The answer to this question depends on whether the private mortgage is used as the primary/first mortgage for purchasing or if this is used as a secondary source of financing such as home equity loan/second mortgage. If the private mortgage is used as the first mortgage to purchase a property then you can receive to maximum of 80% LTV. However, if the private mortgage is used for secondary source of financing such as home equity loan/second mortgage, then depending on the property and location, you can receive as much as 90% or even 95% LTV.

Private lenders who provide these private mortgages use very different criteria than your traditional lenders; private mortgage lenders are much more concerned and focused on the property and not so much on the individual borrower or the homeowner. Private lenders are considered equity lenders and thus, their primary concern is the property value, amount of equity and marketability of the property. Therefore, they look past the credit troubles, past or present consumer proposals and even default on the first mortgage. They are willing to lend money to help out the homeowner through their current crisis which will result in a win situation for all. They are willing to take these risks as they are confident that in a worst case scenario their investment is protected since it is secured and backed by a real property.

Who are you calling? Ask yourself what happens if you just called RE/MAX or walked to their office to sell your home? Who would pick up the call? Would it be the best salesperson in the office? In fact the opposite is more likely. The chances are your call will be routed to the first person picking up the phone or you would meet those sitting around in the office because they don’t yet have enough experience/clients; and thus, you may not receive the level of service you had hoped for. Mortgages are no different. Therefore, it is absolutely critical to KNOW WHO WOULD BE WORKING ON YOUR FILE.

With access to OVER 500 PRIVATE LENDERS, I can approve mortgages that many other agents and brokers including those that specialize in bad credit and second mortgages cannot. I have built an extensive network of private lenders so that I can approve tough situations all around including in small towns and rural areas of Ontario.

Private mortgages are different from traditional mortgages in that it is up to each agent/broker to find his or her own source of private funds. Most agents have only a few lenders they use for every situation which results in high fees, rates and turn-downs due to the fact that not every lender is able to finance every area or type of property.

Since each applicant's situation is unique, I submit your request to the lender which can best serve your financial needs based on your location, type of property and LTV. This ensures that not only you receive the second mortgage funds you need on time but that you receive an outstanding service as well as low rates and fees. Contact me today to discuss your financing needs