Private Mortgage Financing

The definition of a private mortgage lender is an individual or a company that offers specialized real estate financing for specific classes of properties. Private mortgage loans are mostly granted for short tenures and are secured by the property, as collateral for the advance.

Private Mortgage Lenders Toronto OntarioPurchasing a home or business can seem impossible for many Canadians. The current lending market has forced many banks and financial institutions to deny loans to many individuals. Some home buyers find it extremely frustrating and stressful when they are unable to obtain traditional mortgage loans.

Luckily, our company is one of the best private mortgage lenders Toronto Ontario offers. We help people realize their dreams when the bank won’t.

Typically, people who use the services of private lenders can be categorized under two heads:

  • Those who have problems in obtaining mortgage loans through conventional modes
  • Those who wish to have a faster turnaround time for processing.

They are typically looking for:

 

Benefits of Private Mortgage Financing

One of the major benefits of securing a loan through a local Toronto private mortgage lender is the faster application process. A private lender, in some cases, can sanction and disburse loans in as quick as 24 hours after the receipt of loan application. Moreover, traditional lenders require certain mandatory documents like proof of identity, address, income and tax details for consideration of the mortgage loan application. The borrowers who are in urgent need of funds could lose precious time during this process.

Private Mortgage LoanPrivate lenders may only require minimal information before proceeding to approve a private mortgage loan. The essential information can be easily arranged by the borrower and in some cases be provided online to the lender. This process saves a lot of time and energy for everyone. The shorter processing time and lesser documentation procedures, enable you to obtain your property loan at the quickest possible time.

Banks require proof of continuous employment and a regular income as mandatory criteria for providing loans. Usually, the self-employed people lack the consistent earnings that the traditional lenders look for. The business cycles and status of the economy play a vital role in determining their monthly income.

Conventional lenders and banks generally hesitate to provide loans to people with poor credit score. A credit score is an indication of the borrower’s credit behavior and previous debt management. Thankfully, we offer relaxations in risk tolerance, and can sanctioning loans to people with bad credit history at reasonable mortgage rates.

If you intend to purchase a home in an upcoming locality that might not promise high value appreciation, conventional mortgage lenders might hesitate to advance you a loan. However, we view it as a worthwhile opportunity and often lend money for such high-risk investments.

Although the private mortgage lenders Toronto home buyers utilize can be considered a last resort by some, many looking for private mortgage loans in Toronto area grateful for the opportunity to purchase a home.

 

Contact Us For A Free Private Mortgage Advice

PMF Private Loan ApplicationWe offer private mortgage lending services in Toronto, ON Canada. It is our flexibility that enables us to provide private mortgage loans when the banks deny you.

We know that your current financial situation may seem unstable in the eyes of a banking institution. We also understand that your financial situation isn’t your fault. We beleive you deserve a chance to secure your own dream home.

Simply call us at Tel# 647-883-7069 or visit our contact us page.