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Most Canadians are not familiar with the concept of private mortgages

The idea of a private mortgage intimidates many people, but there is nothing inherently complicated about them.

Private mortgages simply fill in the holes that institutional lenders such as banks are incapable or reluctant to fill. They are an alternative source of financing to borrowers and offer a high yield investment opportunity for interested investors.

Banks or other institutional lenders are typically conservative by nature and only like to handle mortgage transactions that fir into their narrow lending criteria. When a transaction does not fit neatly into their mold, a private mortgage may be the answer. As a result of the increased risk, investors can generally generate a higher return on their investments. The only complicated part is finding a willing investor that will meet the needs of the borrower.

Private mortgages - own your home with private funds

There are situations that you will need private mortgages:

  • Your bank has turned down your loan request

  • You are unable to obtain financing from other sources

  • You are self employed or you cannot show your income to banks.

  • You may have had some credit problems in the past.

  • You may need money quick and for a short term

  • You want to invest in commercial properties and banks do not want to deal with you

At Basic Mortgage, we can help you with private mortgages. With a private mortgage, a typical borrower would pay a rate between 10% and 13% and fees equal to 2 - 3% of the mortgage amount. If you are considered a high risk borrower then you can expect to pay a little more.

The amount of your private mortgage depends on how much you need, the loan to value of your property and your capability to repay the loan.

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basicmortgage.ca basic Mortgage is a division of Basic Mortgage Corporation. Basic Mortgage Corporation is independent mortgage broker. Located in Richmond Hill, Ontario Basic Mortgage Corporation providing professional Mortgage and Investment services in Canada