Premiere Mortgage is a private, non-bank mortgage lender offering lending solutions in British Columbia, Alberta, and Ontario. Known for its flexible approach, Premiere Mortgage caters to a wide variety of residential financing needs, acknowledging that sometimes equity is a more reliable indicator of a borrower’s capacity than income or credit history.
Highlights of Premiere Mortgage’s Services:
Loan-to-Value Ratios (LTV): The lender provides up to 70% LTV for urban residential properties, up to 60% LTV for both small town and rural residential properties. This sliding scale reflects a realistic approach to property value across different types of locations.
Debt Service Ratios: No GDS/TDS requirements are imposed by Premiere Mortgage, indicating a common-sense approach to loan approvals that goes beyond traditional metrics.
Credit Score Considerations: Borrowers without minimum credit score specifications can find solace with Premiere Mortgage, as the lender does not set pre-defined credit score requirements.
Loan Terms: One-year loan terms are standard, with the option for longer terms up to two years available for clients whose situations necessitate them.
Repayment Options: Clients benefit from the choice of interest-only or principal and interest repayment structures, with details depending upon the specifics of the deal.
Loan Amounts: Premiere Mortgage specializes in mortgages ranging from $10K to $750K, with a particular focus on mortgages of $500K or less.
Availability of Open and Closed Terms: Both open and closed mortgages are on offer, with closed terms requiring a 3-month interest penalty, thereby providing greater repayment flexibility.
Property Type inclusiveness: An array of residential real estate is considered for loans, encompassing urban, small town, rural properties, acreages, mobile homes, raw land, and even small commercial real estate.
Efficient Timing: A commitment is typically provided within 24 hours of receiving the complete application package, indicative of a responsive service manner.
Documentation Needed: The standard set of documents to be provided include an application, credit bureau report, property details, and, if applicable, a contract of purchase and sale, among any other deal-specific documents outlined by the lender.
As an experienced mortgage broker, I, Elvira, am committed to simplifying the process of securing a private mortgage in collaboration with Premiere Mortgage. My role is to help you leverage the equity in your property to obtain financing, even when mainstream avenues are not an option due to strict income or credit requirements. With a focus on equity and Premiere Mortgage’s rapid and adaptable lending approach, rest assured that I’m well-equipped to deliver a tailored mortgage solution that fits your unique situation. If you need assistance navigating the private lending landscape, reach out to me, Elvira, and let’s get started on accessing the financial support you need with Premiere Mortgage.