A private lender can lend you money. How do you get it?
If you meet the qualification requirements, you will need to submit an application to the private lender that suits your needs.
Following the disbursement of your loan, you will need to pay monthly installments with interest.
As a result, borrowing money from a private lender is similar to borrowing from a traditional lender. Private lenders can process the application more quickly and easily.
An overview of the best private mortgage lenders in Canada.
The alternative to traditional lenders in Canada is private lending, which is more expensive. A private lender could be the right choice for you if you have a poor credit score or need urgent loan approval.
Private loans come with high interest rates and fees that may jeopardize your financial security if you do not prepare for them in advance.
When you cannot find any other option, or when you have an urgent need, do not apply for a private loan unless you have a bad credit score.
To stay on top of your loan repayments, make sure you have a steady income.
But if you’re still in doubt on whether to use a private lender or not, don’t hesitate to contact Private Lender Inc. Zoli Padar for help. As a direct lender, I have over 20 years of experience that will help you understand and make a better decision.
For a personalized solution, call us at (403) 253-2022 or email us.
Questions and Answers About Canadian Private Mortgage Lenders
What are the benefits of private lenders?
If you’re looking for a quick loan and don’t want to go through a strict approval process, look to private lenders.
The fees and rates they charge are higher than those of traditional lenders.
Does private money lending have a legal status?
Definitely. Because it is regulated by both federal and provincial laws, private money lending is legal. Contrary to traditional lenders, the private sector is unregulated.
Private lenders charge what interest rate?
The amount of money you can borrow depends on your lender and the amount you wish to borrow. The average interest rate charged by private lenders ranges from 6% – 15% compared to banks’ interest rates of 1.5% – 5.2%. The average loan fee charged by private lenders is much higher than traditional lenders’ fees.
Is Private Lending Better Than Bank Lending?
You could turn to a private lender if your mortgage is urgent or you have a low credit score. A bank is better if you don’t need a mortgage right away and have a good credit score.
Due to their flexibility and cost, private lenders are more expensive than traditional lenders!
When You have a very tight budget, You might use our no payment, prepaid mortgage option, ask how it is possible!