Did your Institution refuse your mortgage loan request?
Alternative mortgage financing may be a choice for your situation!
Demystifying alternative financing
Having bad credit is not a valid reason for refusal of a mortgage. There are solutions when you have bad credit history or rating. To obtain a mortgage loan with bad credit, there is the alternative mortgage loan. This type of financing is an alternative solution when your financial institution refuses or recalls your mortgage loan.
However, this type of financing is not for everyone. Indeed, for those who want to acquire a property with a minimum down payment (ex. 5% down payment) and who have bad credit, the financing granted is at most 80% of the value of the property. The lenders will refuse the request for financing
Moreover, there are advantages and disadvantages to this type of financing. It is for this reason that I recommend that you be accompanied by a mortgage broker for this type of financing. The objective of the mortgage alternative loan is to remedy to remedy an urgent situation or a particular financial situation for short term
Thus, with the help of the mortgage broker, he will establish a short-term financing strategy. The mortgage broker knows the criteria of each lender, he will make sure to obtain financing for you and then help you find conventional financing once your situation has been restored.
Solutions adapted to your situation
If you are in any of the following situations,the alternative mortgage loan is probably the solution for you:
- You have an unfavorable credit history;
- You have declared bankruptcy or you have a consumer proposal;
- You have debts to consolidate and you do not meet the requirements of traditional banks;
- You have taxes to pay;
- you have a legal mortgage or building mortgages;
- You are self-employed and you do not declare enough to obtain traditional financing;
- You have a mortgage payment default, 60 days notice;
- Your bank has refused your mortgage because you did not meet their requirement;
- You are looking for additional financing (a second mortgage);
- Quick financing without having to prove your income
- And others
the Mortgage Alternative Loan is a solution to your situation.
Contact me, to discuss your financial situation and I will assit you in finding solutions to your financial situation. We will establish a plan to assist you to carry out your project, you will have your financing and then I will assist you to obtain conventional financing.
What are the types of lenders that offer an alternative mortgage loan?
Speciailzed Bank : These are well-known financial institutions that agree to provide financing with slightly more flexible criteria than traditional financial institutions.
They have several programs for people who have bad credit history,or individualsthat are self-employed. But they have specific criteria: it finances only 80% of the value of the property and you must meet their qualification criteria.
Their interest rate is a little higher than traditional financing These financial institutions are Home Trust, Equitable Bank, Haventree Bank and B2B Bank.
Alternative Lender : Alternative financing institutions have the mission of helping clients get out of their precarious financial situation, help in a specific project and whose financing is for a short term (generally a maximum of 24 months).
They are based on the value of the property and finance only 75% of the value of the property. Usuallyan alternative lender will not require proof of income or to ask for the credit report.
The interest rate is higher than Specialized Banks. There are several alternative lenders in Quebec including Neighborhood Holdings, Capital Express, Clifton Group and others.
The Private Lender
Private Lender A private lender is usually an individual who lends money by taking security on your property.
They will finance up to 75% of the property value. However, some private lenders do not require an appraisal of the property since it is based on their judgment. Other private lenders will reuqire for an appraisal. They agree to do first-rank and second-rank financing.
Regarding the interest rate with a private lender,rates are generally higher than other types of alternative lenders. However, private lenders accept most of the financing that is refused by other types of lenders. Private lenders generally finance in big cities, very little finances in rural areas unless you have a property in an urban area to take as collateral.
My Private Lenders are professionals whose sole purpose is to assit you out of your urgent financial situation. The Private Lenders have been selected following a strict verification. They are trustworthy and honest people.
Request to be contacted!
You want to carry out a project, solve a financial situation, improve your financial situation or you have a 60-day notice!
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