A private mortgage lender in Ontario can help if you have already been turned been turned down for a second mortgage or loan by the major Canadian banks, our company 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 a private mortgage financing fits your needs.
What is a Private Mortgage?
A private mortgage 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 Brockville only lend in small geographic areas such. Some private mortgage lenders in Brockville 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 your credit. Most private mortgages and second mortgages in Ontario have a maximum loan to value ratio (LTV) of 75%.
Reasons for a Private Mortgage
Some reasons for obtaining private mortgage in Brockville are debt consolidation and home renovations. 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.