PRODUCT DESCRIPTION - Private Mortgage Money comes from sources other than Financial Institutions. We have access to Lenders who primarily specialize in Private Money Lending. Just like Bank Mortgages, Private Mortgages are registered against your title and you will be responsible for this new mortgage payment.
IDEAL CLIENT - For borrowers who do not meet traditional mortgage qualifying guidelines. Maybe your credit score is too low for a Bank, maybe you recently switched careers and are on probation with your employer, or perhaps you need to clear off your personal taxes. Whatever the reason is, qualifying for a private mortgage is much simpler than a traditional mortgage.
Example: You need access to $20,000 and you have a home that is valued at $400,000 with a first mortgage balance of $320,000. You will be declined at a bank due to already being at 80% LTV, so taking a private mortgage can avoid those restrictions and provide immediate relief by accessing your own equity.
MAXIMUM LOAN-TO-VALUE (LTV) - In major centres like Calgary, you can expect a maximum LTV between 80% - 85%.
SPECIAL CRITERIA - No minimum credit score is required, but an income source is required in order to prove re-payment ability.
ACCEPTABLE INCOME DOCUMENTS - You will be required to show some proof of income in order to show ability to service this loan.
* If you are in need of fast non-hassle lending, own a home in Calgary or surrounding area, please give us a call to discuss your options.