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A private mortgage for an acquisition or refinancing? Why not?

Private mortgage refinancing: More common than you think

With Victoria Financial, accessing private mortgage financing for a new property purchase or mortgage refinancing is fast and flexible. As a private lender, we don’t rely on traditional criteria such as credit score or income. Instead, our decisions are based on the current market value of your property. This allows you to refinance your mortgage and unlock up to 75% of your property’s value. It’s one of the quickest and most straightforward ways to secure the financing you need.

Am I qualified?

My property is a single-family home, a condominium, a commercial building, an income property or a vacant lot.

My property is located in an urban area with services.

The financing I want is less than or equal to 75% of the value of my property.

Advantages of a private mortgage refinancing

Quicker than with a conventional bank

Having a conventional mortgage application approved can take several days. With Victoria Financial, you can fill out our secure online application form in under five minutes and receive an answer the same day.

A very simple process

No need to submit tons of paperwork and have a certain debt ratio to qualify. We give our private loans based mainly on your property’s available equity.

Flexible terms

Your ability to repay is very important to us. For this reason, we offer payment terms that let you reduce your monthly payments and even pay all of the interest in advance.

Get Approved for Mortgage Loans Online

« Success Story » : Realizing a Canadian Dream

acquisition-or-refinancing

M. and Mme Wang immigrated to Quebec in 2018 with the hopes of building a better life for their family. Within two years, they’d bought their first home and were looking for other investment opportunities.

Savvy the entrepreneurs, M. and Mme Wang had studied the market and identified Montreal’s downtown as the ideal locale to invest in property.

After a careful search, the Wangs decided to purchase a well-appointed condo in the coveted Griffintown neighbourhood. Given the area’s high-demand for rentals, and with a 25% cash down payment, the Wangs felt certain that they’d be approved for a mortgage.

They were shocked when the bank declined their loan application, citing their income ratios and lack of credit history as the reason.

Sadly, the bank did not see the potential that the Wangs saw in themselves.

It simply wasn’t fair. Hard-working entrepreneurs should be able to grow their wealth through savvy investments. The Wangs had worked tooth and nail to achieve great things in a short period of time. They shouldn’t lose out on great opportunities just because they haven’t accumulated credit.

But the Wangs weren’t defeated. They just needed a better way to achieve their business goals.

Learn more about the Wang's story

How the Wangs built their property management business with the help of a private mortgage

Fortunately, a friend told the Wangs about Victoria Financial. As a private mortgage lender Victoria Financials helps ambitious people, like the Wangs, achieve their dreams by offering flexible financing options. The Wangs didn’t even know private mortgage loans existed and it was exactly what they needed.

The Wangs simply filled out an application, spoke to a VF representative and were approved within 24 hours. Having the money they needed, the Wangs purchased their first investment property.

Now, the Wangs are enjoying the benefits of consistent passive income from the condo rental, building a thriving property management business, and living their Canadian dream.

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Questions? Call us.

1 (877) 220-7738
Monday to Friday, 9:00 a.m. to 5:30 p.m.

Got questions? We’ve got the answers.

Do you have questions about our private mortgages? We’ve got the answers you need!

Private mortgage refinancing is a refinancing method where an individual or business obtains a new mortgage loan from a private lender, often with more flexible qualification criteria and faster processing times.

Private mortgage refinancing offers increased flexibility, faster processing times, and less strict criteria compared to traditional loans, which can be advantageous for those struggling to obtain mortgage refinancing or wanting to act quickly on an opportunity.

Refinancing with a private loan involves paying off your existing mortgage with a new mortgage from a private lender. The amount could be higher to provide you with liquidity for other projects or to consolidate other debts.

To calculate the cost of private mortgage refinancing, you need to consider the interest rate, initial fees from the private lender, and notary fees. Using a mortgage refinancing calculator can help you estimate the costs.

 

Private mortgage refinancing is ideal for those who have difficulty obtaining a loan from traditional banks, need funds quickly, or are looking for more flexible loan terms.