What is Private Mortgage Financing?
Private Mortgage Financing can occur when the borrower has to obtain financing outside of the traditional lending sources, i.e. Banks, credit unions, trust companies. The private lenders can be individuals who are searching for a better return on their money or, companies specifically, designed for these purposes. Private financing is not shady as the bad criticism it may receive. It represents a large portion of the mortgage financing industry here in Canada and provides another option for Canadian borrowers.
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