Alternative & Private Mortgage Lending
Toronto Mortgage Broker with 10+ years of experience
Obtaining financing through alternate sources when traditional financing is not feasible.
Sometimes no matter what angle you take, it’s impossible to qualify for a mortgage with a major bank, or “A Lender”.
Perhaps you have bruised credit from an unexpected life event, or you’re self-employed and don’t show enough income on your taxes. Thankfully, there are still ways to finance your home.
Alternate lenders offer financing for borrowers who don’t fit the typical parameters, guidelines and requirements set out by major banks. They use different methods to determine a borrower’s credit worthiness, and approve applications in a somewhat unconventional way.
Alternate and Private Lenders generally offer terms between 1 and 3 years in length. They are meant to be short term solutions, that allow borrowers the time to boost their credit, claim more in taxes etc., in order to eventually qualify with a major bank by the time the term ends.
Although the cost of borrowing is more expensive with an Alternate or Private lender, it’s a viable option for many borrowers who cannot obtain the financing they need through traditional methods.