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Private Mortgage Lenders in Hamilton

Many Canadians applying for mortgages and other loans are being turned away by banks. People who are rejected by banks, can go to private lenders in Hamilton. Hamilton private mortgage lenders have more lenient lending requirements than the major banks. As of October 17th, 2016 the major banks have increased the requirements for mortgages, making it more difficult for the average Canadian to get approved. Our lenders are not subject to these same rules, and can provide funding when the banks cannot.

Hamilton Private Mortgages

Our private mortgage lenders in Hamilton include companies and individuals who are looking to invest their own personal money. There is a lot of demand from lenders to invest in Hamilton real estate. Many private lenders specializing in specific geographic areas, such as the Greater Toronto Area. These private lenders will lend a minimum of $20,000 and typically for 1 year terms. When getting a loan from a private lender, the loan would be secured against the property. Private lenders do not consider credit score when lending money. Private mortgages lenders in Hamilton consider the property’s market value and the value of all loans currently registered against the property. Loan to value (LTV) ratios are a key metric these lenders use, and it is equal to existing mortgages divided by the market value of the property. For example, if a house in Hamilton could sell for $100,000, and it had a $60,000 first mortgage, the LTV would be 60%. Most Hamilton private lenders will lend on properties that don’t exceed 85% LTV, and in rare cases will go up to 90% LTV.

Reasons to Get A Private Lender Mortgage

There are a few reasons why someone would need the services of a Hamilton private lender. These reasons include:

  • Consolidate debt and reduce interest payments
  • Renovate the property to increase its value
  • Loss of a job
  • Separation or divorce
  • Illness that leaves you unable to work

Many of these reasons would normally disqualify a person from being approved from a traditional bank loan. We specialize in getting mortgages for people with bad credit, and are able to help you qualify for a low interest loan after the private mortgage is ended.

Faster Loan Financing

Banks and other traditional lenders are known to have a lengthy approval process which takes weeks. Even when you provide a bank with everything they request, they will still take a long time to process the paperwork, which may put your plans in jeopardy. One of our specializations is providing real estate financing in emergency situations. If you have a real estate deal that may fall apart if funding isn’t provided immediately, then you may want to look into our private lenders in Hamilton.

We have a extensive network of lenders in the Hamilton area, and have a lot of experience with the Hamilton real estate law firms. We routinely deal with difficult and time sensitive real estate transactions.

Information on Hamilton Private Mortgage Lenders

Average house prices in Hamilton have been rising dramatically in recent years, making the city very attractive to investors. The improved Go Transit service, the completed Red Hill Valley Parkway and the Hamilton airport are all reasons for the increase in property values in the city. Hamilton is moving away from the production of steel, and is a popular destination for people who are moving outside Toronto due to high house prices.

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