A Carleton Place private mortgage lender may be able to provide you with an alternative financing solution that isn’t obtainable through traditional lenders.
First and foremost, federally regulated lenders must comply with rigid credit and underwriting requirements. If you are new to the country or have bruised credit, your mortgage lender may not deem you creditworthy. If you are self-employed and cannot verify your income using traditional methods, this may also pose an issue with obtaining a mortgage. Furthermore, property type and location are factors that might impact approval. Moreover, you may have unfiled income taxes and might have a balance owing.
Regardless of being turned down elsewhere, you might be approved based on sufficient equity, only. In this article, we’ll provide you with helpful information on private mortgages.
Typical reasons why traditional financing may not be possible:
You require financing quicker than a traditional lender can provide.
Your property is located in a rural or remote location.
You are purchasing a property under a holding company or corporate entity.
Your debt service ratios do not comfort to institutional standards.
Your credit score is below the minimum requirement.
You have a previous or active consumer proposal or bankruptcy.
You have not thoroughly re-established your credit after insolvency.
Your property has deferred maintenance.
Existing mortgage arrears.
Existing property tax arrears.
Your income taxes are not filed and there is an outstanding balance.
You require a higher loan to value.
You are self-employed and cannot easily verify your income.
& the many other possible reasons.
A Carleton Place private mortgage lender will create a custom solution that addresses your needs and circumstances. In fact, you may be approved based on sufficient equity, only.
Acceptable Property Types:
Places of Worship
Hotel / Motel
& many more.
Competitive and relative to the financing requirement.
$20,000 up to $50,000,000 + on a single transaction.
Typical Term Length:
& term lengths tailored to your needs.
Flexible credit requirements
Flexible income requirements
We have completed a purchase in 24 business hours.
We have completed a refinance in as fast as 48 business hours.
Typical Reasons to Borrow:
Consolidate High-Interest Debt
Divorce or Separation Mortgage
Mortgage or Property Tax Arrears
Stop Power of Sale or Foreclosure
& other reasons
Regardless of previous or existing financial hardship, you might be eligible for a suitable solution.
Keep in mind that private financing is a short term bandaid solution. Therefore, during the term, you will do your best to address the issues preventing traditional financing. This may not be an overnight feat, however, we will support you however possible. Together with our experience and knowledge, we’ll be able to help you get ahead.
We can tail you a term length that works best for you, and negotiate for a fully open term. In addition, we can help you by prepaying the mortgage for the term. We will simply deduct the interest payments from the loan proceeds. Alternatively, we can force a mortgage payment that matches your budget! For example, say the mortgage payment is $500 a month, yet you are most comfortable paying $300 a month. The difference os $200 over 12 months equals $2400 which will simply be deducted from the loan proceeds. By deducting the $2400 you have effectively prepaid the difference, and will make monthly payments for the $300 a month.
With this in mind, you can feel comfortable speaking to us about how we can best help you. In order to do this, we will complete an assessment of your present mortgage set-up and see how we can possibly assist you. Whether that means to consolidate debt or help you with existing mortgage arrears, we’re here. As a result of mortgage arrears, your lender may seek legal remedies to enforce their security including a power of sale. You definitely want to get ahead of the issue and speak with your lender and broker about a tentative solution. Ignoring the issue, on the other hand, is the absolute worst approach compared to communicating, and will surely not improve your case.
In most cases your payment will be interest only, however, sometimes the mortgage can be amortized. As you know, by amortizing the mortgage, a portion of the principal gets paid down. However, over 1 year, very little principal is paid down. Therefore, the lower monthly payment that comes along with an interest-only mortgage might be attractive.
As a rule of thumb, bank lenders cannot refinance your property over 80% of the value. nevertheless, we are able to help you refinance your property over 80% of the value. On the other hand, we can help you refinance over 80% of the property value.
Solution Based Lending:
If you have had difficulty obtaining a mortgage from a bank, we certainly understand that this experience may be confusing or frustrating. We wish to emphasize that you may qualify for alternative financing based on sufficient equity. Many types of income are acceptable including pension, in addition, we have programs if you are self-employed.
We’ve helped many people obtain private mortgage financing. As shown in this article, our experience will allow us to help you determine your options. We’ll gladly provide you with a no-obligation discussion where you’ll receive transparent information. Generally speaking, we can determine if and how we can assist you within a few minutes of speaking. Before you decide to proceed with us, you may ask us any questions on your mind. Afterward, we will walk you through a simple application. We regularly assist clients over the phone and by email, which of course enables a convenient process.
In summary, we invite you to contact us anytime to discuss the benefits of working with a Carleton Place private mortgage lender.
DV Capital Corporation
E: [email protected]