With a private mortgage, when the bank says no, we can say yes

Private mortgages are typically short-term mortgages (six months to one year) funded by private lenders, not a traditional bank or financial institution.

With private mortgages, the income and creditworthiness of the borrower are not the primary consideration, nor is the purpose or intended use of the funds.

The primary consideration for private lenders in approving a mortgage is the equity in the property.

Does your current financial situation look something like this?

  • No Income Confirmation
  • Self Employed
  • Low Credit Score
  • Tax Arrears
  • Collections
  • Garnishment
  • Bankruptcy or Consumer Proposal
  • Power of Sale

Because of our relationships with private lenders, we’ve been able to arrange financing solutions for a variety of so called hard to place mortgages.

Some of our recent successes include:

  • Power of Sale
  • Bankrupt/Consumer Proposal
  • Judgments
  • Garnishment
  • Collection
  • Income Tax Arrears
  • Property Tax Arrears
  • Gas Station w/Failed Environmental Report (Phase II)
  • Construction Financing
  • Infill Projects

Declined Mortgage Application

If you’ve applied for a mortgage at a bank or a non-bank financial institution and they’ve declined your application, chances are that you don’t meet certain guidelines they require in order for them to move forward with your application.

Even if you’ve met their guidelines, it could be that they can’t offer you a mortgage or a loan with favorable terms.

If a bank declines your mortgage application it doesn’t mean that there is no hope of ever qualifying for a mortgage. It simply means that this particular bank has identified a perceived to your ability to maintain payments for the duration of the term of the mortgage.

Your Mortgage Professional at Mortgage Alliance – Main Street Mortgages can work with you to gain a better understanding of the issues and devise a plan to help you overcome any obstacles.

Alternative Financing

We have access to alternative financing arrangements that the banks are unwilling or unable to provide. Arrangements with Trust Companies, Finance Companies and Credit Unions are available; however even they may have strict regulatory guidelines that they must follow.

In more difficult cases, the Mortgage Professionals here at Mortgage Alliance – Main Street Mortgages have been successful in finding private mortgage financing solutions from our private lenders to meet these needs.

Private Lenders

A private lender is anyone who wishes to hold mortgages as an investment. They use the services of a Mortgage Broker or a qualified licensed intermediary to invest in high-risk mortgages for a higher than average return on their investment.

A private lender can also be a Mortgage Investment Corporation (MIC). A MIC is a special purpose corporation created to allow investors to pool their money in order to participate in financing mortgages (mostly residential).

At Mortgage Alliance – Main Street Mortgages, we have access to over $250 million for mortgage financing from our private lenders.

All else being equal, as long as there is sufficient equity in the property, your Mortgage Professional with Mortgage Alliance – Main Street Mortgages will be able leverage our relationship with our lenders to arrange a private mortgage to suit your needs.

Let your Mortgage Professional at Mortgage Alliance – Main Street Mortgages use our expertise to arrange a hassle free private mortgage for you.