Need a Private Mortgage?
We can help you. We specialise in providing private mortgages from $500,000 up to $10 million. Why go with a private or jumbo mortgage? Traditional mortgage lenders are conservative when it comes to qualifying borrowers for traditional mortgage loans. When it comes to private mortgages, our lenders will look at your application on an equity basis and will consider your application even if there is bad credit, no income, previous foreclosure or limited documentation to provide. Our mortgages can be negotiable for open terms, interest only payments, short-term financing and inter-alia if required. Most of our borrowers who are seeking private mortgage financing are usually looking at it for a short term only.
What our lenders look for:
- Geographical Location – The location of the property when seeking private financing would be one of the most important things that our lenders look for. This is also an investment for the lender. The liquidity of the property is one of the most important things. Private lenders prefer properties located in a major city i.e. Vancouver, Surrey, West Vancouver, Victoria etc. but may also consider properties located in other areas as long as they are in close proximity to a major city.
- Property Type – Private lenders prefer single-family dwellings located in a major city but will also consider other properties such as condominiums, townhouses, commercial properties etc.
- Loan to Value – Currently, for Private Mortgages in BC, our lenders will look for applications that are under 75% Loan-to-Value. If the property is appraised at $1,000,000, mortgage loans in the amount of up to $750,000 or less will be considered.
As long as the above criteria are satisfied by our lender partners, other factors such as income, credit, documentation etc. may not be as important to the lender. We will consider applications for jumbo sized mortgage loans, construction mortgages, new to Canada, self-employed, bad credit, no credit etc. If you are having difficulty looking for the right mortgage lender for your situation, contact us and we will find a home for your mortgage.