Have been turned down for a second mortgage or loan in Peterborough by the bank? A private mortgage lender in Peterborough may still be able to help you get the money 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. Private mortgage lenders in Peterborough will 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 or longer. The private lender then goes through the same process as a bank and registers the loan against your property. This means that the decision to lend is based on the equity and value of the property. The loan is not based on your credit score. Most private mortgage lenders in Peterborough have a maximum loan to value ratio (LTV) of 85%.
Reasons for a Private Mortgage
Some reasons for obtaining private mortgage loans include debt consolidation and home renovations. Due to some of these factors the borrower may not be able to take a loan or mortgage on their property from Canadian banks or other financial institutions. Our job is to get you the loans you require, we can arrange your loan even if you do not have a great credit score.
Peterborough is located about 1 hour north east of Oshawa where Hwy 35/115 meets Hwy 7. Peterborough is in the south central cottage region and many of the local businesses service the tourist industry. There are many lakes and rivers within a short drive of downtown Peterborough. The local real estate market is fairly strong since many people want to buy homes in the area.
Follow this link for the 2011 Peterborough census.