Private mortgage lenders
Online Private Mortgage lenders Application
Private mortgage lenders for bad credit
We have more than 30 private lenders with whom we work regularly. Private mortgage lenders have less restrictive selection criteria than conventional financial institutions so you can get your financing. Of course, the rates are higher. In general for a first Private Mortgage, the rates are around 8% and plus or minus 15% for a 2nd Private Mortgage.
Private Mortgage Lenders will lend up to 75% of the value of your property. The ratio may vary depending on the location of your property. If you are in the Montreal, Laval (North Shore) or Longueuil (South Shore) area, private mortgage lenders can sometimes go up to 80% of the value. On the other hand, if your property is in the region, in a row, my private mortgage lenders can go up to 65% of the value.
One thing to keep in mind is that private mortgage lenders want to finance a property in good condition. Getting a private mortgage for a lender is one way to invest your money.
Selection criteria for private mortgage lenders
Private mortgage lenders are going to look at the EQUITY so for them it’s the value of the property, the condition of the property and the location that is most important. Of course, they want you to be able to make your payments and also that at the end of the day you will be able to get your mortgage from a conventional bank.
Broker Specializing in Private Mortgage Loan
It is important to do business with serious private lenders who will not seek to take advantage of a situation that makes you vulnerable. It is therefore recommended to do business with a mortgage broker like those of Multi-Prêts Hypothèques who checks the reputation of these so-called private lenders and their documents to ensure that customers are not taken hostage.
Private mortgage lenders allow you to settle a temporary problem such as loss of employment, divorce, financial difficulties, bankruptcy, 60 days notice, etc.
We will help you by transferring your mortgage with a private mortgage lender for 1 year or 2 years, while your credit is restored. We will then transfer your mortgage to a conventional financial institution.