Business owners with healthy, profitable businesses may still encounter obstacles and rejection when applying for loans with traditional lenders. This difficulty is not just a problem for applicants that are self-employed, the same is true for many Canadians that require mortgage lending services. So, what do these demographics have in common? The answer is risk.

Even risks that seem small or insignificant can cause a traditional lender to reconsider your application. Pertinent documentation, collateral, and proof of income may not always be enough to ensure the bank that you are worth the investment. When considering the added effect of evolving mortgage rules, including both a stricter mortgage stress test and higher down payment levels, it is clear that another option is necessary. In times when you need access to financing and timely approval, don’t be afraid to work with alternative lenders. Wise Equity is dedicated to connecting Ontario residents with alternative mortgage solutions. Let’s consider the many benefits of being paired with an alternative lender.
The Mortgage Process Made Easy
 Our goal is to help all our clients become more self-sufficient and knowledgeable when it comes to real estate and mortgages.
Burke Financial describes alternative lending as a space comprised of financial companies and/or individuals working outside of the area dominated by traditional lenders like banks, catering to clients who cannot qualify with a traditional lender.It is important to remember that alternative lenders often offer interest rates that are higher than the banks seeing as they are willing to take on more risk. The good news is that you don’t have to find a suitable lender on your own! 

Mortgage financing is one of the many industries where Canadians are not aware of the nuances and available resources. First-time homebuyers are especially vulnerable due to their limited experience with the application process. It is easy to assume that only well-qualified borrowers achieve approval status.

Our vast networks, experience, and knowledge of the markets prove otherwise. Wise Equity provides strategic solutions for all of our clients and we work quickly to meet those specific needs.

Every situation is different, so when searching for an alternative lending solution, it is important to work with a team that can negotiate terms and rates based on your situation. As always, try to avoid lenders that offer a one-size-fits-all, or cookie-cutter approach.

HOW DOES IT WORK?

Alternative Lenders Are More Forgiving of Bad Credit

Alternative Lenders are Open and Transparent

Alternative Lenders Have Competitive Rates

Alternative Lenders Work Quickly

Alternative Lenders May Be More Understanding With Default Terms*