JESSE BRUN

Ottawa Private mortgage lenders offer alternative mortgage solutions. Ottawa Private mortgage lenders typically provide short-term mortgage financing to Ottawa Homeowners with sufficient home equity or Ottawa homebuyers with sufficient down payment to qualify. In most cases, Ottawa Private mortgage lenders will borrow up to 75% value of the property being used as collateral(mortgage will normally not exceed 75% value of the property). Private mortgage lenders prefer to finance properties, which are located within city limits however, they will borrow in small towns or rural areas as well. A Ottawa private lender may only borrow up to 50 to 60% value of the property when financing outside of the city especially in rural areas. Private lenders can be used for home refinancing, second mortgages, home equity loans, stop foreclosures, no income proof mortgage, bad credit mortgages, estate sales and more. If you think that you may need a private mortgage or any type of mortgage financing please call my office at 1(888)878-4660 or fill the short form on the top left hand side of my website for an immediate FREE consultation with NO OBLIGATIONS!

Ottawa Private Mortgage Lending (Equity Based)  

Ottawa private mortgage lenders put more emphasis on the properties’ equity instead of focusing on the applicant’s credit history, etc. This is why Private mortgage financing is also known as equity lending. Getting Private mortgage financing can be very helpful and crucial in some situations.

The security on a private loan is very good because it is based on the equity in the home. The Ottawa private lender gets a first lien position (just like the banks do), giving him the right to take back the property as a worst case scenario if the client defaults on the loan.

Since real estate holds a tangible value that bonds and stocks simply can’t match. If you own stock in a company, the company can go bankrupt, and the stock value can drop to zero. Even if real estate prices drop, the value of a property will never be zero. Real estate prices are now on the way up, overall, which means that the investment is a good idea for the private lender.

Private lending generally offers a higher return that traditional investment. The lender can ask for at least 7 to 12% interest depending on whether it is a 1st mortgage or a second mortgage. Unlike longer-term investment, private lending is generally a short-term solution for homeowners and homebuyers.

Ottawa Bad Credit Private Lenders

If you live in Ottawa and have bad credit or cannot prove your income but are looking for mortgage options, I can help you with private if you have sufficient equity in your home. Private lenders in Ottawa are often used for refinancing, second mortgages, home equity loans, emergency quick closings, bad credit mortgages, Low Income Proof and more. I work with banks, B lenders and private lenders but my office specializes in private lending. The banks are known in the industry as “A” lenders, but there are also “Alt-A” or “B” lenders who provide funding at a slightly higher interest rate. The “C” market, also called private lenders, serve people whose credit scores are so low that lenders in the first two tiers cannot help them but have a lot of equity in their home. The “C” market notes represent the highest degree of risk, which is why they come with higher interest rates.

What Types of Loans do Ottawa Private Mortgage Lenders Offer?

The good news is that Ottawa private lenders offer different types of mortgage loans. Ottawa Private Mortgage loans include:

• Bad Credit Mortgages
• Fast Home Equity Loans
• No Income Proof Loans
• Loans to Stop Foreclosures
• Construction Financing
• Bad Credit Refinancing
• Second Mortgages

If you think you may need private lending please call my office at 1(888)878-4660 for an immediate free consultation. I specialize in alternative and private mortgage lending and I am here to help.

What are the benefits of using a Ottawa Private Lender?

As a Canadian consumer, there are multiple lender options to choose from so it can be difficult to decide when to go with a private lender. However, the good news is that private lenders offer unique opportunities for borrowers to gain access to the funds they need. Here are a few situations where a private lender could be the right choice for you. What are the benefits of working with a private lender over a traditional financial institution?

You Need a Fast Approval

Another great reason to make use of a Ottawa private lender is when you need money quickly. Many traditional lenders take longer to approve applicants and get them the money they need. If you want quick approval, private lenders are certainly a good option. Banks have to follow a stringent and arduous filing process for mortgage loans, and obviously, this is time-consuming as well as stressful.  Ottawa private lenders, however, aren’t burdened by all these mortgage regulations and don’t have to deal with the red tape.  This allows for a faster process in securing you the loan, much faster than if you were to apply for a mortgage loan in the traditional sense.  And if you have already worked with this private lender before, it can be executed even more efficiently, as they already know your history and have a working relationship with you.

If You Have Bad Credit

For those consumers that have less than favorable credit, a private lender is often more willing to work out a deal that takes into consideration more than your credit score. 

Easier Approval Process

Just like with qualifying, the application process is very different than with a traditional bank.  A private lender will not be interested in obtaining all of the paperwork and going over it with a fine-tooth comb like the traditional banks would.  Ottawa Private lenders take risks, it’s part of their job, and if you are self-employed and happen not to have T1 Generals or lack a steady work history that traditional lenders demand, it won’t matter as much in this application process.  With some private lenders, this is not a problem whatsoever. My private lenders offer no income proof.

Convenience

One of the first and most important benefits simply comes down to convenience. Private loans are often easy to apply for and come with quick approval times. You will no longer to wait many days or potentially even weeks to hear back from a lender and get your money.

Specialized Options

Another great benefit of using my services to get a private mortgage in Ottawa is that private lenders can offer personalized solutions. They will work directly with me to find a good solution for your needs and are generally more flexible and willing to make changes if need be. The terms of these loans are also more relaxed, which is great for reducing stress. Many will offer flexible repayment plans that most traditional lenders simply cannot offer their clients. However, it is important to keep in mind that private lending is a short-term solution.

As an Alternative Option

First, it may be your only option. If traditional banks and institutions will not offer you the loan you require, the next logical step for you is to go to a private lender. They might not offer you one based on your request, based on your credit, or your overall financial situation. Ottawa private lenders are willing to work with a larger variety of people than banks or credit unions.

Cannot Afford to Make Mortgage Payments

Private Mortgage Lenders in Ottawa offer prepaid mortgages, which means that you do not have to make mortgage payments during the term because the mortgage payments are simply added to your mortgage balance.

Short Term

A Ottawa private loan is not designed to last for the entire traditional mortgage amortization period, which is often 15 to 25 or even 30 years. Instead, the loans are intended to last no more than one to two years, with three years being an exception. The borrower is not expected to pay off the whole loan over this time but instead to work to secure alternate financing, such as credit repair to make the application more acceptable to traditional lenders. Some borrowers are investors simply in need of an equity-based loan without red tape to secure interim financing until new financing is available, or a for a renovation flip.

How Ottawa Private Lending Loans differ from traditional mortgages

Understanding the different mortgages available for any applicant is the foundation and starting point of your mortgage search. Having a firm understanding of these differences allows for a much more clear understanding and direction as you begin your mortgage loan search. Given that my office provides primarily B and C Mortgages, a progressive approach through the A, B, and C’s of Mortgage Lending to ensure we are getting the right mortgage for you. I am sure you will find this information helpful and will provide some clarity as we move forward through the process.

Purchasing & Refinancing using a Ottawa Private Lender

Purchasing and refinancing using a private lender is different than the traditional method. The first thing that a borrower must know, is that private lenders do not issue pre-approval letters like some traditional lenders, so much of the pre-qualification is based on the broker that you are working with to provide insight on what you may or may not qualify for. We provide pre-qualification emails.

Each Private Lender has their guidelines and comfort zones on how much they are willing to lend out based the Property Type, Property Location, and Down Payment / Existing Equity, and The Applicant(s) ability to repay from an income standpoint. Applicant(s) credit holds little weight.

Steps in a typical private lending deal

1. The Ottawa private lender will need to know about your current situation, your property, how much of your own money or equity you have in the property, and what needs to happen for you to pay them back at the end of the private lending term. They will also want to know your cash flow situation such that you can make the monthly payments and cover your other payment obligations. If you don’t have any income that’s ok for some private lenders if there’s enough equity for them to add the mortgage payments into the mortgage balance. Based on your story, I will know what lenders are likely most interested in your deal and the most competitive, and then I help you access those Ottawa Private Lenders and get you approved.
2. In most private lending situations, a current appraisal report is required early in the process, as the property is the lender’s “security” for re-payment. However, anything that describes the property is useful at the beginning, often an old MLS listing or old appraisal, and a current estimate of fair market value. If you don’t have any of these documents it’s completely ok. I can still get the ball rolling.
3. If your story and property make sense for private lending guidelines in Ottawa, I will be able to give you some ballpark terms such as interest rate, and lending fees.
4. If it looks like a private deal will work for your situation, the next step is to order the appraisal right away and for me to take a mortgage application. I will provide you with a list of documents required (ie. employment letter, proof of down payment/equity, tax papers, ID’s, purchase offer, etc.).
5. The mortgage application and supporting documentation will be compiled into a package with cover letter (submission request) outlining your project for the private lenders. The private lender will receive and review the loan request and underwrite the mortgage for potential approval. If the mortgage is approved they will immediately send me a commitment letter.
6. The commitment letter will have the list of conditions of an approval, including a current property appraisal from an approved appraisal firm. The borrower must satisfy the conditions before the loan can fund.
7. Borrower meets with the lawyer and the mortgage funds as agreed.

5 TOP REASONS TO USE MY PRIVATE LENDING SERVICES

1. Ottawa Private Lending Expertise
I specialize in providing great insight and solutions for customers that do not qualify for traditional bank mortgages. A high majority of the customers we assist have either bad credit and/or simply require a fast mortgage. I have a lot of experience with private mortgages in Ottawa

2. Fast & Efficient
I have a large network of private lenders that will fund mortgages throughout select provinces in Canada and will generally provide a response within 24 to 48 hours. Our process is generally 65% faster than most other competitors. From the initial assessment to closing with the lawyer, our transactions move quickly.

3. Extended Lender Relationships
In addition to the network of Ottawa private lenders, I have established relationships with MIC(Mortgage Investment Corporations) across the county that are able and willing to fund large amounts with fair terms.

4. No Upfront Costs
I do not charge an upfront fee to complete an initial review and assessment. We do not collect any money direct from our clients. All applicable mortgage fees are always deducted from the proceeds of the mortgage and this is completed by the lawyer at time of funding(mortgage closing).

5. Independent Legal Advice
I requires that all our customers get ILA (Independent Legal Advice) on all mortgages.

If you are considering a private mortgage as a potential lending solution, please contact us for a full evaluation of your options. The results might surprise you.

If you are looking for any kind of mortgage financing I’m here to help.. To get started you can fill out the quick and short application form on the top left hand side or contact me anytime at 1(888)878-4660. If we miss your call, please make sure to leave us a detailed message and we will get back to you as soon as possibly or within 6 business hours. Thank you very much for considering my services and best regards!

The following are some of the services I provide:

• Second Mortgages
• Bad Credit Home Equity Loans
• Refinance home to pay off loans (good credit / bad credit)
• Refinance home to pay off collections, tax arrears, judgements
• Home Equity Loans with No Income Proof
• Best Mortgage Rates
• Fast Emergency Home mortgage loans 
• Self-Employed Home mortgage loans
• Fast Home mortgage loans to Stop Foreclosure
• Mortgage Renewal (bad credit/good credit/no credit/no income Proof)
• Construction Loans
• Land Development Loans
• Private financing

Jesse
1(888)878-4660
Mortgage Agent