Think of a private or alternative lender as a bridge, not a place to settle. It buys time when a bank can’t move fast enough or a condition has to be fixed, and it should come with a date for getting out.
The exit plan matters most
How you get out of a transitional loan counts for more than its rate. Before signing, know what has to change (credit rebuilt, income documented, a sale completed) and roughly how long that takes.
Sign only with visible risk
Fees, term, renewal terms and what happens if the plan slips: all of it has to be clear before you commit. A transitional loan that gets renewed once too often ends up costing more than the problem it solved.
Documents to gather
What the lender will ask for.
Goal of the file
Income and documents
Debts and credit
Property type
Preferred timeline
Lender options
Frequently asked
How long does the process take?+
A preapproval often takes a few days once the documents are in hand. The analysis is rarely what drags a file out. Waiting on an employment letter, a bank statement or an appraisal appointment is.
Is the lowest rate always the best choice?+
No. Two offers at the same rate can be thousands apart if you have to break the term. Look at the penalty, how much you may prepay each year, and whether the mortgage follows you to the next property.
Current rates
Today’s rates, with the fine print.
These rates are indicative. Yours depends on your file, the type of mortgage (insured or not) and the lender. And look at the penalty too, it matters as much as the number.
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.
