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.