Home buyers searching for a new property will find several private funding and financing options (Equity Lending). These private financing options are ideal for first mortgages and second mortgages, as well as debt consolidation. Many clients use these funding options as a way to help obtain financing and eliminate debts.
These financing options can come in handy in unforeseen emergencies such as; divorce, spousal buyout, tax arrears to Canada Revenue Agency or a sudden death in the family. Private funding and financing solutions will not offer the most flexible loan terms when compared to institutional financing, however, it is one of the best alternative options for the purpose.
Private mortgages have become very popular, mostly because they can help applicants get the funds they require, in a short period of time and without the traditional qualification process. These funds can be used as a refinancing and financing alternative, particularly when it comes to home renovations, personal projects, bruised credit, types of property and their use. Private lenders are typically more flexible during the lending process than institutional lenders. They open new avenues for borrowers. Traditionally, if there is equity in their home or subject property, the approval process is very simple.
Exclusive to Mortgage Partners, we provide open bridge loans with flexible month to month payment option and no pre-payment penalty.