Private mortgage broker in Brampton

A private mortgage is usually an interest-only short-term loan which usually ranges from six months to three years. At Mortgage Loan Ontario, our professional mortgage brokers have a wealth of experience in identifying the best private lender that offers the right rates and terms to suit your specific financial needs. Unlike traditional lenders, where the lending guidelines are strict, private lenders are more lenient as they focus on the value and condition of the property rather than the individual’s credit score and income.

Usually, a borrower often tries to secure a mortgage or refinance their property by approaching a bank first. If they get turned away by the bank because of bad credit or low income, then they approach a private lender with the help of a professional mortgage broker like Mortgage loan Ontario. But, the interest rates charged by a private mortgage lender are higher than what a bank would offer. A private mortgage is a suitable option if you require funds immediately and your credit score is not the best. Terms start from six months up to three years for a private first or second mortgage based on the lender. As mentioned earlier, it is a short-term solution for someone who does not qualify for a loan from a traditional lender. A private mortgage lender looks at the borrower’s property value and the equity present in the real estate and even takes into consideration the city the property is located in. To find out more information about our private mortgage in Brampton, please do not hesitate to reach out to our team today.

Private mortgages in Brampton you can rely on

There are several reasons why people find private mortgages a viable solution. They are quite common for residents in Brampton and are always a fantastic choice. A mortgage application from a traditional lender like a bank can take weeks to approve and can sometimes be rejected. A private mortgage, on the other hand, is a saving grace in situations where the borrower is in immediate need of funds. They can also get a better deal than what a bank would offer.

Here at Mortgage Loan Ontario, our mortgage brokers have built a solid reputation with several lenders in the Brampton region to help clients in making a well- informed decisions. You can rest assured; that we will be there for you every step of the entire process, ensuring a quick approval. Speak to our team today to discuss your specific financial requirements.

Why work with a private mortgage lender?

There are various reasons why borrowers choose to work with a private mortgage lender. Below mentioned are some of them:

If you need immediate funds and do have the time and patience to go through the lengthy approval process of a traditional lender.
Your credit history is bad and your income is low so a bank will not approve your mortgage application.
You are a self-employed individual and you do have sufficient proof of your source of income, so the bank will not consider your application.
You are purchasing a property that is non-traditional and a bank will not approve a mortgage for it.
You only require a short-term loan.

Fees involved in getting a private mortgage

Traditional lenders pay mortgage brokers a commission on every mortgage they broker for them. However, private lenders do not pay mortgage brokers any commission and the client will have to cover the fee. Since private mortgages are riskier, the lenders will charge an extra fee to the borrower, including a legal fee based on the loan amount.

In certain cases, the borrower might need to seek legal assistance to represent them in the transaction. The total fees which include the lender and broker fees, not including the legal fees, can range anywhere from 2% to 10%, depending on the size of the loan, how complex the deal is, and how risky it is to the lender. In most cases, the fees are deducted from the loan where it is funded, making sure you do not pay for these costs from your own pocket.

Most common areas private mortgage lenders specialize in:

Commercial mortgages

Mortgage Loan Ontario works with several private lenders, where a few of them specialize in commercial mortgages. Even though most private lenders specialize in lending to individuals, they also lend for commercial complexes and properties.
Residential mortgages

YSimilar to commercial mortgage lenders. Private lenders also give private mortgages for residential properties. The more intricate the deal with the lender is, it will require working with a private lender who has a wealth of experience in real estate lending.
Debt consolidation and refinancing

A few private lenders will only refinance mortgages or grant equity-based loans solely for the purpose of debt consolidation.
Mortgage refinancing for renovations

Some private lenders only lend out money to be used specifically for renovations and improvements for commercial and residential properties.

Refinancing to purchase additional properties

If the borrower is looking to refinance to purchase additional property, there are private lenders out there that specialize in it.
Refinancing to purchase additional properties

If the borrower is looking to refinance to purchase additional property, there are private lenders out there that specialize in it.
Financing for construction

A few private lenders specialize in providing construction loans for either personal or commercial purposes.
Refinancing properties in urban and non-urban areas

Most private lenders offer refinancing for properties located in urban markets as they feel in the event of a sale, they will be able to sell the property more easily. However, there are a few private lenders that only provide funds for properties in non-urban areas as there is less competition and they have more leverage.

How quickly can one secure a private mortgage loan?

Unlike a traditional mortgage, where it can take up to weeks or even months to get your mortgage application approved, a private mortgage loan can less than a day in some cases, but you can rest assured; that you will receive the funds within 48 hours. Based on the complexity of the deal, it can take up to three weeks on average.

A private mortgage lender aims to help the borrower in improving their financial situation over the term of the mortgage and put them in a position to refinance the mortgage to the bank. Since these loans are usually short-term, private lenders are not as regulated as banks and can make deals much quicker. However, they will also be looking to collect their return on investment in a much shorter time frame. This is the reason why many private mortgage lenders will assist the borrower in helping be in a better financial position to transition to a traditional lender.

Flexible financing solutions

Regulations from the federal government have caused financial institutions to become more stringent with loan qualifications. Those applicants that have a bad credit score will be instantly turned down for a loan. This has left many unable to secure traditional financing to purchase their dream house in Brampton. However, private mortgage lenders are far more flexible and have higher risk tolerance. Their approval criteria are less stringent and based their lending decision on the value of the property instead of the borrower’s income and credit score. Even if you are a self-employed individual, you will be able to secure the mortgage you need. Private lenders also have complete control to approve your mortgage application, whereas traditional lenders usually need to seek permission from higher authorities.
Private mortgage lenders are reliable

A few individuals may be hesitant to secure funding beyond traditional financing options. You will be pleased to know that many private mortgage lenders are credible and secure. They are licensed individuals with years of experience in the mortgage industry.
Choose Mortgage Loan Ontario today for a private mortgage in Brampton

We go above and beyond to help clients purchase their dream homes in Brampton. Our mortgage brokers can identify the best private lender that offers the best rates and terms, including the right financing to meet your specific requirements. Over the years, we have helped many clients in the Brampton region to get private mortgages. To schedule an appointment or to request a quote, contact our team today if you need help securing a private mortgage in Brampton. We will be more than happy to address any queries that you may have.

Avail Consumer Proposal in three easy steps

A Clear and simple path to financial freedom.

1

Apply for a mortgage

Provide details for any type of mortgage requirement.

2

Avail quick Approved

Our approval process is short and easy.

3

Get cash fast

Cash gets credited within a couple of days.

Get started

Our Client Testimonials

See what our customers have to say about our services.

Gogi Luthra is a great mortgage broker! He was able to secure a good mortgage deal for me. He has a sound understanding of the market and the systems involved... I will definitely go back to him when need arises again and whole heartedly recommend him.

Anand Singh

We had a great experience working with Gogi He is professional, reliable and very knowledgeable. He was able to answer all our questions at anytime of day and helped attain the best rate available.

Waqas Zubair

I was new to Canada and was buying my first home. While banks insisted for a 20% down payment,...I am really impressed with his service and I highly recommend people to contact him for all their mortgage needs.

Mohan Rao

66 reviews

Frequently Asked Questions

What is a consumer proposal?

A consumer proposal is a debt settlement agreement, filed with a Licensed Insolvency Trustee. It helps in availing debt forgiveness by paying a part of what you owe your creditors.

How can a consumer proposal help anyone?

Consumer proposal helps someone struggling to repay debts, by avoiding bankruptcy. This helps in largely reducing your financial stress and also retain your assets

Can i mantain Ownership of my assets?

Unlike bankruptcy, your assets will stay with you, including investments and equity in your home.

Does a consumer proposal affect your credit rating?

A consumer proposal will affect your credit rating in the short-term, but in the long-term you may see an improved credit score rating if you stick to the plan.

Private Mortgage in Brampton

Private mortgage broker in Brampton

Private mortgages in Brampton you can rely on

Why work with a private mortgage lender?

Fees involved in getting a private mortgage

Most common areas private mortgage lenders specialize in:

Commercial mortgages

Residential mortgages

Debt consolidation and refinancing

Mortgage refinancing for renovations

Refinancing to purchase additional properties

Refinancing to purchase additional properties

Financing for construction

Refinancing properties in urban and non-urban areas

How quickly can one secure a private mortgage loan?

Flexible financing solutions

Private mortgage lenders are reliable

Choose Mortgage Loan Ontario today for a private mortgage in Brampton

Avail Consumer Proposal in three easy steps

1

Apply for a mortgage

2

Avail quick Approved

3

Get cash fast

Our Client Testimonials