Private mortgage financing in Trois-Rivières

Halfway between Montreal and Quebec City, Trois-Rivières has older areas with many plexes and century-old houses, as well as newer neighbourhoods of single-family homes. Several Mauricie homeowners also own a cottage or a secondary property, which matters in a lender's analysis.

The solutions available:

• Private first mortgage
• Private second mortgage
• Debt consolidation
• Mortgage refinancing
• 60-day notice
• Urgent funding

• a homeowner who wants to use the equity in their house to settle debts, while the bank refuses;
• a need for funds for overdue municipal taxes or income tax;
• major work on an older building (roof, foundation, electrical);
• a homeowner who owns both a residence and a cottage and wants to tap the equity in one of them.

Equity can be used on the principal residence, but also on a secondary property. Lenders are, however, more cautious with a cottage or seasonal property, and the amount that can be lent is often more limited. We tell you which property offers the best security in your situation.

Combining several debts into a single loan secured by the property can relieve the budget. Consolidation is most useful when it comes with a plan to avoid building up balances again on the cards and lines of credit that were paid off.

For an older building, a refinance can fund work that preserves the property's value. If the bank refuses because of the building's condition or the credit file, a private lender can sometimes fund the work over a short period.

Have you received a 60-day notice? The period provided by law for an immovable gives you time to look for a solution, but you need to act early. We check whether a private first mortgage or a second mortgage can remedy the default. For your rights, consult a lawyer or notary.

1. Application: you describe your situation, the amount you need and the purpose of the financing;
2. review: we examine the property, the available equity, your debts and the repayment strategy;
3. lender search: your file is presented to lenders whose criteria match your situation;
4. offer: you receive the proposed terms (rate, term, fees) before deciding;
5. notary: the mortgage deed is signed before a notary, who disburses the funds and pays the designated creditors.

If you plan to use a cottage or secondary property as security, mention it in your application: it changes the choice of lenders.