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Private Mortgages

Private Lender Financing Up to 85%

Private mortgage financing is an option for those who may have had difficulty securing a traditional home loan. Private mortgage lenders serve borrowers who may fail to qualify under the criteria of conventional mortgage lenders.

Private Mortgages

Private Mortgages are not really different from conventional mortgages. It’s the private mortgage lenders who are different. Private mortgage companies work with borrowers for whom conventional mortgage financing may not be an option. Private lenders have different criteria suitable for borrowers in the following circumstances:

  • Poor credit history – A private lender may demonstrate more flexibility in underwriting criteria. Those seeking a bad credit mortgage should consider one of the many Canadian private lenders that partner with CMI Mortgage brokers.
  • Self-employed – The self-employed often get better service from Private Mortgage lenders. Ontario, for example, is filled with entrepreneurs who may earn enough to finance a home, but have gaps or inconsistencies in their financial history that scare traditional lenders.
  • High Risk Properties – Traditional lenders might be reluctant to lend outside of established neighbourhoods while private mortgage companies look at properties individually to assess value.
  • Bridge financing may be needed if you buy a new home before selling your old home. Private lenders are more likely to provide bridge financing than traditional lenders.
  • Debt consolidation. Many turn to their home equity for debt consolidation. Private mortgages may be easier to obtain to consolidate debt. Private lenders tend to be more accommodating for this than traditional lenders.
  • Second mortgages. If you are seeking to consolidate debt or finance home improvements, a private second mortgage may offer preferable terms or a private lender may offer more relaxed underwriting criteria.

CMI Mortgage Brokers can help you work with Private Mortgage Companies

Finding the right private lender takes work. CMI mortgage brokers can access a large number of Canadian private lenders. Whether you are seeking a private second mortgage or another form of private mortgage financing, we know what is a private mortgage and if private mortgages are the answer for your mortgage financing needs.

CMI brokers will assess your specific situation, such as credit problems and unique lending circumstances, to find the right private mortgage lenders. Ontario, like other regions, is full of private lenders and we will find private mortgage companies that are best for you.

If you decide on private mortgage financing, we will be your negotiator to secure the best terms.. To start, complete our online form or contact us for a complimentary mortgage consultation.