As the cliché goes banks and financial institutions will lend and support you when you need them the least. They will lend you a very cold shoulder when you do need them, making your situation go from bad to worse.
Alternative lending or borrowing is a different funding solution than the mainstream or path most traveled. Private lending is such a solution and called for when life throws a curve ball at you, which is bound to happen at some point to all of us.
Private funds and private lenders are people with excess cash that are prepared to support you when ‘debt cover ratios’ don’t work or when you find yourself in a situation with little income, a separation or any other periodic crisis.
The qualifying criteria for private lending is usually more flexible, short term, 6-12 months and the payments would be interest only. Private lenders can turn around a transaction in a few days but will want security such as a second or third mortgage on your house or apartment. They will ask about your exit plan out of your situation and the loan respectively.
Private lenders will lend you a hand when you need one. Like any service there is a cost associated but if well planned and considered this solution may be ideal for you.
We will find the right private lender and loan that suits your needs.
For a more detailed discussion about your financial borrowing needs contact us anytime. Our mortgage experts at RMAI/Loancentral.ca will find a way to get you money when you need it!