We specialize in sub prime/private mortgages.
If the banks, credit union and trust companies say no for any reason (credit, not enough income, behind in payments, too much debt, lender doesn’t like property, years behind on CRA taxes owing), then we can do a sub prime or private mortgage. These mortgages usually are at 75-80% Loan to Value (mortgage amount compared to value of property). They are usually a higher rate than major lenders due to the added risk.
Sub prime mortgages are currently running slightly above bank rates for a 1 or 2-year term with a 1% lender and sometimes a brokerage fee. Private mortgages are usually in the 9% range with lender and brokerage fees. These types of mortgages allow you to achieve your goals now, then fix any issue you need to achieve a major lender mortgage.
We will put a plan together to follow so you can hopefully get a major lender mortgage in 1 year. We will call you throughout the 1 year term to make sure you are following the plan and to answer any questions or concerns you may have.