Amansad Financial Company Details

8 TOP REASONS TO USE AMANSAD FINANCIAL PRIVATE LENDING SERVICES

1. Fast & Efficient
Access to a large DLGN (Direct Lender Group Network) that will fund mortgages throughout select provinces in Canada. Responses within 1-2 business days. From the initial assessment to closing with the lawyer, our transactions move extremely quickly.

2. Private Lending Expertise
Assist with only Private Mortgages. A majority of the customers we assist simply cannot qualify with a bank and require an alternative solution.

3. Extended Lender Relationships
In addition to the DLGN, Amansad Financial has established relationships with numerous MIC (Mortgage Investment Corporations) across the county.

4. No Upfront Costs To You
No upfront fees to complete an initial review and assessment. We do not collect any monies direct from our customers. All applicable fees are deducted from the proceeds of the mortgage and completed by the lawyer.
Note: A Commercial Mortgage Application may be subject to a Letter of Engagement and a Retainer Fee after an initial review of the file.

5. Independent Legal Advice
ILA (Independent Legal Advice) is required on all mortgages to ensure customers understand all the terms before finalizing the mortgage.

6. Transitionary Credit Improvement Services
In Cases where private lending is required primarily due to bad credit, we have relationships with 3rd Party Credit Improvement Companies. They can provide you the tools to improve your credit so that you can get back to traditional financing quicker. Private mortgages are not meant to be long term. A Private Mortgage is a means to get you from point A to point B.

7. Transitionary Mortgage Professionals
Amansad Financial Services has partnerships with excellent professionals within the brokerage firm; Brokers for Life Inc. They will be available to assist you to transition you from a private mortgage to a traditional or semi-traditional mortgage before your mortgage renewal.

8. Ongoing Communication
Even after your private mortgage is in place, Amansad Financial will stay connected with you and always be available to address any questions.

If you’re going to take out a private mortgage, you’re starting a relationship with a lender that will work a little differently than what you can expect from a bank or other traditional lender. Let’s take a look at some of the key differences, so you’ll know what you have in store.

Repayment History

Most people take out a private mortgage to get started on home ownership while they’re still repairing their credit. Private mortgages generally have short terms (often one to two years) and sometimes just allow interest-only payments. Private lenders do not have to renew mortgages when the term expires, so you want to keep your options open by making your repayments on time. Your credit score will improve (increasing your chances of a transition to a bank or other traditional lender at renewal). If you realize that you need to adjust your withdrawal date for a particular payment, give your lender at least a week’s notice.

Employment Changes

If you change employers during the term of a private mortgage, there are no requirements mandating that you update that information. However if you do provide that update, you strengthen your relationship with the private lender, showing that you are serious about bettering your financial situation. Even if you haven’t notified your private lender of the change, that will be a requirement for extending or renewing the loan in many cases.

Improving Your Credit

If you took out a private mortgage while you intended to improve your credit, there are improvement counselors who can help you get that score up. The purpose of this is to help you qualify for a bank loan when the private mortgage term expires – which will save you tens of thousands of dollars over the amortization of the entire mortgage.

Obtaining New Credit

Try to avoid opening new lines of credit, and keep your credit inquiries to a minimum during the term of your private loan. These activities can affect your score adversely, which definitely will not help you when it’s time to shift from a private lender to a bank or traditional lender.

The Value of Communication

Remember – a private lender is entrusting you with a great deal of capital. The clearer your communication is, the stronger your relationship will be. Private lenders are much more willing to work with borrowers who are honest and upfront.