When it comes to mortgages, there are a lot of questions that come up on a regular basis. This page answers some of the most common private mortgage questions.

I’m a broker. How do I become part of your Broker Network?

Our commitment to service and speed enables us to build strong relationships with our mortgage broker partners in Atlantic Canada and Ontario, and we’re always happy to grow our network of partners! Reach out to us to introduce yourself so we can send you our lending parameters and add your to our broker database – we can be reached at 1-844-595-9956 or administration@graysbrookcapital.ca.

Brokers can also sign up to our Broker Network mailing list at https://graysbrookcapital.ca/broker-network/ or by inquiring to administration@graysbrookcapital.ca.

What are your rates?

We take a common-sense approach to mortgage lending and offer solutions through our flexible underwriting criteria. We specialize in construction and commercial financing (in Atlantic), along with CRA debt and equity take-outs, among other solutions. Rates can differ by loan type, by province and the factors surrounding the application. Private loans are meant to be short-term (from 6 to 24 months), so our goal is to help you get in a better position for traditional financing. As a result, private loans are not designed to compete with traditional lenders. When comparing rates with other private lenders, remember to look deeper than just the rates, to ensure your loan will work best for YOU. Graysbrook loans have FULLY OPEN TERMS, with no interest penalties to break mortgage at any time, with no hidden penalties.

Who can private mortgage lenders help?

For some borrowers, it can be difficult to obtain a mortgage loan, especially if the individual is self-employed, has a limited credit history, or is a newcomer to Canada. Private mortgage loans often have more flexible eligibility requirements and can offer more favourable terms.

Bridge financing is often needed for those who need to use their current home’s equity for a down payment on a new home. Or following a move or starting a new job, and the borrower doesn’t qualify for a traditional mortgage for another few months. New homeowners sometimes also want to do renovations before moving into a new home.

Private lenders can also help with CRA debt and credit repair solutions. With a proper exit strategy in place, borrowers often find themselves able to take advantage of better interest rates and terms to buy a new home once the debt is eliminated.

Let’s not forget construction and renovation loans – we make these loans simple for our clients, and won’t require you to jump through hoops each time you are looking for a draw advance.

And sometimes life throws curve balls like the loss of employment, a divorce, or your property has been damaged and short-term funds need to be secured.

No matter the reason, if traditional lending isn’t working with you, you’re not alone, and there are alternatives.

What types of properties can be considered for private mortgages?

Borrowers’ needs are unique, which is why we offer a variety of mortgage solutions to suit various circumstances across Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland and Ontario. Solutions may differ between rural and urban properties. We offer loans for single-family homes worth $125,000 or more, multi-unit properties, new constructions, commercial units, equity take-out for land purchases, and more.

What if I have bad credit?

Graysbrook Capital will assess your complete financial health including your home equity when processing your loan application. Credit is not the primary deciding factor leading to loan approval, our primary focus is on the property quality and equity.

Do you have a minimum or maximum loan amount?

We offer loans that are generally between $25,000 and $3,000,000. However, we are not limited to those amounts and can work with you to find a loan that meets your specific needs.

What is your maximum LTV?

LTV varies with location, risk and property type, contact us to find out more!

What are your loan terms?

Our short-term mortgages typically last 6 to 24 months. We also provide FULLY OPEN TERMS, with no interest penalties to break mortgage at any time, and no hidden penalties.

What’s an interest only loan?

An interest only loan is a type of loan in which the borrower only pays the interest on the loan for a specified period of time. At the end of the interest only period, the borrower must either pay off the remaining balance of the loan or refinance the loan.

I’m a broker. How do I submit an application on behalf of my client?

Brokers can submit applications on multiple platforms – including Filogix, Velocity, and Lendesk. Click here for instructions and contact information.

I’m a borrower. How do I apply for a loan?

Working with a mortgage broker has many advantages, perhaps most importantly is that they have a whole suite of lenders they work with, rather than just one. If your situation does not lend itself to the framework of a traditional mortgage, your broker will be able to explore options through private lenders such as us. Your broker will also work with you to determine an appropriate exit strategy. We work with 400+ brokers throughout Atlantic Canada and Ontario, contact us for partner recommendations near you!