Private Mortgage Lenders: What to Know
Canada has some of theworld’s most expensive real estate. Big bank’s real estate financing options are increasingly harder to qualify for. Plus, with the current prime rate, they’re more expensive than usual. Private mortgage lenders have emerged as a possible alternative. They are also known as non-bank lenders or private money lenders. These lenders provide borrowers and investors with easier access to mortgages. They offer unique advantages including personalized terms and creative financing solutions. This flexibility allows borrowers to navigate “different” financial situations that are not always accepted by banks, such as self-employment, low credit scores, Islamic banking needs, or any other details big banks may shy away from. Private mortgage lenders have become an increasingly attractive option for borrowers. Private mortgage lenders make quick lending decisions. This is different from the slow, bureaucratic nature of banks. Meaning, private lenders can make speedy loan approvals. Thereby allowing borrowers to capitalize on time-sensitive real estate opportunities. Speed and efficiency are particularly
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