What is a private mortgage?

Private Mortgage
A private mortgage refers to a loan, secured by real property, provided by an individual or a private entity, rather than a traditional financial institution like a bank or credit union. Here are some key features: Lending Source The lender can be a private individual, a group of investors, or a private lending company like a MIC (Mortgage Investment Corporation). Terms and Conditions Private mortgages often have more flexible terms compared to traditional mortgages. They can v...
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What is a MIC?

MIC Mortgage Investment Corporation
A Mortgage Investment Corporation (MIC) is an investment vehicle that pools funds from investors to provide mortgage loans, primarily focusing on real estate borrowers who may have difficulty obtaining financing from traditional banks. MICs are regulated under the Income Tax Act and must distribute a substantial portion of their income to maintain tax-exempt status. Benefits of Borrowing from a MIC: Accessibility MICs often cater to borrowers who may not meet the stringent criteria of ...
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Testimonial: DML

We have been dealing with Andy for several years now and he is great to work with. Andy is a true professional who always has our best interests in mind. He handles our transactions promptly and efficiently and is always thorough. Thank you Andy, we appreciate what you do for us and look forward to working with you again soon! DML (Private Mortgage Investor) Mississauga, Ontario
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