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WHEN THE BANKS OR A-LENDERS REFUSE MORTGAGE
Private Mortgage
British Columbia is home to one of Canada’s most expensive real estate markets. This can make it hard to qualify for a mortgage. Private mortgage lenders in BC help borrowers with purchases, accumulating debts, bad credit reports, and/or life situations to get the financing they need. With the right lender, a private mortgage in BC can fulfil your needs, irrespective of your financial status.
Unlike banks and other institutions, BC private mortgage lenders can cater to every client. Whether you are financially stable or facing monetary issues, Bansal Mortgages can help you get the mortgage you need.
Unlike banks and other institutions, BC private mortgage lenders can cater to every client. Whether you are financially stable or facing monetary issues, Bansal Mortgages can help you get the mortgage you need.
What is a private morgage?
Private Mortgages can be a residential, commercial, or construction mortgage. 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. Ideally, private mortgage financing is a short-term solution until we can move the client back into a conventional lender.
We work with private lenders so that we can facilitate private mortgage borrowing for our clients that need it. Our private lenders or MIC’s invest in individual mortgages, 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.
A Private Mortgage can help with:
We work with private lenders so that we can facilitate private mortgage borrowing for our clients that need it. Our private lenders or MIC’s invest in individual mortgages, 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.
A Private Mortgage can help with:
- Proof of Income
- High 1st Mortgage Payout Penalty
- Renovations
- Job Loss
- Bad Credit
- Foreclosure
- Bankruptcy
- Consumer Proposal
- Debt consolidation Mortgage
- Second Mortgage consolidates all debt and gives you payment relief.
- You have a unique property, raw land, second property, or a non-conforming first or second property
- Large development projects
- Customized financing
Private lenders approval process in BC
Getting approved for a private mortgage loan is a lot faster than regular approvals for bank products. When working with our private lenders, approvals can be issued in as little as a few hours of getting an application. Traditional lenders take a longer time to approve you as they usually require more information, like credit rating or how the funds are going to be used.
When working with the right mortgage broker, appraisals generally take 24h to be done but can take up to 1 week to complete depending on your home’s location. Once the appraisal is done and all conditions have been met, our private lenders in BC will instruct their lawyers to draw up the paperwork. Lawyers can usually get this paperwork out to the client’s solicitor (lawyer or notary) within 48hr. Once you get into signing documents the file gets sent back to the lender’s solicitor for registration and release of funds. Every law firm works differently and if time is of great importance please make sure you take special note of this at the beginning of the process.
We also have some private lenders that will fund faster than others. But like with anything in life if you want/need things done faster it can be done but at a higher cost. Generally, the average funding time is between 5 to 10 business days.
When working with the right mortgage broker, appraisals generally take 24h to be done but can take up to 1 week to complete depending on your home’s location. Once the appraisal is done and all conditions have been met, our private lenders in BC will instruct their lawyers to draw up the paperwork. Lawyers can usually get this paperwork out to the client’s solicitor (lawyer or notary) within 48hr. Once you get into signing documents the file gets sent back to the lender’s solicitor for registration and release of funds. Every law firm works differently and if time is of great importance please make sure you take special note of this at the beginning of the process.
We also have some private lenders that will fund faster than others. But like with anything in life if you want/need things done faster it can be done but at a higher cost. Generally, the average funding time is between 5 to 10 business days.
What will private lender lend on?
Our private mortgage lenders will consider most locations & property types in BC, Canada. Keep in mind the smaller the population base, the lower the loan to value the lender will consider.
We have private lenders that will consider all types of properties including; single-family homes, large or small acreages, condos, townhomes, raw land, serviced land, mobile homes on land & in parks, ALR properties, etc.
Terms and conditions apply, contact us to find out more.
We have private lenders that will consider all types of properties including; single-family homes, large or small acreages, condos, townhomes, raw land, serviced land, mobile homes on land & in parks, ALR properties, etc.
Terms and conditions apply, contact us to find out more.
My experience was so good and amazing as i never expected that I would get that better deal with help of them. I would really thank Bansal mortgages for getting me my dream house.
Saurav is very knowledgeable and professional.our mortgage process was very smooth working with saurav.
I chose to deal with Sourav when purchasing my first home. Sourav is reliable and is very informative. He was awesome to deal with and did a great job leading me through the entire process. I am still very happy with the service he provided, I could not have relied upon anyone else.
We’re grateful that we received Sourav’s support. His knowledge and expertise made the process smooth and easy to understand for us. He addressed every question/concern we have during the process. We certainly recommend him to anyone without any hesitation.
Mr. Sourav was great to work with for your mortgage needs. He will present you with different options and clears all your queries on time.
We are incredibly grateful for the exceptional service provided by Sourav Bansal during our home buying journey in Canada. Sourav's deep knowledge of the mortgage industry. He went above and beyond to secure the best possible mortgage terms for us, always keeping our best interests in mind.What truly sets Sourav apart is his genuine care for his clients. He wasn't just focused on closing a deal; he was genuinely invested in our long-term financial well-being. This level of sincerity and integrity is rare to find and made us feel like we were in capable hands.Thanks to Sourav's guidance and expertise, we are now proud homeowners and couldn't be happier with the outcome. If you're in search of a mortgage broker who combines professionalism, knowledge, and a personal touch, we wholeheartedly recommend Sourav Bansal. He is a true partner in your journey to homeownership.Thank you, Sourav, for your unwavering support and for making our dream of owning a home in Canada a reality.
I was introduced to Sourav through our realtor and had a wonderful experience with Sourav Bansal. He was a game changer for us as he made a daunting process simple and straightforward. He patiently guided the process and was their with us from Start to Finish. He helped us through each step with utmost professionalism. Thanks to his efforts and I highly recommend his name because of the depth of the knowledge and most importantly his ability to work closely with the client.
Sourav was amazing to work with! Very knowledgeable and patient! I had such a pleasant experience dealing with Sourav for my first mortgage. He helped me to navigate a purchasing situation with ease!He did great helping me step by step in my application process to get approved for my first mortgage.He was always available to talk and patiently answered all of my queries when I asked. Highly recommend! Thanks again for helping us.
FAQs
Questions
you may have!
Do private mortgage lenders need to be licensed in British Columbia?
If a lender plans to issue more than ten mortgages annually, then they need to be licensed. We ensure to work with licensed lenders so your real estate asset is safe.
How can a private lender help me?
At Bansal Mortgages, we help borrowers facing difficulties in getting approved for a mortgage. We look beyond the numbers and consider the borrower’s situation and potential before approving or rejecting an application.
Our easy-to-meet requirements and application process, common-sense lending, and professional experts ensure that every borrower receives the financing they need.
What type of private mortgages can I get approved for with?
We can provide homeowners across Canada with a variety of mortgages. Our lenders provide:
- First, second and third mortgages
- Debt consolidation
- Commercial financing
- Alternative financing
- Construction financing
- Land financing
- New-to-Canada mortgages
- Mortgages for non-residents
- Self-employed mortgages
- Equity takeouts
- Bridge financing
- Mezzanine financing
How do I get a loan from a private lender?
If you need a personal loan from a private lender, just contact us. We will have a brief conversation to better determine your situation and then proceed with an application. We make it easy for you by taking care of most of the things that need to be done, and we tell you which documentation that you require in order for the mortgage to fund.
What do private lenders do?
A private money lender is a non-institutional (non-bank) individual or company that helps you to get loans money to fulfill your needs for the purpose of funding a real estate transaction. Private lenders generally have lower requirements than the banks and can look at applications with more “common sense” criteria. You can easily get our help.
What is the difference between A lenders and B lenders?
“A lenders” is the name given to traditional lenders, like banks and credit unions. These lenders basically focus on customers with good credit scores and a reliable source of income. And the“B lenders” are institutions that offer option for the “B” customers to fulfill their financial needs. “B” lenders are generally easier to qualify with than “A” lenders, but the cost to borrow from them is generally higher.