allMy financial institution wouldn’t give me the money I needed to finish my project although I had invested a lot and was only looking to borrow 50% value of the property. I contacted Jesse and he had me approved within 24 hours and I had the money in my bank account within 6 days.
JESSE BRUN
Mortgage IntelligenceLicense #10428
Mortgage Broker (NB)
Mortgage Agent Level 2 (ON)
Ottawa Home Private Mortgages & Lending Criteria
Home private mortgages are often utilized in Ottawa ON when the traditional financial institutions will not help a person that really needs money and they have a lot of equity in your home. Home private mortgages in Ottawa are usually registered for up to 65% of the property value with exceptions to 75%. The mortgage contract for a home private mortgage in Ottawa is usually for one year or 2 years only. An exit strategy for paying off the private lender is planned and defined in the beginning before proceeding.
Private mortgage lenders in Ottawa prefer to lend money for properties which are located within the city however they will lend in small towns or rural areas outside of Ottawa but might only lend up to 65% value of the property when financing outside of the city particularly in rural areas. Private mortgages in the Ottawa area can start at $25,000 and even go up to as high as $8 million because many private mortgages are being used for big commercial projects as well.
The private lender is more focused on the properties’ equity rather than looking at a person’s credit score or employment history, etc. This is why private mortgage lending is also known as equity lending. Getting a private mortgage can be very beneficial and crucial in certain situations. Private mortgages are used for many different reasons such as paying off judgements, stopping foreclosures, paying off major collections, paying court settlements, financing commercial projects, doing land developments, etc.
The terms involved vary depending on the risk however generally speaking the annual interest rates on Ottawa private mortgage mortgages typically range from 10-14%. Any cost involved with the private loan is disclosed before you commit and it is always my prerogative to mitigate or cap all costs into the private loan.
If you live in the Ottawa area and need advice with your mortgage situation please feel free to call me anytime at 1(888)878-4660 or email me at homeloans@jessebrun.com. You can also apply on my website on the top left hand corner and I will get back to you asap. Thank you and best regards!
Jesse
1(888)878-4660
Mortgage Consultant
homeloans@jessebrun.com