Direct Second mortgage lenders.
Second Mortgage Lender.
Second Mortgage Lending in Canada.
Ontario, British Columbia & Nova Scotia.
What is a second mortgage?
Second Mortgage Borrowing
A second mortgage is a mortgage that is registered on title of a property behind an existing first mortgage. A second mortgage is obtainable for most property types including residential, commercial, industrial, multi-family, and also for custom home construction loans. There are many reasons why homeowners, real estate investors and builders might wish to access the equity in their property, while leaving their existing 1st mortgage in priority. Depending on your situation, you might be surprised to learn just how simple obtaining a second mortgage can be. DV Capital is a direct second mortgage private lender and has over a decade of experience structuring and funding second mortgages. Contact us to learn exactly how we help our clients obtain low-rate second mortgages across Ontario, British Columbia and Nova Scotia.
How does a second mortgage work?
2nd Mortgage Lending.
Second mortgages are typically short term facilities that are provided to real estate owners on 1-year term basis, however it could be possible to obtain a 2-year term second mortgage. In either case, private second mortgage lenders often consider providing a renewal or extension to their client closer to the mortgage maturity date. It is customary for second mortgages to be interest-only, which means that the borrowers mortgage payments will consist of only interest payments, unlike an amortized mortgage. In most cases, an interest-only payment, given the short-term nature of a second mortgage would allow the borrower to have a smaller mortgage payment than if the payment also consisted of a principal component, especially as very little principal is paid-down in 1 or 2 years. In most cases, provided there’s sufficient equity, we are able to prepay mortgage payments in full, or set a ‘custom’ mortgage payment to assist with payment servicing. Also, depending on the maturity date of our clients existing 1st mortgage, we can look at providing a second mortgage with a matching maturity date. Like most mortgages, second mortgages are generally closed and can be discharged during the term of the mortgage with a 3 month interest penalty, however, we work hard to negotiate on our clients behalf and might be able reduce the prepayment penalty, thus eliminating the costs to the client if the mortgage is discharged prior to its maturity date. DV Capital is a leading provider of second mortgages in Ontario, British Columbia and Nova Scotia.
Private second mortgage Lenders.
direct Second Mortgage Lender.
We have developed a strategic network of reliable private mortgage lenders including Mortgage Investment Entities such as Mortgage Investment Corporations (MIC) and individual private mortgage investors that enable us to provide some of the most competitively priced and structured second mortgages across Ontario, British Columbia and Nova Scotia. We provide complimentary upfront quotations and have the ability to promptly secure approval terms and fund second mortgages in order to meet our clients second mortgage funding requirements.
How to Apply for a second mortgage?
Second Mortgage Ontario, British Columbia & Nova Scotia.
As mentioned earlier, a second mortgage is a mortgage that is registered on real estate in second position, behind an existing first mortgage. There are many reasons why a homeowner or real estate investor might apply for a second mortgage with DV Capital. The process is somewhat similar to the process for applying for a first mortgage, however, it’s important to note that the majority of second mortgage lenders are private mortgage lenders. This means that the second mortgage qualifying requirements are typically much more flexible than qualification and underwriting requirements imposed by traditional lenders. It’s possible to qualify for a second mortgage with imperfect credit, existing mortgage arrears, property tax arrears or CRA arrears and many other reasons. DV Capital simplifies the second mortgage process and can provide more or less immediate indication of second mortgage approval terms on a phone-call. It’s important to note that not only does DV Capital has an array of private second mortgage lenders at their disposal to help their clients second mortgage borrowing needs. You do not need to take time off of work or away from your family for a meeting with DV Capital as this can easily be coordinated over a phone-call. Our online application process is seamless and can be completed with ease at your convenience. We’re notified upon completion and we will immediately contact you to discuss a potential second mortgage solution. We will work to secure you favourable second mortgage approval options and walk you through the entire process from start to finish. DV Capital provides second mortgages to homeowners and real estate investors across Ontario, British Columbia and Nova Scotia.
Considering a Second Mortgage?
Best Second Mortgage Lenders.
DV Capital is differentiated from other second mortgage providers due to our ability to take a common sense lending approach. We have witnessed borrowers with high levels of income and credit scores fall victim to life circumstances and have difficulty making mortgage payments. On the other hand, we have seen clients with less than perfect credit and modest income make every mortgage payment by way of working multiple jobs or receiving support from family members, even though, on paper, they do not qualify for traditional mortgage lending. What does this mean? It means that ‘life happens’ at the most unexpected times and can catch people off-guard. For homeowners or real estate investors looking to access their home equity, a second mortgage might provide the path of least resistance, especially if there is a sizeable prepayment penalty associated with breaking an existing first mortgage. Furthermore, if the client is unable to qualify for traditional first mortgage financing, and the average interest rate between the existing first and potential second mortgage makes more sense from a cost and practicality standpoint than moving into a higher-rate non-bank first mortgage environment, a second mortgage could be a viable option. Regardless of being turned down elsewhere, we might be able to assist you and your second mortgage requirements in Ontario, British Columbia and Nova Scotia.
Second Mortgage Flexibility.
second mortgage lenders & private lending options.
- Owner-Occupied or Rental Properties.
- Residential, Commercial, Industrial or Land.
- Low or Unverifiable Income.
- Low Credit Score or No Established Credit.
- Self-Employed or Sole Proprietors.
- Behind on Income Tax Filing.
- Existing Mortgage or Property Tax Arrears.
- Outstanding Personal Income Tax or HST Balance.
- Active or Discharged Bankruptcy or Consumer Proposal.
- Unable to Pass the Stress-Test.
- Property in Poor Condition or State of Repair.
- Property is Located in a Rural or Remote Location.
- No Minimum Credit Score
- Equity-Based Second Mortgages.
- Second Mortgages in Ontario, British Columbia & Nova Scotia.
Second Mortgage Purposes.
Best second mortgage Rates.
- Consolidate High-Interest Debt Into One Payment.
- Renovate or Finish a Basement for Rental Income.
- Pay for Tuition and Schooling Expenses.
- Replace An Existing Second Mortgage.
- Stop a Power of Sale or Foreclosure.
- Discharge Bankruptcy or Consumer Proposal.
- Business Operating Capital.
- Stop Property Tax, Condo or Strata Arrears.
- Pay Personal, Corporate, HST, Debts and CRA Tax Liens.
- Home Renovation Projects and Construction Loans.
Hear it from our Clients.
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