In Montreal, a determined woman named Jana confronted a difficult phase in her life, marked by a complicated divorce that resulted in emotional strain and a damaged credit score. Jana inherited a dilapidated duplex from the divorce settlement. The property required extensive renovations, but her poor credit left her struggling financially and unable to afford […]
Read more...How does a private mortgage lender work?
When it comes time to take out a mortgage on a purchase project, most people immediately think of big banks. However, they are not the only ones on the market. Indeed, there are many private lenders, a somewhat lesser-known and less-used option. Despite the fears and skepticism that they can sometimes engender, they can be […]
Read more...What is the difference between a bank and a private lender?
Borrowing and lending: these terms refer to a financial transaction and are considered synonymous. However, their strict definitions differ slightly. This post offers a clarification of each word and, at the same time, explains the difference between a bank and a private mortgage lender. The question is, can you get a loan without relying on […]
Read more...What are the different types of second mortgages?
When buying a property, most people rely on a mortgage. But once a house is acquired, some homeowners may decide to take out a second mortgage. Depending on the borrower’s financial situation and past financial transactions, it may be necessary for the borrower to obtain a new loan or undertake a loan consolidation, in addition […]
Read more...What Are Private Mortgages?
A contract broker is a mediator between a budgetary institution that offers advances and an individual attempting to borrow money. The contract broker will work with both parties, collecting and verifying the fundamental printed materials the loan specialist needs from the borrower in order to arrange the loan. A contract broker ordinarily works with numerous […]
Read more...What Is a Short-Term Loan in Montreal?
Short-term credit is a credit with a duration of generally less than two years. This type of credit is generally granted by a financial institution. A short-term loan is a loan that typically has a maturity of no more than two years. In most cases, this type of credit covers urgent or ad hoc needs. […]
Read more...What factors do banks consider when giving loans?
Did you know that not all loans are available to everyone? Of course banks reserve the right to refuse a borrower’s request that they deem inadequate or risky. In addition, for a large project such as access to real estate, vigilance is required. In order to do that, there are key elements that the banks […]
Read more...Where should I go after a bank denies my loan request?
When an individual develops a project that is close to his heart, he often needs a financial boost to carry out his plan. When a bank or a credit institution turns down a consumer loan application, however, it can be extremely discouraging. Fortunately, this setback can be overcome. Why can consumer credit be refused? A […]
Read more...Is It Hard to Get a Private Loan From Private Lenders?
Before granting you a credit, the financial institution must assess your creditworthiness, ask you a few questions and request supporting documents. Essentially, an update on the audits conducted by the bank is required. Not All Credits Are Available to Everyone The bank must ensure that the conditions for obtaining the loan are met by the […]
Read more...Why Would a Bank Not Give You a Mortgage but a Private Lending Will ?
The borrower may place a mortgage on the apartment, the house, the land or any other immovable property that the loan finances for the benefit of the lending bank. As soon as you give a mortgage, you agree in advance that the property can be sold by the bank if you do not pay your […]
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