There has been an uptick in the need for private mortgage financing lately especially for new construction homes.

When a new construction property is completed, the new homeowners are often required to close on the property with minimal final notice. Our office has seen deals where buyers are only receiving 2 weeks notice to arrange financing which many banks cannot accommodate. We can close a private mortgage in less than 1 week.

Also, we are seeing that banks are declining deals that even have pre-approvals because of new much higher qualifying rates. When this happens Lotus Loans & Mortgages can swoop in and have the deal approved through a private lender. Lastly, for those who bought last year in a higher market and are closing now, some properties are appraising lower than the purchase price. Makes for a tough deal but we have helped with private funds in more than one instance.

If you know someone who is unable to attain traditional financing, please feels free to contact us at Lotus Loans and Mortgages right here in Mississauga.