Debt Consolidation

Consolidate Debt & Reduce Monthly Costs

Combine multiple debts into one payment
Lower your overall interest rates
Manage your finances with ease

Debt Consolidation

January, 2024

Richmond Hill, Ontario

We recently helped a client with $200,000 in high-interest debt struggling to keep up with multiple monthly payments. We assessed all options and consolidated their debt into a single loan with a lower interest rate. Monthly payments reduced by $1,000. Overall financial situation improved significantly. New Monthly Payment = $1,500/month. Benson Capital helped consolidate their debt into a single, lower-interest loan, reducing monthly payment and easing financial stress.

Client had multiple high-interest debts and struggled juggling monthly payment
Outstanding Debt: $200,000
Monthly Payment: $2,500 reduced to $1,500 per month
Apply Now

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.

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.