What is Private Lending?
Canadian banks are subject to many government regulations, which turn many people away from banks and towards less regulated private lenders when it comes to qualify for a mortgage. Most Ontario private lenders specialize in servicing hard to place mortgages that the banks turn down. Ontario’s private lenders do not have to follow the same rules that the banks do. If you’ve been turned away from a bank, a private mortgage lender near you may be able to help.
Private lenders will loan out money in the form of a registered mortgage secured against real estate. Under the Ontario Mortgage Act, the private lender is allowed to sell the property if the agreed upon mortgage fees are not paid. Private lenders in Ontario will lend as little as $20,000 and typically for one-year terms (unless this is requested otherwise). To find out more about this service, please contact us and one our qualified agent will be able to help you in meeting both ends.