Private lender is a term used to describe private mortgage lenders who deal outside of bank or traditional lending avenues. We are happy to provide clients with the largest network of mortgage professionals enables us to give you more choice when selecting a Private Lender in British Columbia. We beat the Big Lenders by providing the largest pool of products and services with the Best Mortgage Rate for you. With all this offered and our fast friendly service why go anywhere else?
Funding Available from Our Private Lenders from $10,000 to $2,500,000 & More.
Mortgages For Self Employed Creative Options & Stated Income Mortgages
THE MORTGAGE GROUP CANADA INC.
“I just want to thank you again for all your tireless work in helping us out of a horrible a mess. I will definitely refer your name, however, I hope it won’t be to patch up a mess like we had. I will definitely keep in touch and thanks again…”Kellie Port Coquitlam
WHAT WILL YOU NEED WHEN APPLYING FOR A MORTGAGE WITH A PRIVATE LENDER
Mortgages through private lender’s are easier to qualify for than conventional mortgage due to the fact private lenders base their lending almost solely based on your homes equity. Here is a short list of information you may need to be qualified: Mortgage Application, Credit, 1st Mortgage Statement, 2nd Mortgage Statement (if applicable) Proof of Property Taxes owed/paid if strata 1 year AGM & 1 year Strata Min and a copy of the homes fire insurance policy if in Foreclosure copy of any documents if CRA judgment a copy of documents. If you have questions please call and I can easily assess your current situation.
Private Lenders can help with:
- Proof of Income issues
- High 1st Mortgage Payout Penalty
- Job Loss
- Bad Credit
- Consumer Proposal
- Debt consolidation Mortgage
- Second Mortgage consolidates all debt and gives you payment relief.
- You have a unique property, raw land, second property, or a non conforming first or second property.
Private Lender’s – Investment Corporation BC & AB
Investment Corporation are an investment and lending company designed specifically for First & Second Mortgage lending (primarily residential mortgage lending) in Canada. These Investment Corporations are governed by the tax regulations of Section 130.1 of the Income Tax Act of Canada and there for is eligible for RRSPs, RRIFs, DPSPs, or RESPs investing. Private Lender’s shares in a Investment Corporation enables you to invest in a diversified and secured pool of Private Mortgages.
Mortgages – Individual Private Lenders BC & AB
Private lenders in BC & Alberta AB can be any individuals who have an understanding of mortgages, real estate and sufficient funds to lend. Generally Private Mortgage Lenders are business people or retirees looking to yield a higher rate of return on their savings. These lenders either have un-leveraged funds, RRSP’s funds or borrow from a secured LOC from their home and lend out the equity of their assets to get a higher Private Mortgage Rate.
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Residential Private Mortgage when the banks say NO.
Residential Private Mortgages are usually only used as a short term solution. Once you’ve demonstrated your ability to make your private lender’s mortgage payments on a timely basis, and Repair Your Credit or income issue you may be able to go back to a traditional financing institution. Most financial institutions would take another look at your application after about a year as long as you’ve taken the right steps in correcting your current situation. A Private Lender may meet your needs until your situation improves, and you can qualify for an institutional 1st Mortgage. online application
Half Interest Mortgage Information & Private Lenders. Can you borrow on your half of a Home?
Half Interest Mortgages are defined as a mortgage on your half of the interest in a joint ownership. A Half Interest Mortgage can be in 1st, 2nd and even 3rd possession but lenders usually lend up to only 50% of your half Interest. If you would like to find out more about borrowing against your half of a home call your Vancouver BC Mortgage Broker Today.
Foreclosure Mortgage Refinancing Pre-Foreclosure Mortgage Help BC
Foreclosure Mortgage Financing is made available through Private Mortgage lenders. That fact is good people still get caught in tough situation and the factors leading up to a Foreclosure can be just as overwhelming as the Foreclosure its self. Foreclosure Financing can be complex and finding the right Mortgage Broker to help is very important. Contact your Vancouver BC Mortgage Broker right away and let me navigate you through these difficult times.
Private Mortgages for Acreage | Farm | ALR. What will mortgage lenders consider that Banks might not.
Private Mortgages on Acreages or Farmland are available but borrowers must be aware of restrictions and lending guidelines. While the size and location of properties is one aspect lenders will look at, most often banks will only consider the appraised value of the House and 5 Acres. Private Lenders may have a wider scope to assess your property and may consider the value of the house and 10 Acres, the value of outbuildings, if a certain part of the land receives additional revenues like hay production, timber ext. Call your Vancouver BC Mortgage Broker to discuss your mortgage options.
Raw Land purchasing when you have been turned down by the banks possess a few obstacles. Banks do little raw land financing and the ones that do have strict criteria’s for approval. A Private Lender might be your best answer. If you plan on adding improvements to the raw land, building, running power, septic, adding a Mobile Home ect, lenders would be more willing to finance. By adding improvement over the short term you may be able to go back to the banks once these upgrades are complete and obtain conventions bank financing. Be prepaired to pay a higher rate of interest on a Private Raw Land Mortgage. There are no true rules for private lenders on raw land but most follow a basic guideline.
Native Leased Land is located on a Reserve, which is owned by Her Majesty the Queen, in Right of Canada. The land has been set aside as Reserve Land under the Indian Act of Canada. Certain band members (called “Locatees”) had possession of these lands and requested that the Federal Government enter into 99 year leases with Developers, for the benefit of the various Locatees. Essentially, the band member agreed to suspend his or her use and occupation of the land for the 99 year period of the lease in return for payment of the prepaid rent for the term of the lease. Each lease is a direct contractual agreement between the Federal Government and the developer and there are no other parties to the lease.
Mobile Homes on rental Pads leased Land or on your own Land.
Mobile Home Mortgages can sometimes be a little tricky to find financing for. Local Credit Unions and some Banks have programs for these but if your Mobile home or property doesn’t fit into their lending guidelines what are your options? Private Lenders will lend on some mobile homes on rental Pads, Leased Land and your own land. Check with your BC Mortgage Broker to find out what information will be needed for approval.
Basic Lending Guidelines for Private Raw Land Mortgages
- Maximume LTV 50%
- Major Cities & Towns
- Residential or Commercial
- Farms No more than the Value of 5 acres
Toll free 1-877-744-3436
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Bad Credit Auto Financing Through Private Mortgage Lenders BC – Canada Bad Credit Car Financing
Auto financing for a New Car purchasing if you have Bad Credit can be challenging. Rates from some auto financing companies can be upwards of 20% and with high monthly payments. If you own your own home and have equity in it, why not take that equity out, to pay for your new car purchase? Rates on Private Mortgages are significantly lower than Rates on bad credit auto financing and with a longer amortization which will reduce your payments too. If you think a Private Mortgage is a better option for you rather than getting Bad Credit Auto Financing give me a call. 778-839-3963 Vancouver BC Mortgage Broker.
Please take this opportunity to go to Equifax and order a copy of your credit.
Private commercial mortgage loans
Private Lender’s & the Commercial Mortgage market is going through some dramatic changes in Canada. The industry is shifting towards securitization as an alternative to the traditional balance sheet lending of the big banks credit unions and insurance companies. Private lenders, many funded by wealthy individuals, hedge funds or other large pools of capital, often lend their own money for their own portfolios. These unique lenders have not been crippled by the breakdown of the collateralized mortgage bond market.
Further, private loans (sometimes called “hard money” loans) can close within days with proper documents upfront, as-opposed to conventional loans which, if you get one at all, can take 3 months or more to fund.
What Private Commercial Mortgage Lenders Look for
Commercial Mortgage Private Lenders are equity based lenders; loan decisions are not driven by the credit of the borrower rather it is essential that the collateral property have substantial equity or generate sufficient income. Documentation requirements will be much less than conventional lenders would require but be prepared to back up any claims you make with some proof.
Income producing buildings are favored by private commercial mortgage lenders but most are willing to consider most property types. Generally there is an abundance of funds available for residential apartment complexes and a growing availability of funds for the smaller store + apartment properties. Small industrial condos and single use facilities still face difficulty obtaining financing from traditional sources.
The pricing of commercial mortgage rates and fees is as varied as the players in the industry. Each property and borrower is unique. It is impossible to quote rates and fees without a thorough understanding of the property and covenant involved in the transaction. If you are in need of a commercial mortgage we would be happy to discuss your options with you so call 778-839-3963
Commercial Mortgages our lenders are looking for are:
- Smaller Mortgages – $100,000.00 and up
- Multi use buildings i.e.; retail & apartment mix
- Owner Occupied Commercial Businesses
- Raw Land (LTV Limited)
- Land that is to be developed for Commercial use
- Smaller centers not normally serviced by the banks
Got another kind of property give me a call 778-839-3963
Documentation you may have to supply:
- Standard loan application
- Personal on all applications
- Corporate only on incorporate companies
- Net worth statement of all parties
- 3 Years income verification via tax returns
- 3 Years corporate financial statements
- 3 Years T2124
- Purchase agreements
- MLS information sheet (if MLS sale)
- Estimate of the finished value of the project
- Satisfactory level 1 environmental assessment
- Copy of strata documents
- Current full appraisal as is
- Estimated full appraisal upon completion