Private Mortgage Lending Options in Vancouver, BC
Sometimes traditional banks and credit unions just won’t do. If you need quick funding, own a unique property, or require a short-term bridge, a private lender can help. Private mortgages are short-term, higher-interest loans from individual or non-bank lenders. They often approve borrowers who don’t meet strict bank criteria (e.g. self-employed, credit issues, urgent financing). Through Watts Mortgages, I access a wide network of private lenders to find the right fit.
When to Consider Private Lending
New Construction or Fixer-Upper: Buying a property under construction, renovating, or flipping often requires quick cash. A private loan can bridge the gap until permanent financing or sale.
Self-Employed or Credit Issues: Recent income changes, incomplete tax documents, or past credit challenges may block bank approval. Private lenders focus on the property’s value and exit plan.
Investment Deals on Deadline: If a great deal appears and a bank’s slow process might miss it, private financing can close the gap instantly.
Unique Properties: Some homes (e.g. co-op units, mixed-use properties, raw land) don’t qualify for standard loans. Private lenders can often finance these when others won’t.
Private mortgage loans tend to have higher interest rates (often 7–12%) and fees, but they come with flexibility. Terms are typically 6–18 months, designed to be paid back through a sale or refinance. I’ll explain all costs clearly: private loans usually involve an appraisal fee and lender points (which can be several percent of the loan), but they remove the hassle of bank applications and debt-service ratios. Private lenders may offer up to ~90% loan-to-value, maximizing leverage. Unlike conventional loans, private mortgages often don’t require full income documentation or credit checks, which saves time – but you need a solid exit strategy (e.g. selling or refinancing on schedule).
Why Use a Mortgage Broker
I work on your behalf and can get a mortgage from over 50 different banks, credit unions, and lenders. For private lending, that network includes mortgage investment corporations and family offices. You’ll save time and avoid dealing with each lender directly; I’ll present the best options to you. Best of all, my service is 100% free (the lender pays my fee), so there’s no upfront cost to explore private financing.
Private loans can be a powerful tool in the right scenario. Many clients use private mortgages as a bridge until they sell their current home or finalize a refinance. I’ll help you set realistic timelines and ensure the loan term matches your plan. My job is to present detailed scenarios, so you understand all options and costs. From North Vancouver to Surrey, I’ve secured private financing for all kinds of deals. You tell me your needs and timeframe, and I’ll work out the fastest solution.
Ready to get approved? Apply now or contact us to discuss your situation. My expertise can make the difference between a missed opportunity and a closed deal.