A private mortgage lender in Cambridge can help if you have been turned down for a second mortgage by a bank. Our mortgage brokers can arrange a private lender that can provide the funds you require. We will look at your total financial situation to fully assess if a private mortgage financing fits your needs.
What is a Private Mortgage?
A private loan comes from a private mortgage lender in Cambridge who is providing the money. It is also called a home equity loan or private second mortgage. Most private mortgage lenders in Cambridge 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 or longer. The private mortgage lender in Cambridge then goes through the process 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. The loan is not based on your credit score. Most private mortgages and second mortgages have a maximum loan to value ratio (LTV) of 85%.
Cambridge is located on the south side of Hwy 401 about 1 hour west of the GTA. Cambridge has a good mix of older and newer homes. Houses are mostly single family homes with some condos and townhouses. The local economy is stable with a good mix of manufacturing, high technology and service sector jobs. This has led to a very stable housing market with a steady appreciation house prices in Cambridge.
For information on the 2011 Cambridge census follow this link. Our Cambridge mortgage brokers can provide a free consultation and let you know within minutes if you qualify for a mortgage or loan.