How to Find Private Lenders
Some people are declined for a loan because they are self employed or they have non-verifiable income such as rental property income and they need to know how to find private lenders. Private lenders understand that self employed people are the backbone of the Canadian economy; many of these people are business owners who make an above average income but include expenses such as automobile and travel expense which can reduce their income. The result is a lower tax bill but the “notice of assessment” from Revenue Canada may indicate that the borrower has little. A private lender will understand why your stated income is so low and look at how much money you really make instead of just looking at your “notice of assessment”.
Many private lenders use the loan to value ratio on your home as the primary criteria for making a loan, therefore it is important to be able to determine the loan to value (LTV) ratio of your home. To find the LTV divide the amount owing on your house by the value of the house, for example if you owe $100,000.00 on your home and the value of the home is $300,000.00 then the LTV is 33.3%. It is a good idea to find out what your property is presently worth since the value of your house can fluctuate and increase or decrease your LTV ratio. To get a better idea of your properties present value you should talk to a local real estate agent who can tell you how to find private lenders.
For most mortgages and loans the private mortgage lenders for bad credit requires an appraisal of the property to determine its present market value. Most appraisals are done by licensed professionals who have been trained on how to determine the present market value of the property and can tell you how to find private lenders. Appraisals usually include a physical inspection of the home or property and any other buildings on the property. In the case of a house pictures will be taken of all rooms within the house and outside pictures any problems such as a leaky roof will be noted in the appraisal.
Private Mortgage Lenders for Bad Credit
Our private mortgage lenders for bad credit and mortgage agents are here to help you get the funds required for your mortgage. Our agents try to make the loan process as simple as possible. Our clients are informed of all the possible options before they choose the mortgage that is right for their situation. By simply calling one of our brokers you will receive a free consultation that can show you how a private lender can reduce your stress and financial problems when you know how to find a private lender.