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You can still apply, e-mail or leave us a message on our voicemail after hours, and one of our after hours agents will review and get back to you as soon as possible.
Address: 150 Elgin Street, 10th Floor, Ottawa, ON, K2P 1L4
Fax: 1-613-566-7023
FSRA license # 13421
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Frequently Asked Questions
A private mortgage is typically offered by either wealthy private investors (individually or syndicated) or by a Mortgage Investment Corporation (MIC). MICs are pools of capital invested in private mortgages. Private mortgages can be offered in first, second or even third position. They are typically one-year terms. Private mortgages can also be used to cover more than one property concurrently – known as a blanket or inter-alia mortgage.
Most private lenders are content to receive interest-only payments. This is good for optimizing your cash flow, but the downside is your outstanding private mortgage balance will remain constant over the term because you are not paying down the principal mortgage amount, just the accrued interest. The important thing is that you may have more choices than with a traditional lender.
- Give you an odd-looking maturity date to exactly match your current first mortgage.
- Allow you to prepay part or all of your monthly payment so your cash flow matches your comfort level
- Enable the mortgage to become open – as early as two, three or six months after it commences