Today I had a meeting with a company called Altawest Mortgage. They are a private mortgage company who lends money through mortgage brokers in Alberta and BC. These private lenders are a great resource for borrowers and for investors.
Who needs a private lender? People who cannot qualify to borrow money through traditional sources. People with unclaimed or documented income, people with challenged credit, people who have ran into trouble.
Private lenders step up and provide loans to people who need them the most.
Of course, borrowing from private lenders comes at an extra cost to borrowers. While a highly qualified buyer may be able to get money for 4 to 5 percent interest from an 'A' lender, a private lender will typically charge closer to 10% for a similar loan. While this seems high, often times it can be a lifesaver for people in need.
If you find yourself in a position that you think traditional banks cannot help you with, contact me and I will see if there is help available to you from a private lender.
Here are a few of my favorite past articles from my Lethbridge real estate and mortgage blog you might have missed or wish to recommend them to a friend.
Common Financial Problems - Avoid these financial mistakes
Get Your Credit Score UP - Invaluable insight into your credit score
Mortgage Guidelines Get Tighter - Harder and harder to borrow money
Is Your Mortgage Company Out of Business in 2009? - What to do when your bank goes broke
What is wrong with MLS - Is your info being abused?
Survivor - Real Estate Edition - Let's vote a few more off the island
Robert May is a Realtor, as well as the broker and owner of Rainbow Realty of Lethbridge Alberta. He is also a licensed mortgage associate and financing expert with Canada First Mortgage of Calgary Alberta. He has been in the real estate industry since 1993 and offers full MLS real estate services to Lethbridge and surrounding area, as well as mortgage financing, refinancing/renewals, preapprovals, and home equity financing to Lethbridge and Southern Alberta. He can be found online at www.LethbridgeLoans.com
Let me share my 15 years experience in the local Lethbridge real estate and financing market with you! It is the first step towards making a profitable real estate decision.
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Robert W May is a Real Estate Broker in Lethbridge Alberta, having now been in the industry for over 23 years. . He was also a licensed Lethbridge mortgage broker and financing expert with Canada First Mortgage of Calgary Alberta for the past 10 years. He is an industry leader always willing to help train and educate others in how to improve their business models for financial and personal benefit.