Private First & Second Mortgage

We Specialize in Second Mortgages, Private Mortgages in Toronto, Ontario.

You deserve a chance to achieve your goals. Lendmore Financial can put you on the right path.

Understanding a second mortgage

When a lender allows money to be borrowed on a property that already has a mortgage, it’s referred to as a second mortgage. You’re borrowing against the equity you have in your home. The amount of equity, which is the value of your home minus the amount you owe on your first mortgage, determines how much you can borrow. A second mortgage will have a higher interest rate than your original mortgage.

Reasons to get a second mortgage

While the interest rate may be higher than your first mortgage, it still won’t be as high as a credit card would be, making it an appealing option when some extra money is needed.

Some of the most common reasons people take out second mortgages include:

• Home remodeling
• Consolidate debt
• An emergency situation
• Education
• Business investment

About private mortgages

Private mortgages are interest-only, short- term loans, varying in length from 1 to 3 yrs. Interest-only loans don’t require homeowners to pay the mortgage principal down, and instead only require interest payments each month.

Lenders have realized that conservative lending guidelines used by banks and conventional lenders exclude many individuals who are in fact capable of paying back loans. Most importantly, private lenders take into account a the overall value of a property and its marketability as opposed to simply the borrower’s credit history.

Why should I use a private mortgage lender?

You would use a private mortgage lender under any of the following circumstances:

• Seeking to purchase an unconventional property that a prime lender or bank will not finance.
• Requiring fast financing and don’t want to wait for a long approval process.
• You have bad credit history meaning you are being turned down by conventional lenders.
• You only require a short term loan.
• You have non confirmable income preventing you from obtaining a traditional mortgage.

We want to hear from you!

Our experience and expertise are just what you need to guide you through the process of getting a second mortgage in Toronto, Ontario, whether it’s through a private mortgage or a traditional bank.

Contact Lendmore Financial today to start a conversation about how we can help you achieve your goals!

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