A Private Mortgage is a fast, easy and safe way to obtain funds quickly for either the short or long term for any purpose. A Private Mortgage is obtained through a Mortgage Broker who has access to private lenders who lend their own funds for investment opportunities in real estate.
With the decline in 2nd Mortgage Lenders here in Canada, Private Lenders have fast become the “normal” avenue to acquire funds for that 1st, 2nd or 3rd Mortgage.
A Professional Registered (FSCO) Mortgage Broker MUST TAKE all the necessary required steps set out by the regulator (FSCO) before using the services of a Private Lender, in order to ensure that the consumer has full protection at all times.
Only use a fully licensed Professional Mortgage Broker when dealing with Private Mortgages, as Professional Mortgage Brokers are trained to walk you through each step of the process.
Private Mortgage Lenders are much more lenient where credit is concerned than say a Bank or Institutional Lender. Private Lenders are primarily Equity Lenders and are more concerned about the property than the credit. But having said that, the Mortgage must make sense to all concerned, and the suitability of the mortgage must meet and match the needs of the client at all times.
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