Private mortgage lenders in Alberta can provide loans, first and second mortgages. The major banks and financial institutions only want triple AAA clients with an excellent credit history. The banks refuse many people that deserve a loan for their home or business. Please call us to find out how a private mortgage lender can help you.
Private lenders can provide loans to people that have bad credit or are self employed. Private lenders can also provide higher ratio mortgages when no other lender will. Private lenders are the main source of financing for second and third mortgages. Private lenders in Alberta will accept a higher level of risk and they also charge a higher interest rate. Lenders can get you the money you need until you can arrange lower cost financing.
Private lenders in Alberta understand that there are many Canadians that have been self employed for many years. Many of these people are small business owners. They make an above average income but include personal expenses to reduce their income. This results in a lower tax bill. This may indicate that the borrower has little or no income.
Most mortgage transactions will require an appraisal of the property. Appraisers provide an independent unbiased estimate of the value of a property. An appraiser will compare your house to three other similar houses in your area. Adjustments will be made for factors such as different house sizes or the number of bedrooms. The appraised value will be the amount that the mortgage loan is based on. Therefore as the property owner you should make sure the house is clean and tidy before the appraisal is done.
Follow this link for the Province of Alberta.
Alberta private mortgage lenders can provide loans or second mortgages when other lenders may have turned you down. Our brokers can match your loan requirements with a private lender that provides funds to people in your situation. For a free consultation on how private mortgage lenders in Alberta can help you, call us today.