Need a Private Loan Fast?
Not eligible for a mortgage from a financial institution or bank?
Sometimes, you may not be eligible for a mortgage or personal loan from a financial or banking institution. For various reasons, you may be denied access to credit: poor credit rating, lack of income, ineligible income. How can you release capital?
A private loan could be the solution for you!
Refinancement Hypothécaire is proud to help Quebec residents access credit through a private loan! We take into consideration the value of your property to help you finance your various purchases and projects. Don’t hesitate to contact us to discuss your situation!
What is a Private Loan or Credit?
A private loan is very similar to a mortgage or personal loan obtained from a bank. The major difference here is that the funds you receive from a private loan come from an individual or a company, often referred to as a private lender or private mortgage lender. This type of private financing is typically of shorter duration and carries a greater risk for the lender.
When to Apply for a Private Loan?
A private loan is an appealing alternative for individuals seeking to finance a project, such as renovating their home or purchasing a new car, but have a “risky” profile. Banks often reject financing requests from individuals with a poor payment history or low income. A private lender has excellent relationships with various banking institutions to assist you with your loan requests. If these searches prove unsuccessful and your loan applications are declined, a private lender will offer you a loan based on the value of your property rather than your profile!
What is a Private Lender?
A private lender is an individual or a group that acts as an investor. They have access to a source of capital that they use to provide private loans, such as mortgage refinancing or debt consolidation.
Access a Private Lender Without Credit Checks!
Instead of relying on the financial profile and history during a loan application, Mortgage Refinancing is based on the value of your property, so no debt ratio calculations. Therefore, no minimum credit score here. This is a significant advantage for you as a borrower: your application can be processed, approved, and money sent very quickly. You are guaranteed a quick response and an optimal strategy!
Benefits Offered by Private Loans
Quick Process and Easy Access to Funds
Private mortgage lenders are not subject to the same rigid processes and bureaucracy as traditional financial institutions. Approving a loan application in a financial institution can take days, or even weeks in some cases. With Mortgage Refinancing, you can apply for a loan in minutes: our team can evaluate your file and provide a response in less than a day! The simplicity and speed of a private loan make it a perfect option for those with urgent needs!
Maintain Your Credit Score
Unlike declaring bankruptcy, a debt consolidation loan will not have a negative impact on your credit bureau. Since it’s a loan like any other, you’re not putting yourself in a bad financial situation. Let’s not forget that declaring bankruptcy gives your file the “R9” mark, which makes access to credit very difficult for 7 years. Mortgage Refinancing can help you avoid this situation with a solid budget!
Loan Based on the Value of Your Home, Not Your Credit Score
As private lenders, we have made the decision to primarily base ourselves on the value of your property when granting mortgage loans, not on your history or credit score! In addition to accelerating the process as a whole by eliminating the many documents and endless paperwork, private lenders provide access to credit for more people. Whether it’s for an acquisition, an investment, a mortgage, or debt consolidation, we’re here for you!
Flexible Terms According to Your Needs
We work in your best interest, which is why we’re ready to meet with you to discuss your payment capabilities. Ensuring that you’re able to repay your private loan is important to us, so we offer flexible payment terms and solutions to reduce your monthly payments as much as possible and allow you to save on your repayment!
We understand and respect our clients’ confidentiality when it comes to their loan! All information shared with Mortgage Refinancing will remain confidential and will not be shared with another mortgage broker without your consent.
Mortgage Refinancing Works with You for the Best Possible Conditions!
Our guiding principle is and will always remain very clear: we work in the best interest of our clients and promote the success of their various projects. That’s why we’re attentive to your needs and take the time to evaluate your file to offer reliable services and personalized recommendations.
Assistance with Financial Institutions for a Regular Loan
The first step for our clients always remains approaching different financial institutions to attempt to secure a traditional mortgage loan. Traditional lenders are an option that offers more favorable regular interest rates and the possibility of a longer-term loan. We explore with you the different financing possibilities to ensure that a private loan is the best option for you!
Declined by the Bank? We’re Ready to Help!
Your credit record isn’t very good and you’re looking for alternative financing? Don’t hesitate to contact us to discuss your needs and your financial situation with our advisors. We’ll be happy to assess your different options and explore the possibilities offered by a private loan with Mortgage Refinancing. With flexibility and a human approach, we’re confident that a loan with us is an excellent option for your various projects.
Contact us today to unlock funds quickly!
How Can a Private Loan Be Used?
A private loan with Mortgage Refinancing can be used in several ways by our clients. Some of the most popular uses of private loan capital are for a new acquisition, mortgage refinancing, or debt consolidation.
Private Option for Your Mortgage Refinancing
Do you need capital for a significant project or to cover unexpected expenses? If you own a property, whether it’s a house or a business, a private loan for mortgage refinancing is a strategy that allows you to access a sum of money quickly!
Private Option for Debt Consolidation
An excellent alternative to bankruptcy, debt consolidation brings all your debts into a single loan. Instead of paying various creditors (credit cards, credit lines, banks, etc.), you consolidate all your debts into a single monthly payment to a private lender! It’s a simple and effective option to regain control of your debt level. Learn more about mortgage financing.
What is the Interest Rate of a Private Loan with Mortgage Refinancing?
The interest rates offered by Mortgage Refinancing will be based on different factors, such as the value of your property and the risk level of the loan. As expected, private lender interest rates are higher than those offered by traditional loans from financial institutions. However, the benefits of this financing method are numerous: a faster process, more flexible terms, and easier access to credit.
Mortgage Refinancing is proud to offer competitive interest rates on its private loans in Quebec!
How to Get a Private Loan?
To obtain a private loan, you can approach companies offering financial services outside the traditional banking and credit union circuit. A credit check is usually conducted, and application fees may apply.
Which Individuals Can Lend Me Money?
Private lenders can be self-employed individuals, people with a good down payment, or specialized companies. Always check their rank and reputation in the market before committing.
Who Can Lend Me Money?
In addition to traditional banks and credit unions, various types of private lenders, companies, or self-employed individuals can lend you money depending on your borrowing options and credit matter.
Where to Get Emergency Funds?
In case of emergency, financing options include private lenders, mortgage loans from a private mortgage, and financial services companies. The latter may have a faster approval process than traditional lenders.
How Does a Private Lender Work?
A private lender, unlike a traditional lender like traditional banks, primarily bases its repayment terms on the value of the mortgage and the down payment rather than an extensive credit check. However, in case of payment default, the risk is higher for the borrower.
Why Choose a Private Mortgage Loan Instead of a Traditional Bank Loan?
A private mortgage loan provides a financing solution for those who may have less favorable credit histories and do not meet the strict requirements of traditional lenders. These loans are usually insured by private lenders, making the approval process more flexible.
How Do Private Lenders Determine the Mortgage Rate for a Private Loan?
The mortgage rate is often determined based on the borrower’s credit history, the value of the mortgaged property, and the down payment. If you have a poor credit score, the rate may be slightly higher, but private lenders are often more flexible than traditional lenders.
What Are the Fees Associated with a Private Mortgage Loan?
There are often several associated fees, such as application fees, legal fees, and brokerage fees. It’s essential to understand all costs before committing.
Can Self-Employed Individuals Benefit from a Private Mortgage Loan?
Yes, many private lenders offer mortgage loans to self-employed individuals who have stable income sources but may not meet the criteria of traditional lenders due to the fluctuating nature of their income source.