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Private Lenders – the Quick and Easy Route to Funds

In recent years increasing property prices and changes in legislation has made it increasingly difficult to qualify for a mortgage through a traditional bank. The application process is slow and time-consuming due to the stringent rules and legislative requirements.

It is because of this that many investors are turning to Private Mortgage Lenders in Mississauga and other parts of Canada. Unconstrained by bureaucracy private lenders move quickly and the application process is simple.

Private property investors, the self-employed and people with poor credit ratings have all found that Private Mortgage Lenders will very often help when the banks have been reluctant to offer them money or are simply too slow for investors seeking to make money from valuable opportunities.

Investors use private funding for “fix and flip” property purchases since they don’t need the money for long periods of time. Repaying the loan as soon as they resell their investment property. Others turn to private mortgage lenders when they require a second mortgage.

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A Short-term Loan Based on the Value of the Property

Typically, private mortgages are short-term loans that are usually paid off in a year or two. In the private mortgage industry, it is not the individual who comes under scrutiny but the property that will serve as collateral. The main considerations are the location and the condition of the property.

Since the lender will have to recover his money from the sale of the property should the borrower default on payments, the size of the down payment will depend on its marketability. Properties in a marketable area can get private financing of up to 85% of the value.

Private mortgages do come with additional costs. Firstly, interest rates are higher than those charged by traditional banks. Tax deductions on income-producing properties can help to alleviate these costs. In addition, there will be legal fees, lender fees, mortgage broker fees and appraisal fees. Make sure that you interrogate the additional costs up front. Some private lenders may allow you to include these costs in the mortgage.

Turkin Mortgage in Mississauga can Help

Many private mortgage lenders specialise in particular fields so if you are looking for a private mortgage lender to assist you, you should approach a broker. The private mortgage broker should have a list of private lenders who are looking for clients. They will be able to match you up with the best fit for your investment.

The broker will collect all of the details of the deal such as the property that you intend purchasing, what you plan to use the property for, and how you plan to repay the loan. He will put together a deal that will include an exit strategy since this more expensive funding should not be used over the longer term.

Many people replace the privately funded mortgage with a regular mortgage once the property has more equity or their credit rating has improved.

If you have had trouble getting bank finance you should not give up on your dreams. There are alternatives. Give us a call If you live in the Mississauga area. We can help to put together a deal tailor-made to suit your needs.

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Henry Wright

Was looking for a mortgage broker in Toronto. Heard about Leon and his team from a co worker and decided to give them a call. after some time on the phone talking about mortgages and what would work best for me I was VERY impressed. They were polite and most importantly they knew what they were talking about. We then scheduled an appointment and I got my mortgage with a great rate. Definitely recommend.

Gina Carroll

Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.

Wilton Marble

A little while back my wife and I finally decided to stop renting and get a place of our own. After some searching we found a condo we both liked and that was in our price range. The next step was a mortgage, but honestly, neither of us knew too much of what we were getting into. We found Leon and his team after a quick search on google and have had a wonderful experience. Leon and his team of mortgage brokers are VERY knowledgable, polite, work fast and just all around very professional. They answered all our questions and we got a great rate.

Afton Jaskolski

Getting a private mortgage was not easy to be honest, but at least with Mr. Leon it was doable. Thank you for your help!

Wendy Langdon

Going through with this company was my best decision. These Burlington mortgage brokers are real professionals. They helped me to save thousands of dollars, I'm not sure I'd find such a good offer myself.

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