Private Mortgage

Private Mortgage Approvals Made Easy!

  • Easy Approvals
  • Fast Closings
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A Private Mortgage can help with Difficult Situations.

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Rumy Gill - Mortgage Broker

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Private Mortgage Toronto

Private mortgages are short- term, interest-only loans. These loans can range in length from 1 to 3 years. These loans are perfect when you are in need of immediate cash to pay for any personal expense, whether it is a home renovation or repairs, a private mortgage can be used for a number of requirements. A private mortgage is an interest only loan and does not require homeowners to pay the mortgage principal down, but it only requires interest payments to be made each month. We offer private mortgage solutions at affordable interest rates, get in touch with us now to discuss your requirements.

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Why should you choose a Private Mortgage in Toronto?

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A private mortgage is a home loan that is financed through a private source of funds rather than a traditional mortgage lender. It can be ideal for individuals who do not qualify for mortgages the typical way. This kind of mortgage can benefit everyone involved if it's executed correctly. A private mortgage can be used for a number of purposes including home repairs, restorations, paying medical bills and other personal expenses.

 

We understand that financial need can arise anytime and when you have bad credit or situations with your income, things may become difficult to secure a regular loan from a bank. In such situations a private mortgage can be providing you the much needed financial relief. We offer private mortgage solutions to customers in and around Toronto. 

Looking for a Private Mortgage?

If you are looking for private mortgage solutions, look no further and get in touch with us today. Our team can help you find a lender who offers mortgage solutions at flexible terms and affordable interest rates. We serve customers in and around Toronto.

How to get the best rates for Private Mortgages

The conservative lending guidelines used by banks and conventional lenders usually excluded several individuals on the basis of bad credit or income requirement and even other factors out of an individual’s control such as property type and even location. However a private lender will offer you a mortgage plan even when you may not qualify for traditional loans. Private lenders take into account a property’s overall value as opposed to simply the borrower’s credit history.

Today there are a number of private lenders who offer a range of private mortgage solutions. We have years of experience in this line of business and can help you find a suitable lender for you. We will discuss your needs, understand you financial situation and help you get in touch with a private lender who offers mortgages at affordable interest rates. For more details, get in touch with us now.

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How to get Private Mortgage even with bad credit?

We can help you find a private mortgage lender who will provide you mortgage solutions even with you bad credit score. However it is essential that you also follow a number of tips to ensure that you improve your credit score. This includes:

  • Paying your bills on time: Please note that it essential that you never miss a monthly payment on any of your bills, this includes all bills such as debt payments, utilities. Failing to pay bills may lead to delinquency and harm your credit score.

  • Stay under your credit limit: Do not use more than 30% of your available credit limit on your credit cards or lines of credit. Taking more money shows you are careless with your finances and spend beyond your limits, this will make lenders be vary and avoid providing you any mortgages in the future.

  • Do not apply for new credit constantly: It is important that you avoid taking too many credit cards, this will be considered as a red flag by lenders.

  • Keep your oldest account active: Your credit history matters. By cancelling old credit cards you remove them from your file and shorten your credit history, and shows your lenders that you simply don’t bother and not return the amount. It is essential to keep your old accounts active to show you are dedicated to making correct payments.

Recent Deals Approved:

Home Purchase $845k Approved - Etobicoke, Ontario

Private Mortgage Purchase $400k Approved - Hamilton, Ontario

2nd Mortgage $230k Approved - Port Hope, Ontario

Mortgage Refinance $375k Approved - Stoney Creek, Ontario

Home Equity Loan $125k Approved - Markham, Ontario

Mortgage Refinance $350k Approved - Barrie, Ontario

Buying A Home for $900k Mortgage Approved - Mississauga, Ontario

Home Purchase $750k Approved - Caledon, Ontario

Mortgage Refinance $570k Approved - Toronto,Ontario

Mortgage Refinance $250k Approved - Newmarket, Ontario

Advantages of Using a Mortgage Broker for Private Mortgage

There are a number of lenders offering private mortgages, it is essential to find the right lender to suit your requirements. You can rely on us to help you find a lender who offers mortgages at affordable interest rates.

There are a number of lenders offering private mortgages, it is essential to find the right lender to suit your requirements. You can rely on us to help you find a lender who offers mortgages at affordable interest rates.

  • If you have bad credit history and are being turned down by conventional lenders.

  • You only need a short term loan.

  • You have non-conforming income that is not allowing you to obtain a traditional mortgage.

  • Various other reasons

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Google 5 Star Reviewed by Clients

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Rumy Gill - Mortgage Broker

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Rumy Gill delivered on what he said - No hassle at closing at all. He was able to get me a great mortgage rate and affordable monthly payments. All communication was in a timely manner, no surprised at last minute. Would definitely go again with Rumy Gill again.

Frequently Asked Questions

What Do Lenders Look for when Approving a Private Mortgage?

The Main Factors that go into obtaining an Approval, are the Location of the Property, and the Equity position in the Property and ability to make interest only payments and exist strategy.

Secondary Factors or additional factors Lenders may look into when obtaining an Approval are, Use of the Property, Client Repayment History and Client’s Income, Client’s Net worth.

Why would I need a Private Mortgage?

A Private Mortgage can help you get the Financing you require, where Traditional Banks and Lenders  may have difficulties Qualifying your Mortgage and not be able to get you Approved, based on Income, Credit Score, Location of the Property, and Type of Property .

A Private Mortgage can be Approved based on Equity, which is beneficial when your Credit Score is Bad or you have Issues with your Income or just have Low Income in general and you will not Qualify with a Traditional Bank or Lender.

I seem to have a Hard to Place Mortgage, No One seems to be able to get me Approved. Can you Help me get Approved?

Yes I Can. As a Toronto Mortgage Broker I can Help you get Financing and get you Approved for even Hard to Place Mortgages, where No One seems to want to Approve. I have Financed many Mortgages in the GTA and Rural areas where many others have Failed.

How Fast Can I get a Private Mortgage?

I can Help you get Approved in little as 24 hours or in a matter of a few Days. If your situation is an Extremely Difficult one, then it may take up to a week before we get your Mortgage Approved. The Longest it has taken me to get Approved has been 1 weeks and the Least amount of Time it has taken us has been a few hours. Whatever your situation may be, I can Work Fast to get you Approved and keep you updated throughout the entire process.

What kind of Rate can I expect to get for a Private Mortgage?

Typically, rates are higher than Traditional Bank Rates. But Good News for my Client’s, I have Access to the Best Private Mortgage Rates in Canada, our Rates start from 5.95%. Contact me Today to find out what Rates you will qualify for.

Is a Private Mortgage Interest Only Payment?

No, payments can be either as an Interest only Mortgage or as a Traditional Principle and Interest Mortgage. Depending on your requirements I can have a Mortgage constructed to fit your Situation and Needs.

How long are Private Mortgages for?

Terms can last anywhere between;

  • 1 Month (30 Days)

  • 3 Months

  • 6 Months

  • 9 Months

  • 12 Months (1 Year)

  • 24 Months (2 Years)

At the end of the Term you will have an option to Renew or Refinance your Mortgage, when you arrive at this stage, I can help you move you to a Traditional Lender.

As a Toronto Mortgage Broker, I have many years of Experience in Approving Mortgages and I am able to get you Approved for a Mortgage fast. You don’t have to settle for a Mortgage Rejection, I can get you Approved.

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Our Blog

What is a private mortgage?

March 31, 2020

  In the fast pace world of real estate,  where decisions need to be made quickly and with crtainity, a … Continue reading What is a private mortgage?

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Often termed as sub-prime mortgages, a bad credit mortgage could be defined as a home loan processed which property owners … Continue reading What is a bad credit mortgage?

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How does a second mortgage work in Toronto?

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A second mortgage is a type of loan that allows homeowners to benefit from the value of your Toronto home. … Continue reading How does a second mortgage work in Toronto?

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Toronto, ON M2J 4V6

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