Debco has been serving Montreal and the surrounding areas since 2001. We are a private equity lender specializing in providing mortgage financing to individuals facing challenges such as bad credit, no credit, self-employment, divorce, debt consolidation, and more. Our goal is to offer short-term financing for 1 or 2 years, allowing customers to repair or establish a credit score before applying for conventional financing from a bank or credit union.
We provide residential mortgages up to 75% of the appraised value and commercial mortgages up to 65% of the appraised value. With a fast turnaround time, most loans can be approved within 9 hours. We are transparent with all costs, ensuring there are no hidden fees.
Looking for a reliable private mortgage lender in Montreal? Contact Us Now.
Let’s start by defining a private mortgage. The only difference between a regular mortgage and a private mortgage is that the latter can be sourced from an individual or business instead of a bank or other financial institution.
Instead of approaching a bank, prospective homeowners can turn to an independent private mortgage lender to obtain their loan. For many borrowers, this is the best way to secure financing for their homes, as private lenders offer greater flexibility in the use of borrowed funds. These lenders evaluate not only the borrower’s credit history but also the market value of the property.
Private mortgage lenders can tailor the mortgage to meet the specific requirements of homeowners.
Who is eligible for a private mortgage?
While most people opt for a regular mortgage from a bank or finance provider, some find it challenging to qualify with traditional lenders. The following are examples of individuals who may benefit from a private mortgage:
- Property investors in need of fast cash.
- Self-employed borrowers with assured upcoming income.
- Individuals with poor credit who may not qualify with a traditional lender.
- Those who prefer interest-only payments for borrowed money.
Private mortgages are suitable for individuals falling into one of the above categories. Depending on the mortgage plan agreed upon with the lender, as long as payments are made on time, qualification is possible. Private mortgages focus more on the property than the individual. If the property being financed through a private mortgage shows promise and potential, obtaining the loan is not difficult.
Interest rates may vary. Contact us to explore your options.
Benefits of using a private mortgage lender
Here are the reasons why many people choose a private mortgage in Montreal:
Easy qualification: It is easier to qualify for a private mortgage compared to a traditional mortgage. Even if you cannot provide proof of a steady income (for self-employed individuals), you can qualify with less hassle. Access to a private mortgage can also give you a competitive advantage in Montrals housing market.
Ideal for investors looking to renovate and sell: If you plan to renovate your newly purchased home and sell it (“flipping”), a private mortgage is an excellent choice. Private mortgage lenders offer short payment periods, allowing you to complete your payments quickly and proceed with your plans. This type of lending is favored by realtors who refurbish properties for resale.
Short approval process: Traditional mortgage loans can take up to 30 to 45 days for approval, while private mortgage providers can process and approve your application within a couple of weeks. If you need a loan quickly, a private mortgage may be the best option.
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