A private mortgage involves securing a loan against real estate, with the lender being someone other than a traditional financial institution, such as a friend, family member, individual investor, or a group of investors. Unlike banks, which adhere to stringent regulations and lending criteria, private mortgages offer an alternative for borrowers who may not fit within the standardized requirements of traditional institutions. This can be particularly beneficial for individuals facing challenges in obtaining financing through conventional means.
Private commercial lenders play a crucial role in bridging gaps when quick financing is needed or for ventures that may not receive approval from traditional lenders. While banks often follow a cookie-cutter approach, private mortgages provide a more flexible option to meet the diverse needs of borrowers.
It's important to note that private mortgages typically serve as a short-term strategy due to higher interest rates and a lack of features and flexibility compared to institutional mortgages. Despite these limitations, they offer a valuable alternative, especially when borrowers require swift financing or have circumstances that may not align with traditional lending practices.
We provide private commercial financing for multi-family, retail, office, industrial, hotels, land development and construction.
We provide access to commercial mortgage products from over 40 lenders for nearly every commercial real estate project.
Rates range depending on project, real estate and client profile.
1429 Ellis St, Kelowna BC V1Y 2A3
Phone: (250) 862-4700 Email: mcgrathgolbey@indimortgage.ca