1-877-744-3436 Apply Now

2019 Private 1st & 2nd Mortgage Rates BC

By | Blog, Home Equity Loan, How To...., Mortgage Solutions, Private Mortgage Lender | No Comments

January 2019 Recently Funded

Second Mortgage Surrey BC

Funds to consolidate debt and complete renovations to client’s surrey condo. This was a previous client with a proven payment track record. Was able to provide financing to 65% of BC Assessment

2nd Mortgage Rate 7.95%

Total Mortgage $55,000


Private 2nd Mortgage Langley BC

Both clients had lost their jobs and had new jobs starting the week of funding. Funds were to consolidate debts and bridge themselves until new jobs first cheque. We will be looking to go back to the bank and consolidate the 1st & 2nd once they pass probationary period.

Second Mortgage Rate 10.95%

Total Mortgage $45,000


Private 2nd Mortgage Self Employed Langley

Client was looking to put some money into a new business. Clients credit was great but new income will not allow us to qualify under banks income guidelines.

Private Mortgage Rate 8.99%

Total Mortgage $107,000


Private 2nd Mortgage Langley

Client was BFS consultant for a several of years. He decided he wanted to go back to be an employee with a significant wage cut for the first year. Property is in ALR and recently subdivided.

Equity Loan Rate 8.60%

Total Mortgage $65,000


Private 1st Mortgage Mobile Home

Clients have poor credit due to maximising on too many tradelines, but common-law husbands’ income was strong. Husband was required to sign a guarantor.

Private 1st Mortgage Rate 11.2%

Total Mortgage $100,000

Second Mortgage Richmond BC

Past client with good payment history. Has a very low rate with the bank and still has 3 years left until term is up. Looking to consolidate debt and buy a new car. 2nd mortgage was more cost effective than paying the penalty on the 1st mortgage and raising her 1st mortgage rate by 1% .

2nd Mrt Rate 8.6%

Total Mortgage $105,000


Half Interest 1st Mortgage

Client lives in a home and wife lives over seas. Client looking to borrow on his half of the homes equity to start up a new business.

Half interest 1st mortgage rate 10%

Total Mortgage $75,000


2nd Mortgage West Kelowna

Past client requiring additional funds on a 2nd mortgage in West Kelowna BC. Funds for business capital

Total 2nd mortgage to 70% LTV $40,000

Rate 12.99


1st Private Mortgage Surrey

Client is BFS with low income claimed on taxes. He and a business partner owned the home together, but business partner became ill and wants to settle his estate and be paid out of the property.

Private 1st Mortgage Rate 7.5%

Total Mortgage $340,000


2nd Mortgage Victoria BC

Past client with poor credit and a consumer proposal. Funds to payout consumer proposal and fix up coach home for new tenant.

Second Mortgage Rate Victoria BC 11.5%

Total 2nd Mortgage $84,000


Second Mortgage Port Moody BC

Funds to payout consumer proposal and education.

Total Mortgage Amount $115,000

Private Mortgage Rate 10%


2nd Mortgage Mission BC

Client was at renewal and wished to borrow additional funds to spruce up her home to list it for sale. Past client with an excellent payment history. Able to provide 65% loan to value of BC Assessment no appraisal.

Private mortgage rate 8.99%

Total Mortgage Amount $115,000

Mortgage Deals November 2018

Private Equity Loans of November 2018

By | Blog, Home Equity Loan, Mortgage Solutions, Private Mortgage Lender | No Comments

Alternative and Private Mortgage Deals of the Month November


Home in Peachland BC

Funds to payout Private 1st mortgage and consolidate some consumer debt.

70% Loan to Value

1st Mortgage $388,500

Using client’s home equity, we were able to lower clients previous interest rate and obtain them additional money to pay down debts. Clients still have a low credit score but good income. Debt consolidation should assist in improving credit score and will try to obtain conventional mortgage financing in 2019.


Mobile Home in Langley BC

Private 1st Mortgage to consolidate a Fairstone Loan and other consumer debts.

17% Loan to Value

1st Mortgage $30,000

Pensioners on fixed income had very high payment unsecured debts that were affecting cash flow. We were able to obtain an amortized home equity mortgage over 20 years that significantly improved clients cash flow as well as put some extra money into their pocket, so they could enjoy retirement.


Home Equity Loan 2nd Mortgage small acreage in Duncan BC

50% Loan to Value

2nd Mortgage $80,000

Client took a sabbatical from work for a few years updating his education. Has returned as self employed opening a new practice. Second Mortgage funds were to consolidate debt and inject into business capital.


2nd Mortgage Behind a Private 1st Mortgage Chilliwack Hobby Farm

High 1st mortgage payout penalty required creative 2nd mortgage financing

60% Loan to Value

2nd Mortgage $135,000

With credit scores very low and unverifiable self employed income clients required additional funds to consolidate debts and do some business investments.


Appraisal Clause

New B-20 Appraisal Clause

By | Blog, Private Mortgage Lender | No Comments

New Appraisal Clause AIC

New Appraisal Clause # 17 & #18 added to appraisals.  Appraisal Institute of Canada (AIC) in January 2018 requires appraisers to add these two clauses to reports or their E & O insurance will not cover them. All B-Lenders & Private Lenders can no longer rely on the report unless B-20 legislation has been applied to lending.

How Does The New AIC Clause Affect Private & B-Lenders

Since B-Lending & Private Lenders do not rely on B-20 legislation they no longer can rely on a transmittal letter from the appraiser. This puts a greater emphasis on the lender to do a through underwriting of the file.

Refinance Mortgage Bad Credit BC

Hard Money Lenders in BC

By | Blog, Home Equity Loan, How To...., Private Mortgage Lender | No Comments

A hard money lender can mean different things to different people. In BC real estate this refers to individuals or companies like a (MIC. Mortgage Investment Corporations) that lends mortgages outside the banks strict lending guidelines. In the mortgage industry we refer to hard money lenders as private mortgage lenders or home equity lenders.

Where do you find Hard Money Lenders?

There are many places you can find hard money lenders. Primarily you should consult with a Mortgage Broker who would have the proper skills to guide a consumer through the tricky process of mortgage financing. Other places you can find Alternative Mortgage Lender services is through sites in British Columbia like Kijiji and Craigslist. I do not recommend dealing directly with individual money lenders you should use the services of a BC Mortgage Broker.

What Sorts of Loans Do Hard Money Lenders Provide?

Hard money lenders in real estate provide a variety of mortgage financing. Generally these lenders provide 1st Mortgage 2nd Mortgage & 3rd mortgages but can also do draw mortgages for construction and provide commercial mortgage financing as well as stop foreclosure mortgages.

What sort of interest rates do Hard Money Lenders offer?

Interest rates from these types of lenders vary depending on the position 1st 2nd or 3rd of financing and the loan to value as well as the city or towns location. 1st mortgage rates would be your lowest rate then 2nd & 3rd position would be substantially higher rate. For an estimation of private mortgage rates call us and we can give you an estimate right over the phone.

What sorts of Terms Do Hard Money Lenders offer?

These types of mortgage financing come with 1 or 2 year terms. Primarily this type of financing is used to help get home owners out of tough financial situations. A shorter term allows individuals to correct their income or credit situation and improve their financial outlook in hopes to become bankable in as little as 1 year.