Private Mortgages & Private Equity Loans in Vancouver, BC
Do you have problems qualifying for a conventional mortgage or loan? Have you been turned down by a bank? Have you missed monthly payments on your credit cards and do you have a high debt to income ratio? Do you have poor or bad credit? Are you a small business owner looking for funds to build your business?
All of the above borrowers don’t fall into what conventional mortgage lenders look for. Traditional lenders want to lend their money who have good credit, pay their bills on time and don’t get maxed out every month on their credit cards.
If you are someone in the first category of borrowers, you will find that you will have a great deal of difficulty finding financing on your own. And, you run the risk of further damaging your credit rating if you are shopping around to various lenders who will be checking your credit score with each application.
Our lenders offer mortgages for all types of situations including short term situations like:
• new construction financing;
• debt consolidation;
• business buyouts;
• investment property purchases;
• short term business opportunity;
• purchasing land; and
• property flips
We work with private lenders who offer flexible terms that fit your situation, their goal is to provide you a short term solution to an immediate problem. We can find you a private mortgage if you don’t qualify for conventional financing.
Who is a private lender and what is a private mortgage? A private lender is an investor who loans their money out to people who may not be able to borrow funds through conventional lenders. A private lender is someone who knows that there is more risk in lending to someone who doesn’t fit into what banks would consider as a good credit risk. They can lend their money out and receive a higher return through a private mortgage. They generally get a higher rate of interest than having their money held in a bank.
The private lender’s investment funds are held with security. That security is usually a private mortgage which is registered against the borrower’s property, be it their home or a commercial building or a piece of land.
Our private lenders are more concerned with your equity, instead of your credit score. Equity is the difference between what you owe on the property and the appraised value of the property.
Private mortgages offer different borrowing solutions for borrowers and a better return on their money for private lenders.
Usually private mortgages have a shorter term than conventional mortgages. You may pay a higher rate of interest if the reason for borrowing is risky or if you have a bad credit score. However, you have a better chance of borrowing private funds than if you applied at a bank.
Mortgage brokers have access to a number of private investors who are looking to lend their money to higher risk borrowers. We can analyze your borrowing needs and find you the best mortgage package offering you the best interest rate and terms for your situation. We work for you, not the lender and in most cases we can have an approval for you within 24 hours. If you are in need of speedy financing, the mortgages can be funded very quickly, sometimes within 7 days of your application.
One of the advantages of a private mortgage is that your application is also kept private and you may not have to reveal as much of your finances as you would to a bank. The information required for your application may be less stringent for a private mortgage than a bank.
We can also give you information on how you can rebuild your credit while you are paying for the private mortgage. When the term of the mortgage runs out, we may be able to find you another mortgage at a lower rate of interest and longer term if you have been working on repairing your credit.
Don’t wait to get turned down by a bank. Whatever your private mortgage needs give us a call.
The bottom line is - I'm in YOUR corner, and I can set you up with the best possible mortgage (or otherwise solution) for your needs, period. Even if your situation is "challenging" - you'd be amazed at what's possible with a little creativity...
You can email me here, call me at 1-877-686-4246, or submit a Quick-Quote request HERE...
We'll talk soon!