We are private lenders, lending our own funds and providing our investors with funding opportunities across Canada! If you need a mortgage associate or broker, we can refer you to a licensed associate/broker. With more than a hundred private individuals investors, lend only on our advice, we have huge success to fund where others fail.
We must receive before we send you LOI with rates and fees:
appraisal if there is one
credit bureau report
reason for the funds, how will help clients financially
proof of payments affordability, clients ability to maintain monthly obligations
well thought out exit strategy within maximum 3 years
Convince us that what you have planned for your client will work and we will fund.
NEW, NEW, NEW:
Happy Loan Corp. new product. Now home owners can borrow up to $5,000 loan with no qualifying. Same day cash, one and two years repay programs, easy process. $100 referral fee!
EASY TO UNDERSTAND GUIDELINES:
- Location: Canada wide: urban Centres/close in, towns and acreages
- Type: Residential, Commercial
- Position: second mortgages (can co-broker first)
- LTV: up to 85% second mortgages
- Rates: 10% and up
- Lending Fee:5% and up
- Broker fee:You keep 100% of the broker fee
- Renewal:with a minimum 5% fee ( NSF= fee increases)
- Term:interest only one year
- Credit:No Beacon score requirement or minimum
- No GDS/TDS open with 3 months interest penalty, or as agreed
- Commercial file broker fees by mutual Agreement! A non-refundable application fee due on contract.
COMMON SENSE UNDERWRITING
Credit, job and age issues are only setting the rate; they do not disqualify the borrower. Rates, fees set by property location and clients covenants.
Approvals in 24hours !
We are Brokers and Direct Private Mortgage Lenders! We show you how to look at a request with the eye of an investor/lender.
The basics; get an idea…
COMPLIANCE! A MUST READ AND FOLLOW!
Each province has its own jurisdiction over their respective Real Estate/Mortgage Act. The wording might be different; however all jurisdictions are more or less the same: If you solicit a person to borrow or lend money and secure it by a mortgage or negotiate a mortgage; you are required to have a license in that jurisdiction!
If you are not licenced in the jurisdiction where the property is located, you cannot deal (solicit and negotiate) in mortgages and receive a commission, this includes co-brokering. Instead, you must refer the deal to a licenced brokerage, at which time that brokerage is in direct contact with the borrower and you can receive a referral fee. The referral source(you) will be identified, you can set your own fees, and keep the client.
Mortgages funded by private investors known to MortgagePro Ltd and Private Lender Inc. are always representing the lender in British Columbia and Alberta. Unless you are licensed in that jurisdiction, you cannot represent the borrower. Licenced agent in Ontario available.