Private Mortgage
Bank Declined Your Loan? A Private Mortgage Might Be Your Solution.
If you’ve been denied a mortgage in Vancouver due to credit issues, unverifiable income, or other reasons, a private mortgage could be the ideal alternative. These loans are funded by private investors, mortgage investment corporations (MICs), or lending firms, and provide flexible financing for borrowers who don’t meet traditional bank requirements.
What is a Private Mortgage?
Private mortgages are short-term loans (typically 3 months to 2 years) not bound by the same strict regulations as traditional lenders. They offer flexible terms and are interest-only, meaning borrowers pay just the interest during the loan term. Upon maturity, borrowers may refinance, renew, or repay the loan in full. Mortgage brokers often help design an exit strategy.
Key Features:
Low documentation: Ideal for self-employed or non-traditional income earners.
Flexible approval: Faster and less complex than banks—suitable for urgent or special situations.
Short-term focus: Usually 3–24 months in duration.
Higher interest: Rates typically range from 5%–12%, depending on loan-to-value (LTV), credit score, and whether it’s a first or second mortgage.
Who Should Consider a Private Mortgage?
Self-employed individuals without income documentation
Borrowers with bad or no credit
Those needing fast access to funds
Real estate investors and developers
How It Works:
Submit information: Basic contact details are provided.
Sign commitment: Agree to loan terms via a commitment letter.
Legal review: Lawyer verifies documents and facilitates the deal.
Funds disbursed: Money is released through a trust account.
Repayment: Monthly interest-only payments, with the principal due at the end of the term.
Have Questions or Need Assistance?
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