Private Lender

What is the difference between a private lender and a bank?

The main difference between getting a loan from a bank versus a private lender is that the private lender will generally accept riskier loan customers than a bank. However, the interest rates from private lenders tend to be higher than interest rates from banks.

How much does a private lender charge?

Origination cost – establishment fee of 2 – 5% of the loan amount on top of interest rate is not uncommon, add more (brokerage) if the loan is introduced by a specialist. Interest rates – there is the rate for risk. Generally, private lenders are expecting a return of 9 – 15%, some even expect 20%.

What do private money lenders look for?

Private lenders look for the potential your prospective property has; they’re seeking a cash-positive or profitable asset.

How do you borrow money from a private lender?

How Private Lenders Work. Loans from private lenders work just like loans from banks or credit unions. You receive funding to buy a property, make a purchase, consolidate debt, make home improvements or any number of other expenses. Then, you pay the amount you borrowed back in installments, with interest.

Private Lender Mortgages

Are you having difficult qualifying for a traditional mortgage loan? Or are you on a short timeline and unable to wait around for the bank to make its final approval? If you are in either of these situations, you may be interested in a private mortgage loan. This type of financing is faster and much easier to qualify for, as the private lender will base your approval mainly on the equity of your home (up to 90% of the home’s value) rather than your credit history or proof of income.

A private lender mortgage may be
the best solution for you if:

You were already turned down by the bank for a traditional mortgage loan
You struggle with poor credit
You have income that cannot be verified
You do not have time to wait for the approval process of a traditional loan
You have unconventional mortgage needs (such as for residential or mixed-use properties)

Testimonials

This is what our clients, customers and affiliates had to say about Assign Circle and the team.

You are in great hands with Neville (MrTorontoRealtor) & Assign Circle team. He has his finger on the pulse of the Real Estate market. Whether you want to buy/ sell or invest he can help you. He always contacts me with new information with regard to investment opportunities. This platform keeps me connected. Grateful.

by Elaine Morrison

Neville is a master at what he does, his profound professionalism has impact me in a special way ,this is my 3rd home so far and the experience I had with Neville is that I didnt have to worry about nothing I sold my existing home with him and perched my new home with him at the same time, he has been so helpful along the way ,hes got a very humble spirit I didnt feel worried at all ,I will definitely use Neville and Assign Circle again in the future

by Kemroy Marshall
Proud Home Owner

This Assign Circle platform is Informative, resourceful, user-friendly and someone is always just a phone call away. The yearly platinum package offers tremendous value, well thought out, I can't ask for more.

by Kelecia Mattis
Mortgage Broker, CIBC