dimensions
  • Foreign investors
  • Credit challenged individuals
  • Individuals with property taxes that are in arrears
  • Homeowners going through a foreclosure
  • Individuals who don’t wish to refinance their first bank mortgage since the penalties are too severe

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Featured Rates

FIXED

LenderRateTerm
Mortgage Lendwise RateLendwise

3.40%

5-Year
Mortgage First National Bank RateFirst National Financial

3.59%

4-Year
Mortgage RMG RateRMG Mortgages

3.29%

3-Year
Mortgage Street Capital RateStreet Capital Bank

3.19%

2-Year
Mortgage TD Bank RateTD Bank

3.19%

1-Year

VARIABLE

TermRate
5-Year Variable

2.75%

3-Year Variable

3.35%

OTHER

TypeRate
Line of CreditStarting at

3.00%

Equity LoansStarting at

5.99%

Private MortgagesStarting at

5.99%

Benefits of private mortgage arrangement

If you are a borrower in the mortgage industry, then you are guaranteed to enjoy several benefits from this kind of arrangement. First and foremost, private lenders do not solely insist on good credit history. Securing financing from a bank especially if you have a bad credit score can be quite tricky. Private financiers, in contrast, are more concerned with your property’s appraised value and do not base their analysis on your credit history or income. This means meeting the requirements for a private mortgage loan is quite easy.
Secondly, private funding is great for flippers and “fixer-upper” properties. Properties which need extensive renovations are usually not eligible for conventional mortgages. However, a private lender in such a situation is better positioned to provide financing to get the property in a sellable condition.
Thirdly, private mortgage lending has a short approval process. The approval process normally takes a few days, as opposed to weeks or months which conventional mortgage lenders take to process your request.
Lastly but not the least, some borrowers may not be comfortable divulging their personal financial information, which is a must requirement when applying for a loan from conventional lenders. Alternatively, not disclosing this info would have little or no consequences when obtaining a private mortgage loan from private lenders.

Tips for getting a Private Mortgage

With limited credit available from traditional financiers and more risk-averse business practices being encouraged when it comes to real estate; it’s becoming more and more important for people to appreciate the role of private mortgage lenders. Private lending institutions remain imperative since they serve niche markets such as construction financing and second mortgages, not to mention individuals locked out of the market following the departure of subprime lenders.

OUR CUSTOMERS LOVE US

My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Linderman Beadles
Linderman Beadles
06:16 26 Feb 18
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Gina Carroll
Gina Carroll
05:06 28 Feb 18
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Deane Laflamme
Deane Laflamme
04:40 27 Feb 18
My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Stephnie Boyles
Stephnie Boyles
13:59 15 Nov 17
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Billye Peralta
Billye Peralta
13:38 19 Nov 17
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Moore Hoover
Moore Hoover
02:25 16 Nov 17
We worked with Leon and he provided a thorough and a professional process in re-financing our mortgage. Communication was consistent, he was easy to reach and documents were processed quickly. Most importantly, we got a great rate that has us savings hundreds of dollars per month on our home. These guys really know what they're doing.
Melissa Brown
Melissa Brown
00:12 18 Jul 17
As third time home buyers we couldn't be happier with the service we got from Certified mortgage broker. The team did a great job working on our loan. Everything was fast, easy and transparent. Probably the best mortgage experience i’ve ever had.
Riley Clements
Riley Clements
15:27 20 Jul 17

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