Private Mortgages Kitchener, Waterloo, ON
For those individuals who might have had their financial situation impacted by such things as a serious illness or accident, a private mortgage might be a short term solution.
Private mortgages are more expensive but the other typical mortgage conditions are generally less onerous.
Since private mortgages are typically thought of as short term solutions, they are often for shorter terms. The private lender might also want to know the borrower’s exit strategy. In other words, what will the borrower be doing so they can qualify for a more traditional mortgage by the end of the private mortgage term?
A private mortgage can act as a bridge to help the borrower transition to a more secure financial footing.