Frequently asked questions
A1) A private mortgage loan is a type of home financing provided by individuals, investment groups, or private institutions—rather than traditional banks or credit unions. It's often used by borrowers who don’t meet the strict criteria of conventional lenders.
🏠 Key Features of Private Mortgage Loans
Short-Term & Interest-Only: Typically lasts 1–3 years and may require only interest payments during the term.
Flexible Qualification: Easier approval for those with poor credit, non-traditional income, or urgent financing needs.
Higher Costs: Comes with higher interest rates and additional fees due to increased risk.
Collateral-Based: Approval often depends more on the value of the property than the borrower’s credit score.
✅ When Might Someone Use One?
Buying a property that banks won’t finance
Needing fast approval for time-sensitive deals
Having a low credit score or irregular income (e.g., self-employed)
· Being new to the country and lacking local credit history
Choosing a private mortgage over a bank mortgage offers several advantages, especially when flexibility and speed are crucial. Here's why a private mortgage might be the better option for you: **Approval Speed:** Private mortgages can be approved within days, while bank mortgages can take weeks or months. **Credit Requirements:** Private lenders are more flexible with credit scores, whereas banks require a strong credit history. **Income Verification:** Often not required for private mortgages, but mandatory and thorough for bank mortgages. **Property Type Flexibility:** Private lenders can finance unconventional properties, unlike banks that stick to standard residential/commercial properties. **Loan Terms:** Private mortgages offer customizable and negotiable terms, while bank mortgages are standardized and regulated. **Ideal For:** Self-employed individuals, investors, and those needing urgent deals. **Why Choose Private Lending?** - **Speed:** Perfect for time-sensitive deals like property auctions or house flipping. - **Flexibility:** Focuses more on property value than financial profile, ideal for irregular income or credit issues. - **Creative Financing:** Terms can be negotiated to suit your situation, unlike rigid bank terms.
A5) This is what AI answered:
Canadian Credit Line (CCL), a private mortgage lender based in Montreal, appears to be a legitimate and experienced company in the local lending space. According to their official website, they’ve been active for over 12 years, offering services like:
🏡Private mortgages (first and second rank)
🔁Bridge loans and debt consolidation
🛠️ Financing for renovations, legal lien hypothecs, and unpaid taxes
⚡Fast approvals and flexible terms
They emphasize a personalized approach, which is typical of private lenders who cater to borrowers that may not qualify for traditional bank loans. Customer testimonials on their site mention professional service and honest communication, which is a good sign.
What You Should Still Do:
Read the fine print: Understand interest rates, fees, and repayment terms.
Consult a broker or lawyer: Especially before signing anything.
Private lenders like CCL can be a great fit for specific needs, but due diligence is key. Want help building a checklist to evaluate their offer or compare them to other lenders in Montreal?
Our tip:
Please check the reviews which are written by some of our previous clients about us.
Frequently asked questions
A1) A private mortgage loan is a type of home financing provided by individuals, investment groups, or private institutions—rather than traditional banks or credit unions. It's often used by borrowers who don’t meet the strict criteria of conventional lenders.
🏠 Key Features of Private Mortgage Loans
Short-Term & Interest-Only: Typically lasts 1–3 years and may require only interest payments during the term.
Flexible Qualification: Easier approval for those with poor credit, non-traditional income, or urgent financing needs.
Higher Costs: Comes with higher interest rates and additional fees due to increased risk.
Collateral-Based: Approval often depends more on the value of the property than the borrower’s credit score.
✅ When Might Someone Use One?
Buying a property that banks won’t finance
Needing fast approval for time-sensitive deals
Having a low credit score or irregular income (e.g., self-employed)
· Being new to the country and lacking local credit history
Choosing a private mortgage over a bank mortgage offers several advantages, especially when flexibility and speed are crucial. Here's why a private mortgage might be the better option for you: **Approval Speed:** Private mortgages can be approved within days, while bank mortgages can take weeks or months. **Credit Requirements:** Private lenders are more flexible with credit scores, whereas banks require a strong credit history. **Income Verification:** Often not required for private mortgages, but mandatory and thorough for bank mortgages. **Property Type Flexibility:** Private lenders can finance unconventional properties, unlike banks that stick to standard residential/commercial properties. **Loan Terms:** Private mortgages offer customizable and negotiable terms, while bank mortgages are standardized and regulated. **Ideal For:** Self-employed individuals, investors, and those needing urgent deals. **Why Choose Private Lending?** - **Speed:** Perfect for time-sensitive deals like property auctions or house flipping. - **Flexibility:** Focuses more on property value than financial profile, ideal for irregular income or credit issues. - **Creative Financing:** Terms can be negotiated to suit your situation, unlike rigid bank terms.
A5) This is what AI answered:
Canadian Credit Line (CCL), a private mortgage lender based in Montreal, appears to be a legitimate and experienced company in the local lending space. According to their official website, they’ve been active for over 12 years, offering services like:
🏡Private mortgages (first and second rank)
🔁Bridge loans and debt consolidation
🛠️ Financing for renovations, legal lien hypothecs, and unpaid taxes
⚡Fast approvals and flexible terms
They emphasize a personalized approach, which is typical of private lenders who cater to borrowers that may not qualify for traditional bank loans. Customer testimonials on their site mention professional service and honest communication, which is a good sign.
What You Should Still Do:
Read the fine print: Understand interest rates, fees, and repayment terms.
Consult a broker or lawyer: Especially before signing anything.
Private lenders like CCL can be a great fit for specific needs, but due diligence is key. Want help building a checklist to evaluate their offer or compare them to other lenders in Montreal?
Our tip:
Please check the reviews which are written by some of our previous clients about us.