In the wake of the devastating financial crisis of several years back governments around the world – including Canada – introduced stricter regulations on lending institutions aimed at heading off a repeat of that dreadful occurrence. If for some reason you’ve been having trouble securing a mortgage through a traditional lending institution those tighter regulations are likely the cause. However, before you succumb to despair it’s helpful to keep two things in mind: first, you are not alone and second, you are not necessarily out of options. A private mortgage may the solution you’ve been looking for. A private mortgage in Toronto is frequently used by people who:
- Have been rejected by traditional lenders.
- Have excessive credit card debt.
- Need a second mortgage to consolidate debt.
- Are self-employed.
- Have a prior foreclosure in their history.
- Have no established credit.
- Are non-residents.
Securing a Private Mortgage in Toronto
Regardless of the reason you’ve been encountering resistance from traditional lenders you may find a much more receptive audience by going to private lenders to find your mortgage. Typically there’s less paperwork involved, fewer intrusive probes into your history and a shorter approval time. However it can be difficult for an individual to find private lenders and that’s where we come in. At Loan Central we have access to a vast network of private lenders who are ready to step in when banks, credit unions and others back out. But who, you may ask, are these private lenders?
Who are These Private Lenders?
While some Internet sites state with seeming authority that private lenders should include your friends and family all we can say is good luck trying to borrow the cost of a home from your sister. No doubt she loves you and may even be willing to help a bit with a down payment but asking her or any family member to act as your mortgage broker is both unrealistic and a recipe for disaster.
Instead, we highly recommend you use third party private lenders that are removed from your immediate social circle. The entire experience will be easier, more businesslike and less fraught with potential conflicts of interest. These private investors are most often well-heeled individuals who are financially savvy and have prior experience lending large amounts of capital to individuals for a host of reasons.
How do I Find These Private Mortgage Lenders?
At Loan Central we work with many of these private lenders on a regular basis. We know which ones offer the most generous terms, which are the most likely to lend to someone in your particular situation and which are better off avoiding. It’s the kind of information that can turn your search for a private mortgage in Toronto from a series of dead ends into a relatively simple endeavour.
If you are having difficulty obtaining a mortgage through traditional means talk to the pros at Loan Central about accessing the many private mortgage lenders out there. We’ll connect you to the private lender best suited to you and set you on your way to a better tomorrow.