private money for real estate

About Private Lenders Part 3

In lender, private mortgages by Zoltan Padar

Choosing The Right Private Lender In Canada

The availability of private lenders in your area may vary based on your location, which can make selecting one difficult. It is important to note, however, that choosing the best private lender in Canada is the least of your problems. It is essential to understand your needs and circumstances before looking for a private lender in Canada.

You should consider a lender who is specialized in your area to offer a customized solution since different private lenders specialize in different areas. Comparing private lenders is therefore a good idea to find out what is the best offer. If you research and read the reviews of your potential lenders, you can easily accomplish this.

To that end, when looking for a private lender in Canada, you should consider the following factors:

  • Credibility
  • Ratings
  • Rates
  • Pricing
  • Contract Terms

If you do this, you can find out whether your potential lender is trustworthy.

Even after considering the factors above, it may be challenging to decide.

In the marketplace, some scams and fake lenders are posing as private lenders. Taking too many risks with your money and personal information can lead you to fall for these scammers.

Private lenders who are fake or scam can be identified by these signs:

  1. trying to complete the application process quickly without disclosing all details
  2. guarantees approval from the start, rates too tempting to be true
  3. charge upfront fees like application fee, administration fee, and so on
  4. promise you fewer rates just not to use a solicitor
  5. you should flee as soon as you notice any of the above red flags.

Fortunately, you can avoid all the stress by working with an experienced and licensed REALTOR® like the Zoltan Julius Padar A REALTOR® with experience in private lending and mortgages. As an experienced mortgage professional at MortgagePRO Ltd., he has a list of private lenders, working with for decades.  He can assist you in choosing the best private lender based on your financial situation and needs.