Who Are the Private Mortgage Lender?
A private lender (also sometimes called an alternative lender) is a person or financial entity that works independently of federally or provincially regulated financial bodies such as banks, credit unions, and trust companies. A private lender can lend money and provide mortgages and other types of loans to borrowers that, for a variety of reasons, may not qualify for a similar loan from a bank.
What is a Private Lender?
Private lenders fund the transactions based on the equity, and location of the home. In many cases, they come in where the major banks or institutional lenders aren’t willing to go.
Waiting for a long approval process isn’t always fun. If time isn’t on your side, or if you can’t qualify for a mortgage from a bank or institutional lender, then a private lender could be the answer.
They can be useful for the self-employed or those with bad credit, who tend to have a harder time getting a mortgage, as well as investors who want a fast, tailored service.
Private lenders can offer a variety of loans
- First mortgages
- Second mortgages
- Bad credit mortgages
- Home Equity Line of Credit (HELOC)
- Hard money loans
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