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Private Mortgages
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A private mortgage in Ontario is a loan agreement made between a borrower and a private lender, rather than a traditional bank or credit union. These loans are often used by borrowers who may not qualify for a mortgage from a bank due to factors such as poor credit history, non-traditional income sources, or unconventional property types.
Private mortgages typically have higher interest rates and fees compared to traditional mortgages, but they can provide financing options for individuals who may not have access to other forms of lending.
Is your bank taking its time because you are self-employed, do not have business income statements, perhaps have poor credit or just need a short-term loan?
Look no more, we are lenders. Call us to find out about our in-house private mortgages for both residential and commercial properties.
Home Makeover
Dreaming of a kitchen upgrade or a cozy backyard oasis? A second mortgage can help turn those dreams into reality by providing the extra funds needed for renovations without touching your primary mortgage.
Debt-Free Journey
Say goodbye to high-interest debts! With a second mortgage, you can consolidate debts like credit cards into one manageable payment, potentially saving you money in the long run and helping you work towards a debt-free future.
A third mortgage is a loan secured against a property that already has two existing mortgages. It’s a form of additional financing that can be used for various purposes, such as home emergency renovations, unexpected debt, or investment opportunities. However, third mortgages are considered higher risk for lenders and borrowers alike, often resulting in higher interest rates compared to first or second mortgages.
When it comes to private mortgages, lender fees can vary. They might include things like origination fees, administrative charges, appraisal costs, legal fees, and possibly broker fees. It’s always a good idea to check out the terms carefully and understand all the fees involved before diving in.
It is important to understand that there can be penalties associated with private mortgages. These penalties can vary depending on the terms of the mortgage agreement and may include prepayment penalties or fees for late payments. It’s essential to review the terms of the mortgage carefully and understand any potential penalties before proceeding. If you’re unsure about anything, it’s always a good idea to consult with a knowledgeable mortgage advisor.
A common strategy among clients is to get a short term private loan and then refinance with a traditional bank.
Once the renovations are complete or the debt is consolidated, they can then refinance with a traditional bank for a more favorable long-term mortgage rate. This approach allows clients to address their immediate financial needs while still benefiting from lower long-term interest rates offered by traditional lenders.
Also, by using a short-term private loan to address immediate financing needs, clients can then work on improving their creditworthiness or financial situation, making them eligible for better terms with a traditional bank in the future.
Benson Mortgages can assist with navigating this process, offering guidance and support to ensure a smooth transition from a private loan to a traditional mortgage.
Private Mortgages:
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We don’t reply on your credit score or income statements -
Get Approved in 48 Hrs
Commitment Issues in 24 Hrs -
Interest Only Payments
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We Finance Residential Construction
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Commercial Deals Are Welcome
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We Are Lenders. Check Out Our Competitive Rates
Invest in Mortgages With Benson Capital
Investing with Benson Capital in mortgages opens doors to lucrative opportunities within our vibrant real estate market. With our proven track record and expertise, we offer investors a chance to diversify their portfolios while enjoying stable returns backed by tangible assets. Our meticulous approach to due diligence ensures that investments are strategically placed, mitigating risks and maximizing potential gains. Partnering with Benson Capital means accessing a trusted ally in navigating the complexities of mortgage investments, paving the way for financial growth and security.
Why Benson Mortgages?
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Multiple mortgage solutions including debt consolidation
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Apply anytime online or in person at Benson Mortgages office
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Honest, unbiased and inclusive
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Always free and transparent advice
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In Operation Since 2012
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Access to 170 lenders across Canada
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Over $3 Billion in Funded Mortgages
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Access to In-house Private Funds
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Turn around time 24-48 Hrs -
Quick, Easy and Secure
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Get Pre-Qualified in Minutes
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Emergency financing and bridge loans
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Commercial Loans
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Improve Your Credit Score
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Need $ Within a Week?
Funded Deals
Investing with Benson Capital in mortgages opens doors to lucrative opportunities within our vibrant real estate market. With our proven track record and expertise, we offer investors a chance to diversify their portfolios while enjoying stable returns backed by tangible assets.
Our meticulous approach to due diligence ensures that investments are strategically placed, mitigating risks and maximizing potential gains. Partnering with Benson Capital means accessing a trusted ally in navigating the complexities of mortgage investments, paving the way for financial growth and security.
