Private mortgages for people in Ajax, Pickering, Oshawa and across the GTA offer you faster turnaround times without the strict requirements of the Big Canadian Banks.
The application process is simple, fast, and devoid of the strict requirements for a standard bank loan. If you’re looking for private loans in Edmonton or anywhere in Alberta, we can help!
we possess extensive experience in all types of private lending. As such, we are uniquely qualified to understand the niche each lender serves, the product mix to which they are receptive and what security, interest rates and fees are required to meet the criteria of those lenders.
Benefits of a GTA Private Mortgage
1. Much Faster Turnaround Time
After a simple application process, loan decisions are made quickly. Closing time is typically within 5 – 14 business days.
2. Get Approved - Even When the Big Banks Say No.
Private mortgage lenders typically require a minimum of 25% down payment. The larger down payment or equity that you might have in your home purchase allows the lender to be more lenient with certain aspects of the application and provide quick approval with less documentation. This can help to allow you to become a homeowner months or even years sooner than you thought possible.
3. Private Lenders Can Accomodate The Following:
- Hard to verify income (length of employment, self-employed etc.)
- Bad, poor or a low credit score
- High debt ratios: maximum debt to income for traditional lending is 42% to 44%. Most private lenders do not have debt ratio limits.
- Negative net worth