Have you been turned down for a second mortgage or loan in Belleville by the banks. A private mortgage lender in Belleville may still be able to help you get the funds that you require. We will look at your total financial situation to fully assess if private mortgage financing fits your needs.
What is a Private Mortgage?
A private mortgage loan comes from a private mortgage lender who providing the money; it is also called a home equity loan or private second mortgage. Most private mortgage lenders in Belleville tend to only lend in small geographic areas. Some private mortgage loans can start from as little as $20,000.00, the term of the mortgage is usually 1 year but could be longer. The private mortgage company then goes through the same process a Canadian bank does and registers the loan against your property. This means that the decision to lend is based on the equity and value of the property being put up as collateral, and not based on the your credit. Most private mortgage lenders in Belleville have a maximum loan to value ratio (LTV) of 85%, in some cases the LTV can be as high as 90%.
Follow this link for the 2011 Belleville census.
Belleville is a small town on the north shore of Lake Ontario. The town has a very long history dating back the confederation of Canada. The area saw battles fought during the war of 1812. During the prohibition era Belleville was one of the major points of export and distribution of alcohol to the United States. The many islands and rivers made hiding from the U.S. authorities fairly easy. Today those same islands and rivers make Belleville one of the top tourist destinations in south eastern Ontario.
Belleville has a very stable real estate market and a strong economic based. Investors and lenders should see a steady appreciation of property values.