Alternative Lending, MICs and Private Mortgage

Reliable Financial Group Inc(RFGI) Kitchener ON  is best source of Private Mortgage

Following private mortgage feature would like you:

  • Open Terms Standard
  • No Deposits required before Instructing Lawyers
  • Stated Income
  • Interest Only and amortized Payments
  • Only 1 Lawyer required on Refinances
  • 1 Page Commitment
  • Negligible Renewal Fees
  • HELOC Available too
  • Some time lender fees less then 1%

For Borrowers:

  • Lender: We have in our connection experienced private lenders who can lend money on residential and commercial properties whether it is purchase or refinance. At present RFGI has pull of more than 20 in house private lenders.
  • Interest rate: Interest rate on private lending varies from 6.5% to 10% on first mortgage and 7.50% to 15% on 2nd The interest rate varies depends upon the location, credit and credit history, income, equity in the property, type of the property etc.
  • Appraisal Report:
  • Lender fees: Varies from lender to lender. 0% to 10% depends upon the mortgage amount
  • Brokerage fees: Minimum 1 % to 10% depends upon the mortgage situation
  • Mortgage Amount: Minimum $10,000

For Lenders:

Reliable Financial Group Inc (RFGI) mortgage brokerage house is  always looking for private lenders who are interested to invest their money in to the mortgage investment. Please contact us for your any question.

Current mortgage interest for alternative to bank, MIC and Private Mortgage

Alternative lending Rates for 1st Mortgage: Depends upon credit score:

Credit Score

1 Year

2 Years

3 Years /ARM

4 Years

5Years /ARM

680+

5.34%

5.19%

5.09%/5.35%

6.59%

5.09%/5.75%

640+

5.49%

5.34%

5.24%/5.50%

6.59%

5.24%/5.90%

600+

5.74%

5.59%

5.49%/6.15%

6.84%

5.49%/6.15%

575+

5.99%

5.84%

5.74%/6.40%

7.09%

5.74%/6.40%

550+

6.24%

6.09%

5.99%

7.19%

5.99%

<550

6.49%

6.34%

6.24%

7.44%

6.24%

MIC (Mortgage Investment Companies) Rtae: 5.99% up to 80% LTV

Private Mortgage Interest Rate

1st Mortgage Interest Rate:

< 50% LTV

<60%LTV

<65%LTV

<70%LTV

<75%LTV

<80%LTV

6.49%

6.80%

7.45%

8.45%

8.95%

6.99%

2nd Mortgage Interest Rates:

< 50% LTV

<60%LTV

<65%LTV

<70%LTV

<75%LTV

8.64%

9.14%

9.64%

10.14%

10.99%

Business for Self Income Requirements (may require additional docs)

Category

 Documents Required

Sole Proprietorship/Partnership/Corporation

Article of Incorporation or Business license

Self Declared Income Letter

12 Months Bank statements or financial statements

Income not taxed at source

2-3 Reference Letter

Self Declared Income Letter

12 Months Bank statements

Commissioned Sales

Employment Letter

Self Declared Income Letter

YTD Gross Commission statement or T4A

Contract Employees

Copy of Contract

Self Declared Income Letter

12 Months Bank statements

Gratuity Based Income

Employment Letter

Self Declared Income Letter

12 Months Bank statements