We have a large selection of private lenders in Toronto , the GTA and Ontario, ready to approve you at up to 90% of your property value. We can offer a plan to help you move forward and get approved based on equity in your home. We can advise on a mortgage structure to suit your needs and to improve your situation in the short term. If you have sufficient home equity you can be approved today!
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Private Lenders For Bad Credit
- Low or Poor Credit Scores
- Past Bankruptcy or Consumer Proposal
- Judgments or Collections
- Credit Cards / Loans in Arrears
- Income Tax Arrears
- Property Tax Arrears
- Mortgage Payment Arrears
Case Study: Tom has bad credit due to a consumer proposal and wants to speed up his completion of the proposal, to start improving his credit score. If he waits, it will take another 3 years before he can start rebuilding his credit score. He also wants to renovate his Toronto home now instead of later. Tom owns a property worth $600,000 and has a mortgage of $420,000 due for renewal shortly. Due to his credit score and consumer proposal, the bank will not renew his mortgage or give him any other loans. Tom needs the help of a private lender in Toronto. We approved Tom for a new 1st mortgage of $480,000 at 80% LTV. Tom can now refinance his existing mortgage, payoff the consumer proposal and have funds to renovate his home. He will have a new 2 year fixed rate term which will give him enough time to rebuild his credit and refinance with a prime lender in a couple years, at a low rate.
Private Lenders For Income Problems
- No Income Verification
- Self Employed or Cash Income
- Low Income on Tax Forms
- Overseas Income
Case Study: Mary is self employed and owns a small business which repairs jewellery. Many of her customers pay cash and she also has a lot of deductions on tax returns. She doesn’t show much income on her taxable income line 150 . Due to this , banks and mortgage lenders will not approve her as she doesn’t qualify for the mortgage she needs. Mary has 15% downpayment to purchase a home. We found a private lender for Mary who approved her mortgage on a 1 year term at 85% LTV. Mary can now show some more income on her next tax return , and we’ll get her approved with a bank or prime lender in a year.
Private Lenders For Mortgage Refinancing
- First and Second Mortgage Refinance
- Interest Only Mortgages
- Second Home Mortgage
- Bridge Financing
- Cash Out Refinance
- Equity Financing
- Stop Power of Sale or Foreclosure
Case Study: Laura is behind on her mortgage payments, property taxes and car loan. She is in a difficult situation due to a recent job loss where she suffered with no income for 3 months. The bank is threatening a Power of Sale due to mortgage payment arrears, where her home will be put on the market and a forced sale will happen soon. Laura needs help fast . Her home is worth $700,000 and she has a mortgage of $580,000. She has enough home equity to get a second mortgage from a private lender in Toronto. Luckily, Laura just got a job offer, with the position starting in a month. In the meantime , she needs a fast solution and cash to clean up her situation. Our private mortgage lender approved her loan and she got the money in 5 banking days. In about a year , she can refinance the first mortgage and payoff the second mortgage loan.
Private Lenders – Who are they?
There are private mortgage lenders in Toronto and the GTA that specialize in mortgages for clients who cannot be approved by banks. These private lenders understand that once their is equity in the home , they have the flexibility to arrange a mortgage. Income requirements and credit ratings are not an issue. Private lenders have the ability to make investment decisions based on the equity in your home that a bank cannot. They will offer you a short term mortgage solution and a plan to help you move forward.
Why You Need a Mortgage From a Private Lender ?
The mortgage market in Toronto and the GTA has two categories, prime and sub-prime. When the banks and prime lenders decline a mortgage application, it falls into a new category called sub-prime. This is a category where private mortgage lenders will allow borrowers to be approved based on less strict guidelines.
Get Approved For a Private Lender Mortgage! Call Now For a Free Consultation – Toll Free #1-888-540-4720
A simple online application – Get approved anywhere in Ontario. Approvals in less than 24 hours.