PRIVATE MORTGAGE (BC) - What Private Lenders Product & Rate in Canada Is right for You?
Are you in need of a Private Mortgage 1st or 2ND in Canada? If your bank has turned you down because you don't fit into any of their mortgage guildlines or you have BAD CREDIT, Low Income, High Debt Level, are in FORECLOSURE, or even been discharged from bankruptcy a Private Mortgage might be right for you. Your Mortgage Broker has many options and Lenders with competitive rates and a variety of lender & broker fee choices that might be a right fit for you. So APPLY ONLINE and let your Vancouver BC Mortgage Broker prepare your application and discuse with you the right course of action.
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When applying for a Private Mortgage in BC or Alberta you will be required to complete an Application no different than if they were applying to a bank for their mortgage rates. You then get match with an investor that accepts and understands your individual situation.Private Mortgage Lenders look at things like LTV (Loan to Value), bank statements, recent property appraisals, employment letters, and any other statements you can provide to show them why you and your property are a good investment for a private mortgage loan in British Columbia or Alberta. Online Application
A Canadian Private Mortgage is usually only used as a short term solution. Once you’ve demonstrated your ability to make your mortgage payments on a timely basis, and Repair Your Credit or income issue you may be able to go back to a traditional financing institution. Most financial institutions would take another look at your application after about a year as long as you’ve taken the right steps in correcting your current situation. A Private Mortgage may meet your needs until your situation improves, and you can qualify for an institutional 1st Mortgage. online application
If you think a Canadian Private Mortgage may solve your financial needs please feel free to call to find out about Private Mortgage Rates.
Private Mortgage can help with:
- Proof of Income issues
- Bad Credit
- In Foreclosure or Bankruptcy or Consumer Proposal? Private Lenders may refinance your mortgage with a first, or second mortgage to avoid Foreclosure, Bankruptcy or Consumer Proposal. (Foreclosure Mortgage)(Bankruptcy Mortgage)
- Debt consolidation Mortgage; a second mortgage consolidates all debt and gives you payment relief.
- You have a unique property, raw land, second property, or a non conforming first or second property.
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Private commercial mortgage loans
The Private Commercial Mortgage market is going through some dramatic changes in Canada. The industry is shifting towards securitization as an alternative to the traditional balance sheet lending of the big banks credit unions and insurance companies. Private lenders, many funded by wealthy individuals, hedge funds or other large pools of capital, often lend their own money for their own portfolios. These unique lenders have not been crippled by the breakdown of the collateralized mortgage bond market.
Further, private loans (sometimes called "hard money" loans) can close within days with proper documents upfront, as-opposed to conventional loans which, if you get one at all, can take 3 months or more to fund.
What Private Commercial Mortgage Lenders Look for
Private Commercial Mortgage Lenders are equity based lenders; loan decisions are not driven by the credit of the borrower rather it is essential that the collateral property have substantial equity or generate sufficient income. Documentation requirements will be much less than conventional lenders would require but be prepared to back up any claims you make with some proof.
Income producing buildings are favored by private commercial mortgage lenders but most are willing to consider most property types.
Generally there is an abundance of funds available for residential apartment complexes and a growing availability of funds for the smaller store + apartment properties. Small industrial condos and single use facilities still face difficulty obtaining financing from traditional sources.
The pricing of commercial mortgage rates and fees is as varied as the players in the industry. Each property and borrower is unique. It is impossible to quote rates and fees without a thorough understanding of the property and covenant involved in the transaction.
If you are in need of a commercial mortgage we would be happy to discuss your options with you so call 778-839-3963
Commercial Mortgages our lenders are looking for are:
Smaller Mortgages - $100,000.00 and up
Multi use buildings i.e.; retail & apartment mix
Owner Occupied Commercial Businesses
Raw Land (LTV Limited)
Land that is to be developed for Commercial use
Smaller centers not normally serviced by the banks
Got another kind of property give me a call 778-839-3963
Documentation you may have to supply:
Standard loan application
Personal on all applications
Corporate only on incorporate companies
Net worth statement of all parties
3 Years income verification via tax returns
3 Years corporate financial statements
3 Years T2124
Purchase agreements
MLS information sheet (if MLS sale)
Estimate of the finished value of the project
Satisfactory level 1 environmental assessment
Copy of strata documents
Current full appraisal as is
Estimated full appraisal upon completion
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