14 May Refused by the banks? We’re here to help
Not everything goes according to plan in life. Indeed, some clients’ financial profile may make their lending experience a little more trying than others. Typically, big banks and major lenders cater to a specific type of clients that meet their stringent criteria. Thankfully, through the Orbis network, we’re able to find solutions for clients who don’t check all of their boxes through the alternative lending market.
The alternative mortgage market represents approximately 20% of all mortgages in Quebec, and includes B-rated, alternative, and private lenders. These lenders can only be accessed through licenced mortgage brokers and are the go-to route for clients who don’t fit the lending profile set by the A-banks such as BMO, Desjardins and National Bank.
Who needs alternative financing?
There are many reasons why a person may not qualify for a traditional mortgage from a big bank lender. It may be due to a credit problem, income interruption or a slew of other possibilities such as high debt ratios, a previous bankruptcy, debt consolidation, short term financing, construction loans, a complicated lending structure, or reverse mortgage needs. No matter the reason, Orbis Mortgage Group has experience in all of these situations, and our experts are primed to identify the best option at the most advantageous rate for your specific situation.
Sources of alternative lending
Since we are an independent brokerage cabinet, Orbis’ experts have access to products from a range of well-established non-A and private lenders, including Equitable Bank, HomeTrust Bank, B2B Bank, HomeEquity Bank, and more. On the private lending side, there are many options as well, including Neighbourhood Holdings, Castleton, Pentor, Capital Express, Greenflow Financial, and many more. These lenders offer products that are an ideal short-term solution to help guide clients to A lending products. These lenders serve most major urban centres in Quebec, as well as a handful of rural areas.
Achieving the dream of home ownership
If you’ve been denied by the banks in the past, or are concerned about your lending profile, call us today to explore your situation. There are many solutions available on the alternative lending market that can help ensure home ownership is attainable, and we’re here for you every step of the way. Remember, Orbis’ mortgage experts work for you, not the lenders, which means your best interest is always our driving force.