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Best Private Mortgage Lender Ontario – Get Approved in 30 Seconds

What is a private mortgage loan?

A private mortgage is an alternative source of financing given to a borrower by a private mortgage lender in Ontario and is usually sought after as an alternative to a mortgage loan from a traditional bank or lending institution. Sometimes traditional borrowing is not an option due to scenarios such as bad credit, not being qualified for A-lending, new to Canada, and many more scenarios. When dealing with a private mortgage broker in Ontario, borrowers usually seek short-term interest-only loans ranging from 6 months to 3 years. Private mortgage lenders are individuals or organizations who wish to invest their surplus cash for short terms to make profits from private mortgage loans. They lend money for property purchases secured by the property as collateral.

Get the best private mortgage loan rates in Ontario. Whether you are looking for a private mortgage lender in Ontario as a first-time buyer or looking for a private mortgage for bad credit, Approved Equity has a proven track record to get you approved in 30 seconds.

Private mortgage lenders vs. banks

What is the difference between a private lender and a bank? The main difference between getting a loan from a bank versus a private lender is that the private lender will generally accept riskier loan customers than a bank. However, the interest rates from private lenders tend to be higher than interest rates from banks.

Below are some illustrative situations where taking mortgages from private lenders can be a suitable option:

You are trying to buy an unconventional property that a bank or another lending institution is not ready to finance.

  • You need a short-term loan for only a few years.
  • You need quick financing without having to wait for long approval processes.
  • You have a bad credit history and are being repeatedly turned down by regular lenders for a mortgage.
  • You have unverifiable income and this is proving to be a roadblock in getting a mortgage for your dream home or any other property.

How to Get a Private Mortgage in Ontario

  • Ask questions about private mortgages. Just like a traditional lender, be prepared to ask questions to understand more about the specific loan.
  • Understand the potential costs. All mortgages come with fees and costs. All lenders have their terms so ask questions to understand everything they tell you and read everything before signing.
  • Do research. Be prepared to understand the market to put yourself in the best position. Research could start online but feel free to call around and speak to different people.

We can take care of all of this for you. If you’re ready to find a private mortgage lender in Ontario, contact Approved Equity and we’ll go through this entire process with you and lend our years of experience today.

How Fast Can I Close A Private Mortgage?

With Approved Equity, a private mortgage can be closed as early as 24 hours, given all lender requirements are satisfied.

Private mortgage lenders in Ontario can offer a variety of loans including:

  • First mortgages
  • Second mortgages
  • Bad credit mortgages
  • Home Equity Line of Credit (HELOC)
  • Hard money loans

Approved Equity specializes in these types of private mortgages, and more. Reach out and close your next mortgage in 24 hours.

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Why Approved Equity?

  • Low Rates
  • Approved in under 24 hours
  • We deal with bad credit
  • Always available. No more chasing down your broker