If you have already been turned been turned down for a second mortgage or loan in St. Catharines by the major Canadian banks. A private mortgage lender in St. Catharines 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 is a Private Mortgage?
A private second mortgage loan comes from a private mortgage lender who providing the money; it is also called a home equity loan or private second mortgage. Most private mortgage lenders in St. Catharines 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 mortgage lenders in St. Catharines have a maximum loan to value ratio (LTV) of 85%.
Reasons for a Private Mortgage
Some reasons for obtaining private mortgage loans are debt consolidation and home renovation. 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.
For more information here is the link for the St. Catharines census.