As we head into a new year we sometimes forget what great tools we have from our Private Mortgage Lenders.
- Construction mortgages for the smaller home builder, loans based on each property or blanket several and payout the mortgages as they sell.
- Are you a builder already and have standing inventory that you’d like to take some money out of to continue your business. We have a Private lender will look at these with rates as low as 8%.
- Are you a Flip Master are you interested in buying, renovating and selling properties. We have a private lender that may be able to help with as little as $10,000 down payment.
- We also have a private lender that will assist with a legal suite conversion. Remember that CMHC now allows 100% offset for legal suites opening up a whole new option for buyers to qualify.
- Private second mortgages up to 85%, banks can only refinance to 80% and will probably turn it down these days.
- Private second mortgages behind your CHIP mortgage depending on a few factors up to 50%.
- Farm land the bank and FCC said no we have a lender that will lend on farm land throughout Canada.
- Rental purchases with 100% offset on the rents and 75% loan to value
- Foreign ownership probably one of the biggest growth markets with our weak dollar. They can be done with 35% down even if the client is not a US citizen, lower than the banks 50%.
- Commercial properties that the bank has said no to you will also be considered through our private lenders
- Small town BC, Alberta and Saskatchewan loans up to 70% of the property in area’s most won’t go.
Lots of options for private lenders this year and lots of opportunities from BC to Ontario.
