Alternative and private mortgages are loans from lenders other than major banks, designed for borrowers whose income, credit, or property does not fit standard guidelines. They help when a bank says no but your situation is workable, for example bruised credit, non-traditional income, or a property that needs a flexible lender.
These files are arranged through my brokerage, Centum Financial Services Limited Partnership, which has access to alternative and private lenders. I will be direct with you: these mortgages cost more than bank mortgages, so they work best as a short-term bridge with a clear plan back to a traditional lender.
We review why the bank declined, what your equity and income look like, and whether an alternative solution genuinely improves your position.
Your file is placed through my brokerage with alternative (B) lenders first, and private lenders only when they are the right fit.
You see the rate, lender and broker fees, and total cost in writing before committing, plus the exit strategy we are aiming for.
We set milestones, like credit repair or income documentation, and revisit the file so you can refinance into a traditional mortgage as soon as you qualify.
Exact requirements depend on the lender and your situation. I confirm your list on our first call so you gather everything once.
Alternative and private terms are usually one year. Without a realistic plan to qualify traditionally at renewal, you risk renewing at high cost again or facing a difficult maturity.
They are different products for different situations. The right comparison is the total cost of the solution versus the cost of not solving the problem, including arrears or a failed purchase.
Alternative underwriters price risk they can see. Full honesty about credit events, tax arrears, or property issues produces a workable approval instead of a late decline.
Book a free consultation. We look at your numbers together, in plain language, with no pressure and no cost to you.
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