
Few situations where a borrower needs private mortgages:
- Financing for renovation and construction
- For individual who can’t prove their basic income
- Individual who have property tax or income tax arrears
Private lender’s mortgage flexibility
Usually, bank mortgages take 45 to 90 days to fund, while in case of private mortgage lenders Toronto, once can easily gain access to the mortgage within 10 days. It is up to the private lenders to decide whether bank authorities may take a month. Furthermore, easy application process is another important aspect of private mortgage. A borrower can use private money mortgage for many purposes, such as for refinancing an existing mortgage or for purchase more property. In addition, private mortgage lender also benefits from the exit strategy of borrower because the latter should have a detailed and well thought out plan to repay the entire amount of mortgage in a year or less.
Types of mortgages that private lenders can provide
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- Home equity mortgage: It allows the owner to borrow money against the equity in the home.
- Bad credit mortgages: This product is especially design for the people having bad credit rating.
- Private mortgage lending: In this, the lender is not any financial institution but rather a business or an individual.
- Debt consolidation: It eliminates the need for multiple payments and deadlines, lowers down interest rates, and reduces monthly payment.
- Emergency mortgages: It is a short-term mortgage designed to provide quick in the event of emergency.
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