As the Canadian Government attempts to reign in the record level of borrowing taking place; they have introduced an array of mortgage regulations that can make getting approved for a new mortgage challenging.
Self employed rules have been tightened up. Credit score requirements have become more stringent and some of the more flexible lenders in the market have departed.
As such, some home owners wishing to access the equity in their homes have turned to private investors who are willing to lend, at slightly higher rates than institutions, with less questions being asked and credit issues being waived.
Private Mortgages are considered to be equity based lending and approval & funding can often be turned around quickly. If you're experiencing challenges with:
then a private mortgage could be the solution you need. Give me, Michael Pezzack, a call (416-850-2642) and let's discuss your particular situation. We are highly experienced in this area and have investors ready to lend.