What does being “The Good Lender” mean?
We pride ourselves on being a transparent, dependable, and an overall trustworthy lender to both brokers and borrowers. With years of experience in the mortgage industry, our team builds and maintains our relationships with these core values. The Good Lender is here to help brokers assist their clients in reaching financial success, so they are able to eventually refinance at a traditional A/B lender.
How can my clients benefit from working with a private mortgage lender?
Private lenders can provide alternative financing options for clients who may not meet the strict criteria of traditional banks. This can include borrowers with poor credit, self-employed individuals, or those with unique property types. Private lenders may also offer faster approvals and funding compared to traditional banks, allowing clients to access financing quickly.
What locations do you lend in?
We lend in both Ontario’s urban and rural locations. We lend in major cities in Northern Ontario communities but do not lend in locations further north from Thunder Bay.
What’s your maximum LTV?
80% is our maximum LTV for 1st mortgage purchases and 75% for refinances. Our maximum LTV for 2nd mortgages is 75% for purchases and 70% for refinances.
However, the LTV approval will depend on the property location, appraised value, existing mortgages on the property, etc.
What are your rates and fees?
Our 1st mortgage rates begin at 8.74%. Our 2nd mortgage rates begin at 10.99%.
Click here for detailed information on our transparent rates and fees.
What types of properties do you lend to?
We lend on a variety of unique property types. Click here for more information on the various property types that we approve.
What are your minimum and maximum mortgage amounts?
Our minimum mortgage amount is $25,000. Our maximum mortgage amount is $1,000,000.
How quickly can you close a deal?
We can close deals in two to three business days, depending on the complexity of the deal and provided that an appraisal has been completed by a New Haven approved appraiser.
The solicitor(s) must have all pertaining documents readily available, such as: a recent tax certificate, existing mortgage information or discharge statement, draft transfer and statement of account, or other documents required to the deal specifics.
What platforms do you accept submissions through?
We happily accept submissions through Filogix, Velocity, BOSS, and Finmo (Lendesk). Please contact your BDM for more information on submission instructions.
Is there different pricing depending on the property?
The only time pricing differs is if a 1% premium is added for properties on well & septic, mortgage arrears, residential infill land, and small commercial/industrial deals.
Can I provide any appraisal? Who are your approved appraisers?
We require an appraisal on all deals. You must provide a recent appraisal that has been completed within 60 days. We have a list of approved appraisers who will be happy to assist your client in valuing their home. Contact us at 416-636-0000 for further details.
My client is looking for a discharge or information on their existing mortgage– who do I contact?
For any discharge inquiries, contact firstname.lastname@example.org.
My client is in arrears and looking to make a payment arrangement for their existing mortgage – who do I contact?
Our team at New Haven will try our best to work with you on a resolution to any arrears issues. We welcome you to contact email@example.com.