There is a new network of private mortgage lenders servicing the Hamilton market. Hamiltonmortgageoffice.com can link its clients to the network of lenders who are willing to offer loans without regard to credit score. Unlike banks, private mortgage brokers have more freedom that allows them to loan to people who couldn’t qualify for bank loans or those that simply want more flexibility. Private lenders can provide several services and loans including, debt consolidation, second mortgages, renovation loans and business investing loans among others.
Private Lenders of Bad Credit Mortgages in Hamilton
Banks cannot issue a loan to individuals with bad credit as they present huge risks that the financial institutions do not wish to take on. Without access to bank mortgages individuals with bad credit can turn to private lenders of bad credit mortgages in Hamilton. These businesses or individuals are interested in properties and will only consider the loan to value ratio when approached for a mortgage. Loans secured against properties are much preferred by these lenders who know they have the power of sale to help them recover their money if a borrower fails to repay as agreed. Hamiltonmortgageoffice.com staff are happy to listen to a client’s needs and negotiate a good deal from private mortgage lenders on their behalf. With help from experienced professionals, clients with bad credit can get a reasonable loan amount which is also easy to repay.
Types of Loans and Services of a Private Mortgage Lender in Hamilton
A private lender may decide to deal in a specific niche but their primary role is servicing the hard to place loans by banks. Owing to greater flexibility, private mortgage lenders offer custom services to meet the needs of individual clients. With help from Hamiltonmortgageoffice.com, it is possible to get a second mortgage, bad credit mortgage, home equity loan, home renovation loan or construction draw mortgage. These are examples of mortgages offered by private lenders who only mind the equity in a home and not credit score much valued by institutional lenders.
Second Mortgages from Private Lenders
This refers to any loan on a property after the initial mortgage. Hamilton private mortgage lenders offer second mortgages but only where there is sufficient equity left. A member of the Hamiltonmortgageoffice.com can help the client understand the best offer they will get from a private lender by calculating its loan to value ratio. The maximum lending threshold for most private lenders is 85% LTV but some will lend up to 90% LTV on a residential property in special circumstances.
Private Funding to Stop a Power of Sale
Lenders will invoke a power of sale if the borrower fails to pay fees as agreed. Private lenders can provide the funding needed to avert the power of sale but note that once activated, it is impossible to reverse a power of sale. This is a time sensitive process for which the client must be adequately prepared. All documents pertaining to a power of sale must be presented on time for a private lender to stop a power of sale. With the writ of possession, notice of eviction, statement of claim and other important documents, a private lender can provide money fast enough to prevent the sale of properties in default.