Private Mortgages in Vancouver

May 6, 2013

Vancouver Private Mortgages

Private mortgages in Vancouver are available from various private lenders to provide financing to borrowers who are in a hurry to get the money they needed. Private funding of a loan is common when a property owner isn’t able to get traditional bank financing. You should seek alternative financing solutions, or ask for independent legal advice before you apply for a private mortgage.

Getting a private mortgage in Vancouver is not a long term solution to a borrower’s financial situation, but the loan helps to get a borrower out of a short term problem. The best advice we can give you regarding private mortgage financing is to contact a broker or seek advice from a lawyer.

Before we arrange to provide a private mortgage, we need to know that the money you are seeking helps you to transition into a better situation after we arrange the mortgage for you. We don’t want to simply buy you time if you have no exit strategy in place.

Below are a few of the examples where private mortgages are most useful

  • buying you out of a foreclosure situation so you can have time to arrange the sale of your property.
  • When a construction loan from a traditional lender is difficult to find or too difficult to work with.
  • A second mortgage helps to tie over a situation to refinance your first mortgage.
  • A private mortgage helps your situation where things need to be cleaned up, or give you more time to fix the issue.

You may be in a situation where a private mortgage will not help you resolve your problem. If you are facing serious credit issues, credit rehabilitation may be your answer to your needs. When your sole purpose of getting a private mortgage is to repair your credit and boost your credit score, you need to diligently follow the steps in improving your credit. 

If you feel your situation may require a private mortgage, or you like to get clarification on your situation, please contact me (Elsie Tse) at 604-716-3369 or Email Me  for a discussion.

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