Private Mortgages

When traditional banks and credit unions can’t offer you a mortgage, you are not out of options.

What is a Private Mortgage?

Private mortgages are a flexible financing option for situations where banks, credit unions, and even equity-based lenders will not help. While this option usually has a higher interest rate, the conditions of the contract are kept to a minimum.

Reasons for a Private Mortgage

Credit issues are usually one of the main reasons that a person would require a private mortgage. For example, a person coming out of bankruptcy may need more time to rebuild credit before a bank will consider giving that person a mortgage.

A prime mortgage lender is required to follow strict guidelines, which can make it difficult to obtain a mortgage. When working with private lenders, a common-sense approach is applied to lending that involves considering other important details resulting in a client now qualifying for a mortgage or mortgage renewal. Our goal is to make this happen for you. Are you having difficulty obtaining financing, contact us now to see how our common-sense approach is different. We work for you, to meet your financing needs.

Other reasons where people would seek private mortgages may include:

  • When someone currently in a consumer proposal who would benefit by paying off a mortgage through private financing, which will allow them to rebuild credit quicker
  • When someone who is self-employed that has difficulty providing sufficient proof of income to banks and other prime mortgage lenders

Requirements for a Private Mortgage

In most cases, the only requirements that a private lender will need to approve a private mortgage are:

  • Credit report
  • Appraisal
  • Something to reasonably show the ability to make payments

These requirements are all considered on a per case basis and will affect the credit rate.

Another factor that is considered in determining the interest rate on a private mortgage is the location of the home in question. In general, a property located in a major urban area is viewed more favourably than a rural or remote location, yielding a better rate.

That said, our private lenders have approved mortgages all over Ontario as well as in other provinces. We work with local private lenders who know the real estate market well and can offer creative financing solutions to even the toughest situations.

Importance of an Exit Strategy

Although helpful in challenging circumstances, private mortgages should be viewed as a short term solution that will address the immediate need of financing and allow for the situation to be resolved. A person’s end goal should always be to move to a cheaper and more reasonable mortgage once things are back on track.

Many private lenders offer open terms without any penalty to break the contract early and can be in the first or second position, depending on the situation. In the case of a second mortgage, it can be timed to the maturity date of a first mortgage so that they can be combined upon maturity.

The key to private mortgages is knowing the full story, whether good or bad, so we can create a game plan to address the issues and have an exit strategy in place.

Contact Us

The Graeme Moss Solution

If you have a difficult situation that requires private financing, don’t give up! There may be a solution for you.
Contact us today for a free, confidential review of your situation. We are here to help.

People we’ve helped.

  • I first met Graeme over the phone when we were living in Hamilton and finding it difficult to make our payments. He was so helpful and we knew he genuinely wanted for us to be successful. Ever since, we have gone to him when purchasing a new home or refinancing because we trust him and we know he cares. He always goes above and beyond to help us when we need it. We went from struggling to make payments to living in our dream home in a few short years.  I truly believe that it is because of his knowledge and passion for helping people build their futures that we are where we are today. Thank you, Graeme!!

    M. V. Hamilton, ON
  • Thank you Graeme, for everything you did to help us with our mortgage, for your patience with my questions and professionalism. We truly appreciate yours and Deborah’s efforts on our behalf.  We’ll be sure to recommend you to anyone we know who needs help like we did. Thanks so much for everything.

    J. M. Hamilton ON
  • Graeme Moss has provided stellar customer service and was a key player in ensuring due diligence. It was both a pleasure & very professional dealing with Graeme when I turned to Fair Mortgage Solutions seeking an interim solution.  He, once again was very accurate in advising me, he is not a lawyer. What prompted me to negotiate the legal fees was associated to why this crucial “matter” between legal departments was not finalized in 2017.  Moving forward, Graeme’s diligence directed me immediately to the right department. Your department honoured negotiating and we established completion of the task at hand, the Discharge of the MTG. Thank you!

    K. W. Burlington, ON
  • We refer clients to Graeme who are either having serious financial issues, or are recovering from a bankruptcy or proposal filing. They are challenging situations. I can count on Graeme to treat people with compassion and respect. I trust that if there is a mortgage solution to be found, Graeme will make it happen. He truly cares about people and helps them to succeed.

    Christine Zuk President, Vine and Williams Inc.
  • You and your team are awesome. You truly care and you saved my life. Thank you.

  • This is great. We were so worried. Hearing how others helped who were in a similar situation. This is a godsend. We appreciate the roadmap. Glad it is within 3 days. The advice free, can’t go wrong.

    H.H Mississauga
  • My wife and I were stunned at the speed you got this done. The fee was very low. We are thrilled. Thank you for your help!

    D.H. St. Catharines
  • You guys are friggin awesome! We feel so happy. Thank you so much.

    S.R. Oshawa
  • You have been a godsend. An absolute godsend. I can finally sleep at night. My children thank you. We have 6 options instead of being forced what to do.

    L.E. Mississauga
  • I'm a first time home buyer and had a very positive experience working with Graeme Moss, he gave good advice and made the process very easy.