Private Mortgage Lender Toronto

Looking for a reliable private mortgage lender in Toronto? At Xpert Credit, we have been helping Canadians with mortgage solutions for the past 17 years. We’re here to help you, too!

First, let’s establish the definition of a private mortgage. The only difference between a regular and a private mortgage is that private mortgage can be sourced from another person or business instead of reaching out to a bank or other finance provider.

A prospective homeowner will go to an independent and private mortgage lender to obtain the loan instead of a bank. For many borrowers, it’s the best way to get financing for their homes because there is greater flexibility for the use of borrowed funds through the private lender. The lender evaluates more than just the borrower’s credit history: they also look at the market value of the property.

These private mortgage lenders can customize the mortgage to the homeowners’ requirements.

Who is Eligible For Private Mortgage?

Most people prefer to opt for a regular mortgage, gained through a bank or another finance provider. They still are the most popular mortgage providers in the Toronto market. Some people, however, find it hard to qualify with banks and credit unions.

 

For example:

 

  • A property investor looking for fast cash.
  • A self-employed borrower with assured upcoming income.
  • Someone with a poor credit who will not necessarily qualify with a traditional lender.
  • Someone who wants to opt for interest-only payment for borrowed money.

 

Private mortgages are for people who fall into one of the above categories. Depending on the mortgage plan you make with your lender, if you can make the payments on time, then you qualify. It is more property centered as compared to person-centered: if the property the private mortgage is used for shows promise and potential, then it is not hard to get a private mortgage.

 

Interest rates can vary. Get in touch with us to see your options.

Benefits of Using a Private Mortgage Lender

These are the reasons why many people opt for a private mortgage in Toronto:

  • Easy to qualify: As mentioned before, it is easier to qualify for a private mortgage than a traditional one. Even if you can’t provide proof of a steady income (in the event of being self-employed), you can qualify with much less hassle. Having access to a private mortgage can also give you a competitive advantage in Toronto’s housing market.
  • Perfect for investor willing to renovate and sell: If you’re planning on renovating your newly purchased home and then selling it further (or, “flipping”), then private mortgage is an excellent choice for you. Private mortgage lenders give the option of a short payment period, allowing you to complete your payments quickly and carry on with your plans. This type of lending is a favorite among realtors looking to refurbish properties and then selling them.
  • Short Approval Process: Traditional mortgage loans take up to 30 to 45 days of approval, whereas private mortgage providers can process and approve your application within a couple of weeks. If you need a loan quickly, then a private mortgage may be the best route to take.

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