Not every mortgage situation fits traditional bank lending guidelines.
Whether you're dealing with credit challenges, unconventional income, a time-sensitive transaction or a property that doesn't meet conventional lending requirements, private mortgage financing may provide another option.
We'll help you understand when private lending makes sense, what it costs and how to build a clear strategy for moving forward.
Private mortgages generally carry higher borrowing costs than traditional mortgages. Depending on the lender and financing arrangement, these costs may include higher interest rates, lender fees, brokerage fees, legal expenses and other charges.
Private mortgage terms are also often shorter than conventional mortgage terms, making it important to understand what happens when the financing comes due.
Before proceeding, we'll help you review the costs, repayment obligations and available options so you can make an informed decision.
An exit strategy is your plan for how the private mortgage will be repaid or replaced when its term ends.
Depending on your circumstances, that might involve:
A realistic exit strategy is essential. You shouldn't enter private financing based solely on the assumption that you'll qualify for a traditional mortgage later.
Our goal is to help you understand not just whether private financing is available, but whether it makes sense for your overall financial situation.
Mortgage rates and lending options are always changing. Get practical Newfoundland mortgage updates, renewal strategies, and tips that could save you money.
