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Alternate Lending2019-04-09T21:34:19+00:00

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Is Alternate Lending Right For you?

Alternate Lending is an option for those who don’t qualify for top rate ‘A Lenders”. There are many reasons why someone may not qualify for a conventional or “A Lender” funded mortgage:

  • Business for Self
  • Bankruptcies (former or during)
  • Challenged Credit
  • Life Events (ex. Divorce)
  • Consumer Proposals
  • Low Reporting Income
  • Certain Property Types (A and B lenders will be more focused than a private lender on the property type)

Those that fall into these categories can look to B Lending and Private Lending as strong alternate lending options.

Why should you choose GLM Mortgage Group?
“We Get You a Fast “YES” at the Sharpest Rate…Guaranteed”

Contact Us Now For a Free Consultation

We will call you back in no later than 90 minutes and help determine the right mortgage fit for you.

Private & Alternative Lending

What Can be Done When the Banks say “NO”

  • How much of a down payment you will need

  • Your ideal term length should be

  • What interest rates you’ll pay

  • What fees are associated with a private mortgage

  • What documents you’ll need for the process

  • What conditions your private mortgage will have

learn more

Private & Alternative Lending

What Can be Done When the Banks say “NO”

  • How much of a down payment you will need

  • Your ideal term length should be

  • What interest rates you’ll pay

  • What fees are associated with a private mortgage

  • What documents you’ll need for the process

  • What conditions your private mortgage will have

learn more

What is Alternate Lending?

B Lender’s will examine each mortgage on a case by case basis and approve files that cannot be approved with an A Lender. There are criteria that you will be required to meet, but they examine the file as a whole and are willing to understand the “why” behind things such as low reporting income or challenging credit. They see past the “face value” of a file, which allows more leeway for you, the borrower, and increases the likelihood of you qualifying for a mortgage.

The key considerations for those looking at B lending as an option include:

  • Down Payment must be minimum 20-25% of purchase price
  • Applicable lender/broker fees based on the loan amount
  • Interest rates will be higher than those working with an A lender
  • B Lending can be a short-term option to set you up for a future, more conventional mortgage.
  • There are great options for pre-payment, but understand the penalties associated with it.

You can learn more about B lending and it’s options by visiting our B Lending Page.

If A lending and B lending is not an option, there is still an additional option of using private lending. Who will private lending be an option for? This is a good option for those who:

  • Are interested in purchasing an unconventional property that a prime lender or bank won’t finance.
  • Are interested in being approved quickly
  • Have damaged credit
  • Only require a short-term loan for the property

Have income that is non-conformable, which is leading to you not being able to obtain traditional mortgage financing.

  • Exceeded Our Expectations

    Our son-in-law and his wife recommended your company to us. We are so thankful that they suggested your…
    Mortgage Broker Company to us. The content of information that you provided to us for our refinance was absolutely fantastic, couldn’t have been handled any better. We had a couple of glitches that came up but Wrenetta took care of them immediately and brought our stress level back down. I don’t think we have ever had such a smooth flowing experience in attaining a new mortgage. This experience exceeded our expectations. Paul & I are extremely overjoyed and blessed to have worked with this company and especially Wrenetta Sinclair. Wrenetta dealt with every problem immediately and every time I emailed her, I had a response with minutes. We highly recommend Geoff Lee and GLM MORTGAGE GROUP to anyone looking for finance/refinance. Thank you so very much.

    Paul & Betty Makarenko, Beeton Ontario

  • Beat Banks Rate Hands Down

    Geoff was awesome from the get go. Always answered any questions I had regarding the entire process whether… that was by email or phone. My mortgage was approved relatively easily and with a great rate. Beat my banks rate hands down. Thanks again Geoff and GLM. Would definitely use you guys again.

    Greg Wallace, Langley, BC

  • Geoff Knows What He Is Doing

    Geoff knows what he is doing! I met Geoff earlier this year and I have been extremely impressed with…
    his professionalism and dedication to his clients. If getting approved by the bank is challenging for you, Geoff can teach you what you need to do to get approved. He’s not about the sale, but helping people understand their options and teaching them what they need to do. If you like to get things done quick and painlessly Geoff at GLM Mortgage Group is your man!

    Rob Torrance, Langley BC

Private Lending is essentially a short-term, interest-only loan that ranges in length from 1-3 years. By being an “interest-only” loan. It means that the property owners do not have to pay the mortgage principal down, and instead are only required to pay interest payments each month. This type of lending helps individuals who may not fit inside the “conventional” lending box, but are still capable of paying back a loan, to obtain financing on a new purchase or a refinance of a current property.

In addition to the type of financing, private lenders will differ from traditional lending in one major way: They are highly interested in the marketability and resale value of the property being purchased. The mortgaged property must be in good condition and will have to undergo an appraisal by the lender’s chosen appraiser. A Private Lender wants to ensure that their investment is protected should you default on the loan payments and be required to sell the property.

Due to the nature of private/alternative lending, it is a high-risk option for the lender to take on. This translates into much higher interest for the borrower. These vary from lender to lender and it is best to work with your mortgage broker to determine what they will look like. Also, with private lending there is commonly a broker’s fee and legal costs. These will vary but will range between 1-6% of the loan amount.

Just as with B Lending options, Private Lending can act as a stepping stone to help property owners move towards more conventional lending options. It can be a good solution for those who would not normally qualify for a conventional mortgage. You can learn more about private lending in our free eBook too!

We know that Alternate Lending can be confusing, but we have over 28 years of experience working with clients, many of which have utilized Alternative Lending options. We encourage you to reach out to us if you have any questions regarding Alternative Lending, or you can also click below to use our fast, easy and convenient mortgage application.

What is the GLM Mortgage Group?

GLM Mortgage Group, powered by Dominion Lending Centres, is your Vancouver and Lower Mainland Mortgage Brokerage service. We are always ready to move forward with you to obtain the mortgage you need with the sharpest mortgage rate available. Whether it’s a fixed rate or variable rate mortgage you are after, we are dedicated to finding the best mortgage rates in Vancouver, including Home Loans, Consolidation Loans, Lines of Credit and more. No matter what you need, our team of Mortgage Specialists will follow through to find the best mortgage product that fits your individual circumstances. Our free online mortgage calculator keeps you informed on how much your mortgage payment will be as well as show how different mortgage rates will affect the mortgage you require.As your Vancouver mortgage broker, GLM Mortgage is committed to clear communication with our clients. We make sure you are informed on all the mortgage options available to you. We call you back within 90 minutes to make sure that you have the fastest service available.

We are not only available in Vancouver and the Lower Mainland, we are also available across Canada.GLM Mortgage Group is your Vancouver mortgage specialist. With over 22 years of experience in the investment industry we know how to wade through the challenging process of getting a mortgage. We provide smarter options to putting your mortgage in place. We know how important it is to have an experienced professional Mortgage Specialist available to walk through your mortgage experience and stay with you through to the very end.We get you a fast “YES” at the sharpest rate… guaranteed! Call us now so that you can get that mortgage you’ve been waiting for. We already have been working for you, making sure that you will have every option of a mortgage available to you. GLM Mortgage Group is on call for you!

Tools & Resources for Success!

GOOD CREDIT GUIDE

GOOD CREDIT GUIDE

GLM will help you to obtain and maintain good credit, which is critical for obtaining a mortgage. Our free Guide to Obtaining Good Credit outlines the steps required to quickly improve your credit.

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MORTGAGE CALCULATOR

MORTGAGE CALCULATOR

When searching for a home, the first step is to determine what you can comfortably afford. Our free, easy-to-use mortgage calculator will help you determine the amount of your mortgage payments.

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POSTED RATES

POSTED RATES

GLM Mortgage Group always posts the best rates available anywhere. With access to dozens of lenders, we’re able to find the best mortgage product and rate to match your unique needs.

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TURNING NO INTO YES!

 We work with you taking on even the most challenging cases turning a NO into a YES!

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