Who Is the Best Private Equity Lender for Edmonton? Foreclosure Help
I have been working with private lenders in the Edmonton and Alberta Market place for over 10yrs. My clients often ask me who is the best private lender in Edmonton? That question has to be broken down into many components because each private lender is good in different situations.
Some of them will lend to self employed people while others will not. Some private lenders will even lend to you when you do not have a job or any income at all!
In all of these scenarios, private lenders are always for equity situations only. Meaning to deal with a private lender or a B lender, you will have to either have a lot of money or have a lot of equity in your property.
I recently had the pleasure of dealing with many client scenarios that we used a Private lender or a B lender. Those lenders were able to secure high risk loans for my clients in exchange for a higher interest rate and fees.
The higher interest rate is because these mortgages are higher risk! These lenders are the only ones that will lend in foreclosure and bad credit situations as there is high risk that the owners could default on their mortgages as they have done in the past.
So how do you choose which private equity lender to go with? You really have to understand the ins and outs of each of these companies and what they will accept. You also want to make sure you don’t get over fee’d for this transaction. Some private lenders will try to milk you dry.
CALL ME! I will make sure you get the best of the best and will negotiate with the lender for you.
5 Types of Private Mortgage Lenders in Edmonton. Foreclosure Help
There are 5 types of B Lenders or private mortgage lenders in Edmonton
The Investor is a private person with a lot of money. They want to invest their cash into a safe investment and receive a reward of high interest. They will usually have high fees and are reserved for specific situation.
2. The B Lender
The B lender is very similar to the MIC. However the B lender will be investing their own money. They are usually a corporation with pretty strict rules.
3. The Mortgage Investment Corp (M.I.C)
Mortgage investment corps are the most common B lender. They will get a group of investor together and will invest their money for a guaranteed rate of return to the investor.
4. The Banks B Division
Some banks willl have a B division, the interest rates are usually pretty good through these companies and they really want to help you.
4. The Equity Bank
Equity banks usually started out as B lenders and grew to bank status. If you can get in with a B lender, that is usually the best case scenario.
Common questions about B lenders and Private mortgages
1. My house is paid off, can you give me a loan?
Yes I can get you a loan if you have your property paid off, even if you don’t have a job at the moment! We have solutions for all types of situations.
2. My house is in foreclosure can you get me a mortgage?
As long as you have enough equity, I can get you a mortgage to get you out of foreclosure. I have helped hundreds of people in this exact type of situation.
3. How do I save my house from foreclosure?
We use many strategies to save your house from foreclosure including using current equity, switching the lender, getting new appraisals, doing improvements and more.
4. I owe money to CRA, can you get me a mortgage?
Yes we have lenders that will lend even if you are currently owing money to the government.
5. I Have bad credit, can you get me a mortgage on my house? Or a Loan?
Yes I can as long as you have a downpayment.5
Sean and Radika Rampersaud are a family team of Edmonton mortgage brokers. They specialize on helping their clients to get the lowest mortgage rates in Canada by leveraging high volume and multiple lenders. “We want to help our clients not only to get the best rates, but also to make the home buying process easier.”