Ontario Private Mortgage Lender.
Ontario Private Mortgage Lender might be able to provide you with a financing solution unobtainable 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, if you have not recently prepared or files your income taxes, that can be a roadblock – especially if there is a balance owing to the CRA.
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.
Why Is a Private Mortgage Needed:
- The property is located in a rural or remote location.
- You need to execute on financing and a bank cannot come close with timing.
- You are purchasing a property under a holding company or corporate entity.
- Your debt service ratios do not conform to institutional standards.
- Your credit score is below the minimum requirement.
- You have a previous or active consumer proposal or bankruptcy.
- You have not sufficiently re-established your credit after an 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 than the bank can provide.
- You are self-employed and cannot easily verify your income.
- You require a bridge loan without a firm sale on your existing property.
- & many other possible reasons.
Acceptable Property Types:
- Purpose Built
- Places of Worship
- Hotel / Motel
- Parking Lots
- Private School
- Car Dealership
- Banquet Hall
- Gas Station
- Golf Course
- Grocery Store
- & more
- Competitive and relative to the financing requirement.
- $20,000 – $50,000,000 +.
- First Mortgage
- Second Mortgage
- Third Mortgage
Typical Term Length:
- 6 Months
- 12 Months
- 24 Months
- Tailored term length
- Flexible credit requirements
- No minimum credit score
- Previous or active bankruptcy or consumer proposal
- Flexible income requirements
- Rental income
- Self employed income
- Seasonal income
- Inconsistent income
- Unverifiable income
- Pension income
- Disability income
- We have completed a purchase in as little as 24 business hours.
- We have completed a refinance in as little as 48 business hours.
Typical Reasons to Borrow:
- Debt Consolidation
- Title Transfer
- Spousal Buyout
- Divorce or Separation Mortgage
- Mortgage or Property Tax Arrears
- CRA Arrears
- CRA Lien
- Bridge Financing
- Stop Power of Sale or Foreclosure
- Equity Take-Out
- Investment Capital
- Business Operating Capital
- Home Renovations
- Construction Loan
- & more.
Mortgage Approval Flexibility:
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 tailor a term length that works best for you, and potentially 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 $500.00 a month, yet you are most comfortable paying $300 a month. The difference of $200.00 over 12 months equals $2,400.00 which will simply be deducted from the loan proceeds, leaving you with a fixed monthly payment of $300.00.
Tailored Mortgage Solutions:
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. However, we are able to provide you with financing over 80% of the property value.
Solution Based Mortgage 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.
In summary, we invite you to contact us anytime to discuss the benefits of working with an Ontario private mortgage lender.
DV Capital Corporation
FSRA Brokerage License:. 13186