How to Get a Mortgage in Markham
Canadian mortgage laws are tighter than ever. Laws now require a borrower to prove that he or she is financially competent to pay interest rates that are higher than the mortgage contract rate. Even borrowers willing to make a down payment of 20% or more are finding it difficult to secure a loan.
If you are in Markham and have been rejected by major banks and other traditional lenders here, consider reaching out to Banyan Venture Partners. We are mortgage consultants with a well-developed network of private investment companies in Markham. We can help you secure a mortgage at flexible terms.
Private Investment Companies in Markham
Whether you are relocating to Markham following a job opportunity or are looking to invest in the City, private lending can be immensely helpful, especially if your loan has been rejected by traditional financial houses.
Fewer Bureaucracy Rules
If you approach a bank in Markham, chances are high that they are following international operational standards as specified by Canada’s Federal Law. As a result, the mortgage process can be extremely rigid and the documentation process highly complicated.
Sometimes, you may not even qualify for a loan.
An example is the proof of income documentation that traditional banks require.
Entrepreneurs and self-employed individual, even successful ones, find it difficult to issue this proof as the requirements are extremely rigid. Often, they end up being rejected.
With private lenders, the approach is a lot more flexible. These companies are not bound by federal laws. Moreover, the capital structure of these companies is not burdened by overheads.
Higher Risk Tolerance
Banks and other conventional institutions rarely entertain individuals with bad credit, badly-performing businesses, independent contractors, and self-employed individuals. Private lenders come to your rescue.
Private lenders can take the risk because they are focused on the value of the mortgaged asset rather than on the borrower’s income. They also spend time to get to know the borrower and the financial situation to offer a customised loan package.
Faster Loan Disbursal
Sometimes, you might need a loan to meet an urgent situation. For example, you might want to take advantage of a sudden drop in property prices. A delay in loan approval and disbursal can wipe away the opportunity.
As there are fewer administration hassles, private lending companies are quicker to issue loans.
Contact Banyan Venture Partners Today!
When you choose Banyan Venture Partners as your mortgage consultants, we get to know your real-life situation and connect you to private investment companies in Markham that best meet these needs.
Get in touch with our experts today to know about your options.