What’s a Bad Credit Mortgage?
A bad credit mortgage is a mortgage that you qualify for when you are in a difficult financial situation such as a bad credit score or huge debt.
A credit score of 300 (assessed on a scale of a maximum score of 900) is usually considered the lowest in Canada. It is the worst credit score you could have when you are looking for a loan. A score between 600 and 700, although bad, is considered average and usually qualifies for a bad credit mortgage.
If you have a bad credit score and have been denied by major banks in Canada, Banyan Venture Partners can help you secure a loan. We are well-connected with private money lenders in Markham specialising in personal loans and mortgage renewals, who can approve your loans with minimal requirements.
Alternate Funding on the Rise for Bad Credit Mortgage
Major banks and other traditional financial institutions are governed by federal laws and usually refuse loans to people with a bad credit score.
However, alternate financial institutions such as private lenders, credit unions and trust companies are willing to approve bad credit mortgage loans. If you are willing to pay a large down payment, your chances of securing a loan are even higher.
Private Lenders Offer More Flexibility
Private lenders are more lenient compared to banks when it comes to bad credit mortgages.
They assess the worth of your mortgaged property and if they find the value of the property worthy of the loan amount you seek, your chances of getting a loan are high.
With private money lenders, you can also expect more flexibility in mortgage terms.
With a vast network of private money lenders in Markham, Banyan Venture Partners can
put you in touch with a lender that best meets your needs. From hassle-free processing and
minimal documentation to flexible loan terms and faster approvals, teaming up with our
private lenders offers several benefits.
If you suspect your credit score is below average, you can always have it assessed before you approach a lender for a loan. If your credit score is indeed bad, consider approaching private lenders.
Getting a bad credit mortgage becomes easier if you know where to start.
Contact Banyan Venture Partners today. We will connect you with local private money lenders in Markham, which brings more reliability, trust and access into the lender-borrower relationship.
If you have a bad credit score, we can also help you with solid financial advice that can yield the best results for your future.
Get in touch with us today to know your options.