Do you want an Equity or 2nd Mortgage? We Love providing them! Seems like a good fit. If your request makes sense, we can help!
A common question is…
What is the difference between an Equity Mortgage and a 2nd Mortgage?
Answer; Nothing. Both mortgages use the built up equity in a property to obtain funding for their desired needs. The only difference is a 2nd mortgage specifies the position of the mortgage. Technically, an Equity Mortgage position can be 1st, 2nd, 3rd, 4th etc. Amansad Financial generally only provide private mortgages in 1st and 2nd position.
The investors in our DLGN (Direct Lender Group Network) provide mortgages for a variety of situations… Purchase, Refinance, Foreclosure Refinance, Writ and Judgment Removal, Debt Consolidation, and a variety of reasons. Many of our customers have bad credit, and simply need a 2nd or 3rd chance to get back on track. Our Private Financing is Transitional financing to help Property Owners get from Point A to Point B. Our terms are generally 12 or 24 months.
From an Investor Lender’s standpoint, these types of mortgages are higher risk. If loaned out responsibly with a clear exit strategy it is a winning formula for all. The lender is able to have their capital out making money, and You are able to get the money needed to solve the problem at hand.
The Top 3 Reasons we love to provide these mortgages to property owners are simple:
- With a higher risk to our Investors/Lenders it’s only fair to charge a rate to offset the risk
- It allows our Investor Lenders to diversify their funds to different property owners in different cities across Canada. Our company is currently licensed in BC, Alberta, Saskatchewan, Manitoba, and Ontario. We prefer urban markets, but commonly assist in rural communities.
- In most cases a Private Equity mortgage is much more cost effective for a property owner. A Private 1st mortgage is generally only recommended if your existing mortgage lender needs to be paid out, or if you need to remove someone off the title. Common cases are divorce, separation, or a co-signer that no longer wants to be involved.
If you are in need of an Equity Mortgage, get in touch with us. If you have more questions about Private 2nd & Equity mortgages, it’s recommended you download this e-brochure; /2nd-mortgages-faq-ebook/
If you want to see if you can get an Equity 2nd mortgage, contact Amansad Financial Services today. We can determine your options and can now provide a Conditional Approval without a credit check.