Unlock the potential of private financing. At East to West, we believe in empowering businesses and individuals to achieve their financial goals without the limitations of traditional banking.
BC is home to Canada’s most expensive housing markets. Qualifying for a mortgage can be challenging.
Unlike banks and other institutions, BC private mortgage lenders cater to every client. Whether financially stable or facing monetary issues. Private mortgage lenders in Vancouver BC assist borrowers, get the financing they need to achieve their financial goals.
Private mortgage lenders also assist real estate investors who have many mortgages and need more capital to expand their portfolio.
What is Private Financing
Private financing or Private lending is simply a short-term loan secured by a lender. The terms are usually about 1 to 2 years but can be longer depending on the agreement.
Private lenders lend money to individuals or businesses who have difficulty obtaining conventional loans through bank and credit union. We realize that conservative lending guidelines used by banks and conventional lenders exclude many individuals who are in fact able to pay back loans by considering a property’s overall value and marketability as opposed to the borrower’s credit history and documented income. A private lender can fund a variety of loans, but two of the most common are real estate loans and personal loans.
Private loans tend to have faster approval times than banks or credit unions, thanks to streamlined of informal application processes.
Get The Funds you need when you need, with Private Financing
Private Financing can be used to fund:
Why choose East to West
Smooth application process & approvals
At East to West we believe everyone should have access to the appropriate financial solution they need to achieve their financial goal, in Vancouver, BC. We have a large network of private lenders to regularly finance various projects no matter the challenges. Our brokers are experts in the business who will guide you to the best solution customized to your needs.
East to West often get private deals approved in 24 hours!
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Pros and Cons for Private Financing
Easier Qualification; Often you would not qualify for a $100,000 or $1,000,000 mortgage from a financial institution If you do not have the required income, documentation, and tax papers. This is particularly true for small company owners, independent contractors, and other professionals that work independently. Due to the organization’s emphasis on the property’s worth, a private mortgage lender will be far more flexible. Although, you need to show a source of income to qualify for a mortgage.
Short and Quick Approval Process; The mortgage application procedure at large banks and credit unions may be complex and time-consuming. By the time your application is granted, prices will likely have increased, or the desired property will be sold. The application process for a private mortgage is substantially smoother and faster, allowing you to enter the Canadian home market sooner.
Debt Consolidation; If you have debts or delinquent payments for which you are paying high interest rates, a private mortgage may help you consolidate all of your outstanding debt into one smaller and lower-interest monthly payment
Higher Interest Rates. Although they are short-term, private loans they have higher interest rates than a normal loan.
Additional Fees. Usually, there are more fees involved with private financings, such as broker fees and set-up fees, resulting in higher fees.
Short Term. Because most private loans are typically short-term, it is important to devise a repayment strategy that will get you through to the end of the loan’s term.
Talk to one of our specialists to find out more about our bridge financing options.