Private Mortgages - Borrowing
In some cases where credit, income, or the property do not fit well with conventional lenders, private lending can be a good options. Rates are higher than traditional lenders because the risk is higher to the lender. There are also fees to the broker as this is one of the few cases where the broker is not compensated for sourcing the business for the lender. Ideally, private mortgage financing is a short-term solution until we can move the client back into a conventional lender.
Private Mortgages - Lending
I also work with private lenders so that I can facilitate private mortgage borrowing for my clients that need it. My private lenders invest in individual mortgages (Select is not a Mortgage Investment Corporation, nor do we provide investment advice), with the lender's interest in the property registered directly on title. Each private lender is sent property and client details and can make a decision on whether to invest on a file by file basis in keeping with each investor's preferences. Contact me for more information.