A private or alternative lender buys you time when a bank can’t move fast enough or a condition needs fixing. It should come with a date for leaving it.
Focus on how you get out
The rate on a transitional loan matters less than the exit. Before signing, know what has to change (credit rebuilt, income documented, a sale completed) and roughly how long that takes.
Sign only when you can see the risk
Fees, term, renewal terms and what happens if the plan slips all need to be clear before you commit. A transitional loan renewed once too often costs more than the problem it solved.
Documents to gather
What the lender will ask for.
What the file is for
Income and paperwork
Debts and credit
Property or security
Target timeline
Lender options
Frequently asked
Which documents should I gather?+
Your last two notices of assessment, recent pay stubs, an employment letter, three months of bank statements and proof of your down payment. Before the offer, they make a five-day financing condition workable. After the offer, they add weeks.
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.
