Private Second Mortgage Lender in Ontario
Private mortgage lenders in Ontario can help if you have already been turned down for a second mortgage or loan. Our mortgage brokers can still help you get the funds that you require. We will look at your total financial situation to fully assess if a private mortgage financing fits your needs.
What is an Ontario Private Mortgage?
A private loan comes from a private mortgage lender in Ontario who is providing the money. It is also called a home equity loan or private second mortgage. Most private mortgage lenders in Ontario 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 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. The loan is not based on your credit rating. Most private mortgages and second mortgages in Ontario 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.
Many of you have already spent hours and hours traveling to the banks and on phone conversations. You have filled out numerous forms and provided everything the banks asked for and you still do not have the loan. Our private mortgage agreement form makes our company one of the fastest private mortgage lenders in Ontario. Compared to ordeal you have already gone through with the banks this is easy private mortgage money to acquire.
We are based in Ontario and a have a tremendous amount of knowledge regarding the local mortgage market. We probably have already arranged a private second mortgage or private mortgage funding in your local area; we cover all of northern Ontario as well as southern Ontario.