Private Mortgages​

Private Mortgage Solutions

Private mortgages provide quick access to funding for clients who may not qualify through traditional lenders. Ideal for those with credit challenges or self-employed business owners.

Benson Capital provides commitment in 24 hours and offers in-house 1st, 2nd and 3rd private mortgages. It is a fast, flexible way for homeowners to access the equity in their property without refinancing the primary mortgage. Private mortgages allow you to tap into your home equity for purposes such as renovations, consolidating debt, or covering unexpected expenses, all while keeping your existing mortgage intact. We have competitive rates and flexible terms for homeowners who require additional funding.

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alternative to traditional bank mortgages

Bypass strict bank qualifications for self-employed clients
Secure quick funding for urgent expenses and home improvements
Cover emergencies when traditional lending is not an option
Options for clients with bruised credit or no credit history
Options for clients who are new to Canada with no prior credit history
Access home equity for investment opportunities
Consolidate high-interest debt into a lower-interest loan
Cover large unexpected personal expenses at a lower rate than unsecured loan
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Using a Private Mortgage for Quick Funding

Date: October, 2024

Location: Barrie, Ontario

A small business owner in logistics could not qualify for a conventional mortgage. Their credit was poor and $215,000 was required to cover high interest credit card debt and emergency fleet repairs. Traditional banks rejected the application. Benson Capital provided a $215,000 private mortgage in 2nd position.

Home Value: $870,000
Current Mortgage: $350,000
Need: $215,000

FAQ

Benson Capital’s unwavering commitment to transparency is at the core of everything we do. Our comprehensive FAQ section is meticulously designed to address all your inquiries, reflecting our dedication to open communication and honesty. By providing clear, accessible information, we ensure that every investor is well-informed and confident in their decisions. This commitment not only builds trust but also empowers our clients, paving the way for more informed investment choices and enduring partnerships.

FAQ

What types of loans does Benson Capital offer?

Benson Capital offers a variety of loan types, including 1st and 2nd mortgages, blanket mortgages, and emergency financing for property purchases, refinances, and construction projects.

What is the typical loan-to-value (LTV) ratio offered by Benson Capital?

Benson Capital provides loan-to-value (LTV) ratios of up to 80% for purchases and refinances, depending on the borrower’s credit qualifications and the specifics of the property.

What regions does Benson Capital serve?

Benson Capital primarily serves Ontario, focusing on the Greater Toronto and Hamilton Area (GTHA) and metropolitan areas such as Waterloo, Kitchener, and Ottawa. They may consider lending in British Columbia and Alberta on an exception basis.

What types of properties are eligible for financing with Benson Capital?

Benson Capital finances a range of property types, including residential homes, rental properties, luxury condos, construction projects, vacant land, estate homes, waterfront cottages, farms, commercial plazas, industrial properties, and development sites.

Is there a minimum credit score required to qualify for a loan with Benson Capital?

No, Benson Capital does not require a minimum credit score. Borrowers with various credit backgrounds are considered, making private lending more accessible.

Are appraisals required for all loans?

Yes, Benson Capital requires an appraisal for every loan application. The appraisal must be conducted by an approved appraiser to ensure the value of the property aligns with the loan being issued.

What are the typical terms of the loans offered by Benson Capital?

Benson Capital typically offers loans with terms ranging from 1 to 2 years. These loans are often structured as interest-only payments, meaning borrowers only pay interest during the loan term, with the principal due at the end.

Does Benson Capital offer loans for construction projects?

Yes, Benson Capital provides financing for construction projects, including both residential and commercial developments. This includes vacant land and development sites, making them a viable option for builders and developers.

What documentation is required for a loan application?

To apply for a loan with Benson Capital, borrowers typically need to provide a reasonability test for income, a net worth statement, and a property appraisal. All loan submissions are reviewed electronically through platforms like Filogix.

Can Benson Capital provide larger loans for high-value projects?

Yes, Benson Capital offers loan amounts up to $20 million and may provide larger amounts through co-lending arrangements for high-value projects such as commercial developments, luxury estates, or large industrial properties.