A private or alternative lender is a bridge. It’s not where you live. It buys time when a bank can’t move fast enough or something needs fixing, and there should be a date attached for getting out.
How you get out matters more than the rate
The rate on a short-term loan counts less than the exit. Before you sign, know what has to change (credit rebuilt, income documented, a sale closed) and roughly how long it takes.
No signature without seeing the risk
Fees, term, renewal conditions and what happens if the plan slips: all of it needs to be clear first. A transitional loan renewed once too often costs more than the problem it fixed.
Documents to gather
What the lender will ask for.
What you want from the file
Income and documents
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. Have them ahead of the offer and a five-day financing condition is workable. Gather them afterward and you 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.
