Having a tough time getting your mortgage approved? Benson Capital can help you get approved for a mortgage when your bank won’t.
What is a private mortgage?
A private mortgage is an alternative source of financing given to a borrower by a private lender when you have you been declined a mortgage from the bank because you:
- Are self-employed;
- Have an irregular or unsteady income;
- Don’t have the best credit;
- Are new to Canada and don’t have a credit history;
- Have too many investment properties.
Loans are usually short-term ranging from six months to three years.
The guidelines used by the banks and other traditional lending institutions are very stringent. In many cases, borrowers who are perfectly capable of paying back their mortgages, are turned away by banks.
Unlike banks, Benson Capital places a larger emphasis on the value and over condition of the property as the main factor in loan approval, rather than simply looking at your income and credit.
If you don’t qualify for a traditional mortgage, contact us today to find out if a private mortgage is right solution for you.