Mortgages of Canada has access to private lenders who will get money in your hands in less than 7 days. Due to the lenders being private, there are fewer requirements needed to qualify for a loan. Our second mortgages are strictly EQUITY BASED mortgages. Please see our guidelines below:
1) Lending Area: Most major cities in Ontario
2) Loan amount: $15,000.00 – $2,000,000.00
3) Income: No Income Required
4) Credit score: NOT REQUIRED
5) Maximum loan to value: Up to 85% for single detached and townhouses and 80% for Condos
6) Property types: Principal residence or principal residence and rental
7) Interest rate: 10.00% – 14.99% annual depending on credit rating and history.
8) Payment Terms: Monthly, Interest Only.
9) Prepayment conditions: Fully open with 3 month interest penalty
10) Term: 3 months, 6 months, 9 months and 12 months
11) Appraisal: Paid by borrower (other arrangements can be made)
12) Lawyer and legal fees: Paid with equity. You NEVER have to come out of pocket when you refinance or get a second mortgage with Mortgages of Canada.
Contact the team at Mortgages of Canada to see if a private mortgage is right for you. There is no obligation to apply so call today.