Alternative Lending on the Cheap!

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The Lowdown on Alternative Lending...

Alternative lending mortgage in Ontario refers to mortgage financing options outside of the traditional banking system. This type of lending often caters to borrowers who may not meet the criteria for a conventional mortgage, such as those with poor credit, low income, or self-employed individuals.

Examples of alternative lending mortgage options in Ontario include:

  • Private Lenders: These are individuals or firms that lend their own money to borrowers. They may offer more flexible terms and higher interest rates than traditional banks.
  • Hard Money Lenders: Similar to private lenders, these are typically individuals or firms that use their own funds to finance mortgages. They are often more willing to lend to borrowers with poor credit or those who can’t qualify for a conventional mortgage.
  • Peer-to-Peer Lenders: This type of alternative lending involves matching borrowers with individual investors who are willing to provide the funds for the mortgage. The interest rate and terms are determined by the lender.

It’s important to note that alternative lending options may come with higher interest rates and fees compared to traditional mortgage

Why an Alternative Lending?

Alternative lending refers to financial products and services that are outside of the traditional banking system, such as peer-to-peer (P2P) lending, crowdfunding, microfinance, and online loans. There are several reasons why someone might choose alternative lending over traditional banking options.  Alternative lending is often more accessible and convenient than traditional banking, as it is available online and typically requires less documentation. Alternative lenders can often provide loans much faster than traditional banks, as they have streamlined processes and use technology to make decisions. Alternative lending provides access to credit for people who may not be able to get a loan from a traditional bank, such as those with poor credit histories.

  • Fixed Rates
  • Variable Rate Mortgage (VRM)
  • Adjustable Rate Mortgage (ARM)
  • Conforming Loans
  • Jumbo & Super Jumbo Loans
  • Non-QM Mortgages
  • Stated Income Mortgages
  • Terms from 1 to 5 Years