Looking for a Private Mortgage?
APPROVED IN AS LITTLE AS 24 HOURS*
Contact Us Today
Contact Pat today to see if private lending can help you with your present situation.
902-471-1852
HOMEOWNERS GET APPROVED
Apply for a Private Mortgage now
Nova Scotia, Toronto & Vancouver mortgage broker specializing in private residential and commercial mortgages. We help homeowners like you get approved for private mortgages. If you have been turned away by the banks for a loan, we can help you secure the financing you need.
At Craigburn Capital, you can qualify for a loan up to the amount of your home equity, which is based on the value of your home.
Here is an example scenario:
- 750k
- Appraised Value
- 225k
- Your Mortgage
- 375k
*Up to in usable equity
You may want to think about a private mortgage if you are looking to do some home improvements, consolidation your debt, or any other purposes requiring cash expenses. Start your application today and get approved in as little as 24 hours!
*depending on complete documentation provided which includes, but is not limited to, property appraisal on subject property, credit bureau on applicants, and confirmation of income. The lender reserves the right to request further documents if required.
What are the Benefits of a Private Mortgage?
Straightforward Approval Process
Since private mortgages are secured by just that — your home — approvals are based on your property.
Interest Only Payments
Private mortgage rates substantially lower than credit card rates or those from other unsecured sources.
It can be a single advance
If received as a lump sum, this can be used to cover any larger outstanding expenses, while interest payments are made monthly.
It could be Tax Deductible
You could qualify for a tax deduction for the interest you pay on the private mortgage if proceeds were used for qualified renovations.
We are Specialists in Private, Second & Commercial Mortgages
VANCOUVER | TORONTO | HALIFAX
Private Mortgage
What is a private mortgage? This type of mortgage can be sourced from another person or business (MIC) instead of a traditional financial institution.
Second Mortgage
Being one of the leaders in private lending market, we at Craigburn Capital have a in-depth knowledge and understanding of second mortgages ensuring to meet the requirements of all our clients.
Commercial Mortgage
A commercial mortgage in Canada is a mortgage loan given to the owner of a property that is not considered a residential home. It is often times one of the largest financial investments that an investor makes in their life.
Private Lending
Let us be your “YES” man!
We can say YES where most banks and brokers say NO.
Whatever the reason we all find ourselves in a situation where an ideal opportunity presents itself but we do not have the means to take advantage of it. Maybe you are self employed, just weathered the recession and have found the perfect house at a great price. Except the banks will not touch you. Here is where private lending could be the ideal option.
A few facts about helping you get a private mortgage:
- This is also commonly called bridge lending, as it bridges the gap between where you are right now and where you want to be.
- Lenders look more at the quality of the property, so YES is possible even if you have less than perfect credit.
- Funding can happen fast, in a matter of days vs weeks with the traditional channel.
- Since this is not a long-term solution you should also have your exit strategy prepared upon submission.
These are the typical applications to private lenders. However, when you get to this stage, you should know what to expect so that you are not disappointed.
Here are some things that you should know about Private Lending
These are not long-term lenders, typical loan is for 12-24 months. So have an exit plan.
Interest only terms are available.
Rates can start as low 5% and go higher, and lender’s fee can be from 2-10%. This is depending on the location of the property and the position on the loan.
They are equity lenders and will lend up to 80% toward the value of your property.
Pat Sawler, Craigburn Capital
If you are currently lending private mortgage funds, or would like to, please contact my office so I could either set you up with a current lender or start to advertise your services to fellow brokers and to clients.