Do you have clients whose qualifications do not fit institutional lender requirements? Maybe the qualifications don’t fit the mortgage insurer’s guidelines? Either one of these situations may require you to source a Private Mortgage. RMAnet just might be the only place that you need to visit for the right solution. Today, our Private Lending team has available funds for difficult to place mortgages. In essence, we may be your solution when Home Trust and Equitable turn you down.
Here are some of the criteria:
Lending Area: Canada-wide, Rural locations, Well and septic, investment properties.
Client profiles: Mortgage arrears, tax arrears, consumer proposals | No GDS,TDS, no minimum beacon requirement
First Mortgages: $100,000 minimum
Lender Fee: 3% - 4%
Interest Rate: 9.5% - 12%
Second Mortgages: $5,000 - $200,000
LTV: Up to 90%
Term: 3 months – 12+ months
Lender Fee: 3% - 8%
Interest Rate: 12% - 18% (interest only)
Broker Fees:
There is a minimum broker fee of 2% of the loan amount. In the case of small second mortgages this fee may be higher and is negotiable.
Your compensation:
You receive 50% of the broker fee.
To receive a quote on a deal, you need to send us a completed application, recent credit bureaus for all borrowers and a summary of the deal. The summary must include the requested loan amount, requested LTV, property address and the reason for the need for private funds. If the applicant has poor credit or is self-employed please include a detailed explanation in the summary. If an appraisal is available, please send that along as well. Fax the above information to 1-866-955-7624, attention “Private Lending”. You can also scan and email the documentation to BrokerServices@RmaBroker.ca . Make sure that all your contact information is included in the fax or email. Once we have received the information, a private lending specialist will contact you about your submission.