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Private Mortgage

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Private Mortgage

A private mortgage is a loan that, unlike traditional mortgages, is provided by a private lender such as an individual, a group of investors, or a corporation. Private mortgages can be a great option for those who are self-employed or have an irregular income, have a bad credit history or poor credit score, or have a property that a bank or traditional lender may not be willing to finance
Applying for a private mortgage can mean an easier and faster approval process. When considering going with a private lender it is important to have experienced and trusted advice, let Mortgage Squad Advisors Agents find a solution that is right for you.
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What is a Private Mortgage?

A private mortgage is a type of mortgage loan that is provided by an individual, group of investors, or corporation instead of traditional lenders like banks and credit unions. Private lenders can be an option if you are unable to qualify for a mortgage through more conventional lenders. Private mortgages have a different set of criteria and rules from the types of mortgages that you would get from a bank and can be a great option for those who are self-employed or have an irregular income, a bad credit score, or have a non-traditional property.
They generally have faster and easier approval and have greater flexibility with terms. Downsides of going with a private mortgage are the higher interest rates, often in the 8-20% range, and the complexity that can arise due to the broader range of possible terms.

Why Should You Apply for a Private Mortgage?

There are many reasons why people go for a private mortgage and can include having bad credit, a variable or unstable income, a non-traditional property, or if you’re planning on reselling the property in the near future:

Bad Credit: Applicants like young people and newcomers may have a bad credit score or a lack of a credit history. These factors can negatively impact your ability to get regular loans which makes a private mortgage an attractive option.

Variable Income: Being self-employed or having an unstable income makes banks reluctant to provide loans. A private lender is more flexible and can help you get the mortgage you need.

Non-Traditional property: Having a non-traditional property that a bank may not be willing to finance makes it difficult to obtain a mortgage. In these situations a private mortgage lender may be more open to financing your loan.

How does a Private Mortgage work?

A private mortgage is a deal where you obtain a loan for a property from a private lender. Instead of a bank or a credit union you apply for a mortgage loan from a private individual, a group of investors, or a corporation. When you apply with a private lender there will be criteria that your application will be judged on, similar to what banks would look at, and if you qualify you will be offered terms for a private mortgage loan.

What Are Private Lenders?

There are three different types of private lenders that you can obtain a private mortgage from: an individual private lender, a syndicate or group of lenders, or a private mortgage lending corporation. Individual: A private individual who you make a deal with. Syndicate: A small group of investors who work together to finance deals. Corporation: A company funded by investors who can finance multiple projects.

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Register your mortgage renewal date with Mortgagesquad.ca and you could WIN your first month’s mortgage payment upon renewal (see terms and conditions). When you register your renewal date with us, you are securing the lowest interest rate possible up to four months prior to your mortgage coming due.
So, if rates go up prior to your mortgage renewing, you can still get the lower rate. If rates go down, you will still get the lower rate… it is a WIN WIN FOR YOU.
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How do You Qualify for a Private Mortgage?

A mortgage renewal can be a useful tool that may save you money but that depends on your existing mortgage, your financial situation, and the market. Depending on the context a refinance may not be the option for you.
  • The Property: Since private lenders are taking on a risk, they will look to appraise the property and secure their investment.
  • Your Income: When taking out a private mortgage the lender will need to make sure that you can make payments so you will need to demonstrate your ability to keep up with payments via your income.
  • Down Payment: The larger the down payment the lower the risk for the private lender and the better your mortgage terms will be.
  • Equity: If you are refinancing your property through a private mortgage the lender will need to assess how much equity you have built up. The greater the equity the better your terms will be.

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Areas We Serve

Mortgage Squad Advisors is proud to serve Toronto and the surrounding regions, delivering unparalleled expertise as mortgage agents in the Greater Toronto Area (GTA). Our extensive knowledge of the local housing market allows us to help clients to avail the best private mortgage service. Some of the other areas we serve include Barrie, Mississauga, Hamilton, Vaughan, and Ottawa.

Commonly Asked Questions

What is a private lender mortgage?

A private mortgage is a type of loan that is provided by private lenders instead of traditional lenders. They can be a great option for those who are self-employed or have an irregular income, a bad credit score, or have a non-traditional property.

When you apply for a private mortgage with a private lender you are evaluated based on your property, your income, and any down payment or equity that may be involved in the deal. If you qualify for approval you proceed to negotiating mortgage terms with the lender.
Private lenders typically charge a 8-20% interest rate. By providing a private mortgage for those with poor credit, unstable income, or without a long credit history, the lender is taking on a greater risk so the interest rates are accordingly higher than a traditional mortgage.
Private mortgage lenders will secure their loan through your property so while they are considered higher risk than a traditional mortgage they will be less risky than an unsecured loan. It is important to understand the structure, terms, and conditions of your private mortgage when you sign on.

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