Private mortgage financing in Sherbrooke

Sherbrooke is a university city, and a large share of its housing stock is made up of rental units. Many owners live in one unit of their plex and rent out the others. On the outskirts, there are also properties on large lots, which lenders don't assess in the same way.

The solutions FERRES can explore:

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

• a plex owner who wants to fund renovations between leases, without waiting for the mortgage to mature;
• an investor whose bank refuses to increase financing despite the building's equity;
• an owner-occupant who has built up debt and wants to reduce monthly payments;
• a property on the outskirts (well, septic system, large lot) that a bank is reluctant to finance.

For an income property, equity can be used to fund work that improves the building. For a rural property on the outskirts, the lender will look closely at resale value, which depends on the local market: some private lenders are more active in large centres than in rural areas, which is why it pays to target the right lenders from the start.

Debt consolidation secured by your property can combine credit cards, lines of credit and personal loans into a single payment. We always compare the total cost with that of your current debts before recommending this route.

Refinancing a plex to fund work or free up equity is a frequent request in Sherbrooke. When bank refinancing isn't possible, a second mortgage can fund the work while keeping the current mortgage.

A 60-day prior notice on an income property or on your home calls for a quick response. Send us the complete notice: we calculate the amount required and check whether financing can remedy the default before the deadline. 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.

For an income property, have the leases and the rent roll ready. For a rural property, documents about the well and septic system may be requested.