Calgary, Alberta Hard Money Lender
Hard lender money mortgage private perform a very vital function in our financial system; they fill a void that other financial institutions have decided not to lend to. Calgary, Alberta hard money lenders can provide loans to people that have poor or bad credit rating, even if a borrower has been turned down by other lenders. Calgary, Alberta hard money lenders can provide higher ratio mortgages up to 85% when no other lender will. The main criteria that hard lender money lenders are looking for is the amount of remaining equity in your home, hard lender money is the main source of financing for second and third mortgages. Most hard lenders money tend to provide loans only within a certain geographic area such as Alberta; our job is to match your needs with the proper lender.
Major Canadian lending institutions have frowned on providing mortgages to self employed people, if you own your own business you are fully aware how hard it is to get a loan from a bank. Banks will ask for a large amount of paperwork and references, the usual result is that you do not qualify since your income is not verifiable. Calgary, Alberta hard money lenders understand that there are a large number of self employed people and they can afford to make monthly mortgage payments. Calgary, Alberta hard money lenders focus on the value of your home which is used as security, if there is enough equity in your home, hard lender money mortgage private will provide you with the money you require.
The loan to value ratio (LTV) is one of the most important indicators that hard lender money mortgage private look at when determining your loan approval. To find the loan to value (LTV) ratio on your home divide any outstanding mortgage on your house by the present market value of your house, an example is a home in Calgary, Ontario with a market value of $400,000.00 and total mortgages of $300,000.00, the LTV for this house is 75%. Higher loan to value ratios above 80% will result in a mortgage with higher interest rates and possible fees. Most hard money lenders will not exceed a loan to value ratio of 90% and will usually approve mortgages with a loan to value ratio below 85%.
For most mortgage and loan transactions a private lender requires an appraisal of the house or property. Appraisers provide an independent estimate of the present value of a house or property. An appraiser will compare your house to three other similar houses that have sold in your local geographic area. Adjustments will be made for factors such as different square foot or the number of bedrooms and bathrooms in a house. The appraised value will be the amount that the mortgage or loan will be based upon, as the property owner you should make sure the house is clean and tidy before the appraisal is done so you can maximize the property value.
Hard Money lenders in Calgary, Edmonton, Red Deer, Strathcona, Lethbridge, St. Albert, Medicine Hat, Grande Prairie, Wood Buffalo, Alberta.
Our private lending company’s brokers strive to provide you with the best service and advice possible. We will be totally honest with you and tell you the pros and cons of all the mortgage options that are available to you. Hard money lenders are an excellent source of funding when other financial institutions have turned you down. Call our brokers for more information on Calgary, Alberta hard money lenders.