There are 3 places you can get funding.jellytime wrote: ↑Aug 20th, 2014 2:47 amAren't there institutions that the give mortgages/loans to people who have been denied by the big banks?
Ie. if you desperately need a loan and you can't get it from the bank, aren't there places these people can go?
Though, 20% return seems too good to be true.
A- Your bank (Scotia,TD etc)
These are the best of the best clients. Provable income,great credit score.
B- Trust company (Equitable,Home Trust)
These lenders now have more business thanks to large banks. A typical client will use these lenders will have a low beacon score, or a high beacon but they happen to be self employed and are not declaring all their income. Most of these lenders do not deal in second mortgages.
C- Privates (Investors)
These "institutions" that you speak of for these types of construction projects and second mortgages are private lenders.