If you need a private loan or mortgage please call us for more information. Private lenders in Edmonton fill a void that banks do not want to fill. Private lenders in Edmonton can provide loans to people that have bad credit or are self employed. Private lenders can also provide higher ratio mortgages when no other lender will. Private lenders are the main source of financing for second and third mortgages. Private lenders in Edmonton will accept a higher level of risk and they also charge a higher interest rate. Lenders can get you the money you need until you can arrange lower cost financing.
Private lenders in Edmonton understand that there are many Canadians that have been self-employed for many years. Many of these people are small business owners. They make an above-average income but include personal expenses to reduce their income. This results in a lower tax bill. This may indicate that the borrower has little or no income.
For most mortgage transactions a private lender will require an appraisal of the property. Appraisers provide an independent unbiased estimate of the present market value of a property. An appraiser will compare your house to three other similar houses that have recently sold in your area. Adjustments will be made for factors such as different house sizes or the number of bedrooms in the home. The appraised value will be the amount that the mortgage loan will be based on. Therefore as the property owner, you should make sure the house is clean and tidy before the appraisal is done.
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Private lenders in Edmonton can provide loans or mortgages for first and second mortgages. Our brokers can match your loan requirements with a private lender in your area. For a free consultation on how private loans lenders in Edmonton can help you, call us today.