Private Mortgages Canada

How private mortgages work

Learn how our private mortgages offer the flexibility to tackle your unique financing challenges.

Private Mortgages

How private mortgages work

Learn how our private mortgages offer the flexibility to tackle your unique financing challenges.

Unlocking the advantages of private mortgages

This type of mortgage is a flexible alternative for borrowers who may not qualify for traditional loans through banks or credit unions. They typically serve as short-term solutions to a financing challenge you are facing.

When does a private mortgage make sense

Private mortgages are ideal for individuals facing specific financial or situational challenges, such as:

When purchasing a unique or unconventional property that traditional lenders won’t finance.

If you require quick funding and can’t afford to wait through a lengthy approval process.

For those with a low credit score or bad credit history who have been turned down by conventional lenders.

If you only need temporary financing before transitioning to a traditional mortgage.

For borrowers with self-employment income or irregular earnings that don’t meet traditional lending criteria.

If your home is under power of sale, we can refinance to access equity or secure a private mortgage to cover arrears and prevent eviction.

Explore your private mortgage options today!

Unlock personalized financing solutions tailored to your needs. Apply now and get started in minutes!

Important factors to consider when choosing a private mortgage

hiring

Evaluate the lender's reputation

open-book

Ensure clear and transparent terms and conditions

Ensure proper legal documentation

counseling

Know your responsibilities as a borrower

Adhere to the terms and requirementst

manual-task

Negotiate the best terms

5 simple steps to apply for a private mortgage

Before diving into paperwork, meet with our team of private mortgage specialists who can assess your situation, explain your options, and guide you through the entire process. We’ll help you understand the terms, rates, and requirements specific to private mortgages.

Different documents will be required based on your unique situation, but they will typically include proof of income to demonstrate your ability to make mortgage payments. If income documentation isn’t available, a short-term mortgage with pre-paid interest may be an option.

We work with you to find a lender that fits your unique needs. Our team customizes the loan to align with your goals and financial situation, ensuring the best possible solution for you.

Our mortgage team will order the appropriate appraisal tailored to a specific lender to determine the value and marketability of your property.

Once approved, we finalize the terms and ensure the loan includes a clear exit strategy, so you are not tied to the loan longer than necessary. This helps to minimize costs and transition you to a more favorable financial position.

Get started with your private mortgage today!

Get customized financing solutions. Apply now and start in minutes!

Private Mortgage FAQS

What is a private mortgage?

A private mortgage is a loan provided by private lenders, such as individuals or Mortgage Investment Corporations (MICs), rather than traditional banks. These loans are often used by borrowers who may not qualify for conventional financing due to poor credit, unique property types, or urgent funding needs.

To qualify for a private mortgage, you typically need to provide information about your financial situation and the property you wish to finance. While credit scores are considered, private lenders are generally more flexible and focus primarily on the value of the property as collateral.

Interest rates for private mortgages can vary widely but generally range from 6.5% to 15%, depending on factors such as the lender, the borrower’s financial profile, and the property’s value.

One of the advantages of private mortgages is their speed. If approved, funding can often occur within days, allowing borrowers to access funds much faster than traditional mortgage processes.

If you default on a private mortgage, the lender may initiate foreclosure proceedings more quickly than traditional lenders. It’s essential to have a repayment plan in place and communicate with your lender if you encounter financial difficulties.

Apply Now

After you submit the form, we’ll reach out to discuss your goals, address any questions, and provide customized, no-obligation quotes. Feel free to let us know if there’s anything else you need!

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Refinance

After you submit the form, we’ll reach out to discuss your goals, address any questions, and provide customized, no-obligation quotes. Feel free to let us know if there’s anything else you need!

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You will benefit from the expertise of a Fortune Funding Mortgage Advisor, whether over the phone or at a time and place that is convenient for you.

We will contact you within 1 business day.

You must have reached the age of majority in order to complete this request. By applying, you consent to the collection, use and sharing of your personal information as described in Fortune Funding's Privacy Policy.


All fields are mandatory unless stated (optional).

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