Private Lender in Nelson BC
A Private lender in Nelson BC can assist home owners with things like, home renovations, business capital, debt consolidation, tax arrears and more. The process unlike the banks is simple. Using a private lender in Nelson BC, you can borrow up to 65% of your homes value. Conditions apply so call us today and one of our mortgage brokers will be happy to assist you.
TOP 8 USES A PRIVATE LENDER IN NELSON
- Most people use a private mortgage lender to consolidate credit cards, lines of credit or other debts into one low monthly payment. This is usually the option when your income or credit will not allow you to qualify to refinance currently. The goal is to enable the client to obtain greater cash flow by lowering there monthly payments on many trade-lines into one low monthly payment. Usually client’s credit or income situation will change enabling them to refinance back at the bank in a year or two.
- IRD Penalty is too high. Interest Rate Differential Penalty is a penalty when you have a closed term mortgage. If you break that term to refinance your mortgage the bank is entitled to in some cases a large penalty. This can make the cost of a Private Mortgage Lender more desirable than refinancing your mortgage.
- Business opportunities. A private mortgage lender is fast and easy to qualify for and this is sometimes more favorable in business due to the lengthy applications and piles of documents your bank may ask for. Business people need the flexibility to get fast cash to buy inventory or expand when there is an opportunity. Private mortgage lenders fill that need without having to provide much or any proof of income or credit.
- Home renovations – Equity Loans & Home Renovations go hand in hand. Have you ever started a project and find it is a larger undertaking than you thought? A Private lender is a fast and easy process that can help you add value to your home.
- Spousal Separation – If you and your partner are divorced or separated and one wants to stay in the home and the other wants to purchase or have money to leave this can be easily qualified based on home equity.
- Self Employed & lack of declared income & offshore income like business in China, Russia & Greece. Private Mortgage Loans allow you to state your income rather than qualify under your government declared income.
- Rental Property purchase. You may not always qualify to purchase a rental property for a variety of different reasons. If you have 25% or more down a private mortgage lender can assist to purchase a rental property.
- Stop Foreclosure Equity Loans. Bad things happen and a few missed mortgage payments due to life events can leave you in need of help from being foreclosed. We specialize in Private financing to help stop foreclosure.
STEPS INVOLVED WITH APPLYING WITH A PRIVATE LENDER IN NELSON
PRIVATE LENDER IN NELSON | REQUIREMENTS
- Application (General Information about you & your home)
- Client Agreement (Signed document pertaining to the information and sharing of information in your application. Also providing written consent to provide a credit report)
- Credit Report (pulled by us on your behalf)
- Mortgage or LOC statements showing balances
- Fire Insurance Policy (to lawyer can place loss payable on your policy)
- Appraisal From One of our Approved Appraisers (Macintosh Appraisals , Niemi Laport & Dowle or others on a considered bases)
- Lawyer or Notary Contact Information