Private Mortgage
Get a mortgage with non-traditional income or bruised credit history
Qualify for a mortgage with reputable private lenders who do not rely solely on credit scores and traditional income documentation. Secure financing in the short term and work with our team to quality with traditional lenders in the future.
or call 1-888-360-1059
360Lending is an award-winning digital mortgage brokerage
See why thousands of Canadians rely on our mortgage advice and services
Learning Centre
What is a private mortgage?
A private mortgage is a loan provided by a lender that is not a traditional financing institution (i.e. banks).
Benefits of getting a private mortgage with 360Lending
1
Common sense qualifications
Qualify using the equity available in your home; perfect for borrowers with over-extended or reduced income and bruised credit.
2
Fast approval and funding
Get faster access to funds compared with traditional banks; funds are usually deposited within 5 to 8 business days once documents are signed.
3
Plan for an exit strategy
Provide guidance to help you get back on track with a traditional lender as a long-term solution.
4
No payments for the first 12 months (optional)
Approved on a case-by-case basis if there is enough equity available. Please ask our team about interest prepayment.
Approved for $295,000as a private mortgage
Paid $80,000for spousal buyout
Interest payments $0for 12 months
Case Study: Reputable Private Lenders
Priya and Arjun are in the process of finalizing their separation. As part of their agreement, Arjun has agreed that Priya and their children can continue living in the family home. To make this arrangement work, Priya needs to qualify for a mortgage on her own and pay Arjun a lump sum to buy out his portion of the property.
Priya was only working part-time before the split so her income alone did not meet the qualifications required by traditional lenders, leaving her uncertain about her ability to stay in her home.
How 360Lending helped a single mother find stability
Our team helped Priya order an appraisal from an approved appraiser to confirm the value of her home and the equity available.
We obtained a copy of her finalized separation agreement to determine how much she will need to pay her ex-spouse.
We were also able to determine that Priya could qualify with a traditional lender in the future with if she returns to work full-time along with the child support and alimony payments that she will receive.
Results
Our team helped Priya qualify for a $295,000 private mortgage which paid out $80,000 to Arjun as part of their agreement. We also structured the private mortgage to include its interest payments over the next 12 months so that she would not have to make any payments for the term.
Here’s how Priya saved money:
Ready to explore your options for a private mortgage?
We recommend getting the following documents ready to ensure a seamless experience:
2 valid IDs (i.e. passport)
Direct deposit (or void cheque)
Home insurance
Mortgage statement
Property tax bill
360Lending empowers families with tools for better decisions and prioritizes client care for success.
9040 Leslie St, Unite 215
Richmond Hill, Ontario, L4B 3M4
Mon-Wed9am-8pm
Thurs-Fri9am-5pm
Sat-SunClosed
