Private/2nd Mortgages
We work with private lenders in BC, including small companies, mortgage investment corporations (MICs) and investors who are looking for a decent return on investment. Interest rates can range from 6-15% (+fees 2-4%) depending on the deal.
If you have a very difficult mortgage and don’t qualify with other more traditional lenders, we can still often help. The key to a private mortgage is having enough equity (or down payment) in the property. An absolute minimum amount of equity is usually in the 20-30% range, or 70-80% LTV. For example, if your house is worth $500k, then the maximum mortgage a private lender would lend on is $350-400k. This can include commercial properties, bare land, construction and other unique scenarios. We can provide 2nd mortgages and beyond, depending on your situation.
Bank Says No? Have you been turned down by your bank and want a 2nd or 3rd mortgage? Looking for a construction mortgage to start or finish a project? Are you an investor looking to invest in private mortgages?
