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Private Lending2018-12-21T21:56:14+00:00

Find Out Why A Private Mortgage Lender is Right For You

Cut through the red tape of traditional lenders and get approved for the home of your dreams.

Reasons to use a private lender include:

  • No income/employment confirmation
  • Legal grow-op properties
  • Commercial financing: $100K-$100M
  • No Credit/Bad Credit
  • Equity Take Out
  • Debt Consolidation
  • 2nd/3rd mortgages

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 a Private Mortgage?

When looking to secure a private mortgage lender in Vancouver, or Canada abroad, there are a few things that you should be aware of before starting down the path.

1. Private mortgage lenders work through private mortgage brokers, so it’s going to be important to be working with a mortgage broker with well developed private lending sources.

2. Make sure that you are clear on the amount of money you are looking for when you apply as it may not so easy to change it later. Unlike a bank, private mortgage lenders are mostly individuals and once they agree to a deal structure, they may not be prepared to change it, regardless of the reason why.

3. Keeping with the last point, when you get an offer of financing or a commitment to fund from a private lender, make sure you are ready to receive it and make a decision right away. Once again, unlike a bank or institutional lender, if you sit on an offer for financing or let it expire and try to revisit it in the future, there is no guarantee that the private lender will be interested or capable of funding the deal. To the last point, private lenders are always in and out of money, depending on their mortgage portfolio. When they have money to lend, they try to get it out in the market as quickly as possible as it doesn’t make any appreciable return sitting in a bank account. So if they provide an offer of financing and you don’t take it right away, there is always the chance that they will place their available funds with someone else and not have funds available for you if you come back to them a few weeks or months down the road.

4. Even though there are a lot of private mortgage lenders out there, you may not be able to turn around and get a similar deal if the acceptance period on a provided offer has lapsed. Especially when time is of the essence, an offer in front of you, even though perhaps not ideal, may be the best offer you’re going to get in the time you have to work with.

5. Be careful not to shop a deal around too much. Especially if you choose to work with more than one private mortgage brokers, there is a risk that the same deal turns up on the same lender’s desk. If that occurs, there is a chance that the private lender will immediately pass on the deal as he or she only wants to invest their time in applications that they believe are ready to move forward. If they get more than one application, the standard assumption can be that the deal is all over the marketplace and the likelihood of placement could potentially be quite low.

  • 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

Usually, a person will look for a private mortgage when they have been turned down by the bank for a mortgage. Most often, this is because of bad credit, as a bank will look at the equity a person has in their home and that person’s credit history. However, there are reasons other than bad credit that a person may obtain a private mortgage, such as difficulty obtaining the type of loan they want (such as an agriculture loan.) Or in the instance of construction loans, a homebuyer may have already used their first bank mortgage to its fullest extent, and the bank will not provide a second mortgage.  In this instance, a private lender could step in and cover the remaining balance of the construction costs in the form of a private mortgage. These are just a few instances other than a case of bad credit when an individual might seek a private mortgage. In these cases, a private mortgage could be in either the first or second mortgage position, but when referring to getting a private mortgage because of bad credit, they are almost always in the second mortgage position; and that’s because private mortgage companies will require there to be existing home equity in the property.

When a homeowner has bad credit and needs a large sum of money to pay taxes, medical costs, or any other high and unexpected expense, they most likely will be turned down by the bank for a second mortgage. However, provided that the homeowner has built up enough equity in their home, they could obtain a private mortgage from a private lender. This can prove to be especially beneficial when the homeowner is trying to rebuild their credit, as they can consolidate high-interest debt into a lower interest private mortgage. Once the private mortgage has been repaid, they then have a clean slate and can start improving their credit rating again.

Homeowners need to understand, however, that private mortgages typically come with higher interest rates than conventional mortgages. And if you’re using private mortgage lenders because of bad credit, the rates are going to be considerably higher, although still much lower than those attached to credit cards and personal loans. The amortization periods of private mortgages are also usually much shorter, with the life of the loan extending only one or two years.

A private mortgage can be difficult to understand, but it’s because they cover such a broad range and are so uniquely tailored to each homeowner and their needs. The GLM Mortgage Group can be your private mortgage brokers and help you financially navigate especially when a private mortgage is challenging concept to grasp, sometimes that’s why it is exactly what makes them the perfect answer for many homeowners.

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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