Many people have been turned down for a second mortgage or loan in Mississauga by the major banks. A private lender in Mississauga 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.
A private lender can be a company but is usually an individual that is lending their own personal money. We have many lenders that invest their money in Mississauga. This means as a borrower you can get lower interest rates and better terms for the money you need.
Private Lender Mortgages
A private lender mortgage comes from a private mortgage lender who providing the money. They are also called home equity loans or private second mortgages. A private mortgage lender in Mississauga usually only lends in small geographic areas. Most private 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 lender then 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. Private loans are not based on the your credit score. Most private lenders in Mississauga 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
There are many good reasons for contacting a private mortgage lender in Mississauga. Saving money thorough 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 the banks or other financial institutions. Our job is to get you the loans you require, we can arrange your loan even if you have a poor 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, this process could take months. Our private mortgage agreement form makes our company one of the fastest private mortgage lenders. Compared to ordeal you have already gone through with the banks this is easy private mortgage money to acquire.
We have a tremendous amount of knowledge regarding the Mississauga real estate market. We have arranged many private second mortgages or private loans in the Mississauga area.
Private Mortgage Lender Information
Mississauga has a very strong housing market with single family homes, condos and rental buildings. The price range for homes in this area can range from the low end for a small condo or up into the millions for an estate style home. Due to an increasing population house prices have risen steadily for over a number of decades