aDiamondMortgage – The Difference MortgageTM
It does not matter whether you are a first-time homebuyer/investor or a seasoned investor with excellent or blemished credit, aDiamondMortgage will access its network of lenders to assist you. You will like the way we do things differently.
Commercial: A commercial mortgage is a mortgage loan secured by commercial property. Our lenders finance various commercial property including strip-malls, office buildings, raw land, shopping centers, apartments and others. We work with you to structure the finances to meet your needs. We consider amortization, payment, interest-only, and more to get you your desired result.
Private or Alternative: This lending considers many factors. We have lenders that look at the property, the borrower, and or both. We use private lenders, mono-lenders, B-lenders, credit unions, and others. If you have bruised credit we can still find you the lender to meet your needs if you fit the lender guidelines.
- DID YOU KNOW WE CAN LEND ON APPRAISED VALUE VS. PURCHASE PRICE? O.A.C!
Private mortgages in Canada offer several benefits compared to traditional mortgages:
Flexibility and Accessibility
- More accommodating to borrowers with non-traditional income sources, such as freelancers or self-employed individual.
- Easier qualification for those with lower credit scores or credit challenge.
- Less stringent income verification processes.
- Less documentation and low/no doc loans.
Faster Process
- Quicker approval and funding compared to traditional lenders.
- Ideal for time-sensitive financial needs or property purchase.
Customization
- Ability to create tailored loan terms and repayment schedule.
- More flexible lending arrangements due to fewer regulation.
Unique Property Financing
- Can finance unconventional properties that traditional lenders might reject.
Private mortgages differ from traditional mortgages in several ways:
- Higher interest rates and fees to compensate for increased risk.
- Shorter terms, typically 1-3 years, compared to longer terms of traditional mortgages.
- Focus more on property value and equity rather than borrower’s income and credit history.
- Less regulated, not federally insured by entities like CMHC.3
Alternative mortgages and private mortgages are related but not identical:
- Alternative lending includes private mortgages but also encompasses other non-traditional lenders like credit unions and mortgage investment corporations (MICs).
- Private mortgages are typically funded by individual investors or small mortgage investment groups.
- Alternative lenders, also known as “B lenders,” are less regulated than traditional banks but may still have some oversight, while private lenders have even fewer regulations.
Both alternative and private mortgages cater to borrowers who may not qualify for traditional mortgages, but private mortgages often have the most flexible terms and highest interest rates within the alternative lending spectrum.
Commercial & Private, Alternative areas we service:
- Bruised Credit
- No Credit
- Low Doc Loans
- Builders,
- Commercial,
- Construction
- Equipment,
- Industrial,
- Investments,
- Leasing,
- Malls,
- Renovation
- Unsecured
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