Private Mortgage Lender in Belleville, Ontario
If you have already been turned been turned down for a second mortgage or loan in Belleville, Ontario Canada by the major Canadian 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 can a private mortgage lender in Belleville do for you?
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. A private mortgage lender in Belleville will tend to only lend in small geographic areas. Some private mortgage loans can start from as little as $20,000.00, the term of the mortgage is usually 1 year but could be longer. The private mortgage company then goes through the same process a Canadian bank does and registers the loan against your property. This means that the decision to lend is based on the equity and value of the property being put up as collateral, and not based on the your credit. Most private mortgages and second mortgages in Ontario have a maximum loan to value ratio (LTV) of 85%, in some cases the LTV can be as high as 90%.
Reasons for a Private Mortgage
Some reasons for obtaining private mortgage loans are: debt consolidation, home renovation, recent job loss, divorce, recent illness and many others. Due to some of these factors the borrower may not be able to take a loan or mortgage on their property from Canadian banks or other financial institutions. Our job is to get you the loans you require, we can arrange your loan even if you do not have a great credit score.
Belleville Information
Belleville
Ontario
(City)
Population and Dwelling Counts Belleville, City
Total Male Female
Population in 2001 45,986
Population in 1996 46,195
1996 to 2001 population change (%) – 0.5
Total private dwellings 20,239
Population density per square kilometre 190.2
Land area (square km) 241.79
Earnings in 2000 Belleville, City
Total Male Female
All persons with earnings (counts) 23,810 12,125 11,685
Average earnings (all persons with earnings ($)) 28,890 34,967 22,586
Worked full year, full time (counts) 12,490 7,125 5,365
Average earnings (worked full year, full time ($)) 41,072 47,274 32,838
Income in 2000 Belleville, City
Total
Persons 15 years of age and over with income 35,720
Median total income of persons 15 years of age and over ($) 20,907
Composition of total income (100%) 100.0
Earnings – % of income 68.6
Government transfers – % of income 15.3
Other money – % of income 16.1