There are many circumstances under which an applicant can afford a mortgage, but their financial situation is less than ideal on paper and /or the property type falls out of traditional property type requirement.
- Borrower is self employed and income is variable or difficult to prove on paper.
- Borrower just started a new job and/or just change jobs etc.
- Family break ups.
- Bruised credit
- Property is vacant land, small commercial or restricted access.
- The property type is out of the normal bounds for bank lending criteria.
These are only a few examples for the many reasons that a Private Mortgage can come into play.
Private Mortgage Lending in Ontario
Over the years, many banks have tightened their already rigid rules for approvals. Many borrowers submitting loan applications are often disappointed when they discover that traditional real estate financing is not available for them or their projects. However, there is no reason to be discouraged when the bank says “no” to your loan request.
Our team at Delton Financial can guide you through all the steps necessary to provide you with an alternative lending solution that works. When you choose private lending, you have access to more flexible rules and guidelines than any bank can give. We are here to give you the tools you need to succeed, and are dedicated to working alongside you to reach your goals every step of the way.
When the bank says no, give us a call!!