There’s nothing more discouraging than being declined for financing by a bank, especially when you have people counting on you at home. We’ve all been there, one minute you’ve got everything under control, next minute you’ve got a pile of overdue bills and a steep mortgage payment with no solution in sight. If you’re in this situation, don’t panic, there is a solution, it’s called B-Lending. Here’s what you need to know about the benefits of B-Lending and how it can help you climb out of a very dark hole with your pride intact.
When you’re stressed out and you've just been declined by a bank, you might find yourself willing to try anything to fix the problem. At this point some people start making bad decisions like seeking money from a short-term lend or applying for a payday loan. These types of loans can be ruinous and most of them are designed to make things even worse. The risk, like the interest rate, is exceptionally high.
B-Lending on the other hand, is comparatively less risky and more advantageous. It’s the perfect balance between the bank loans that you can’t get and the short-term loans that you shouldn’t get. B-Lending refers to subprime loans which are loans that you can qualify for even if you have bad credit. This is your way out, B-Lending can give you the big break that you’ve been looking for and help you take control of your life.
Mortgage Lending Vs. Borrowing From a Bank
People living in Greater Vancouver and the Lower Mainland that need access to funds for any reason from financing renovations, a large or unexpected expense, purchasing a second property, consolidating debt, for emergency purposes, etc. can benefit from private mortgage lending.
Compared to a financier that offers private mortgage and home equity loans, banks are much more strict. A bank’s qualification requirements are comparatively much more rigorous and people who are already struggling financially are typically denied access to additional funding.
Overall, there are some pretty spectacular advantages to private mortgage lending, especially for borrowers that are self-employed, have bad credit, or both. Let’s take a look at some of the most popular and advantageous finance options that mortgage lending makes possible for the people that banks have unceremoniously turned away.
The Advantages of Home Equity Loans
When you can’t make the payments on multiple debts and the walls are closing in, a home equity loan can be your new best friend. These loans can be used to free up cash that’s tied up in the value of your home. That’s cash that you can use to dig your way out, not to mention, you’ll get a substantially better interest rate!
For example, say you’re self-employed with an auto loan and a few credit cards. Due to a family emergency you run up the balance on your credit cards until you’re overextended, then business slows down, you’re not taking as much money in as usual and the bank is itching to take both your home and your vehicle away from you in one fell swoop.
Now you’ve got a right financial mess with multiple payments and no money to pay them. What do you do? The smart thing to do in this situation is to apply for a home equity loan from Silver Hill Mortgage.
A home equity loan works like this - you borrow money against the value of your property and use it to consolidate all of your outstanding debts into one neat little loan with a better interest rate. You’ll have one loan, one payment, and a lower interest rate, it’s that simple!
How Second Mortgage Loans Can Save Your Skin
For folks who've got their backs pressed up against the wall and are struggling to keep up with the high payments on their mortgage and other debts, a second mortgage just might be the solution you’ve been looking for.
A second mortgage is kept separate from your original mortgage as an independent loan. You can leverage a second mortgage to access up to 75% of the value of your home. People who are struggling to keep up with their mortgage payment and are facing the brink of foreclosure can solve all of their problems at once with a second mortgage from Silver Hill Mortgage.
Taking out a second mortgage can help you avoid defaulting on your original mortgage and subsequently skirt the blood-curdling penalty fee. If you’re self-employed, odds are you’ve had trouble getting approved for any additional financing from a bank. They tend to be rather stingy that way. Mortgage lenders like Silver Hill Mortgage aren’t so stingy, we value your business and we work with people that are self-employed or have bad credit.
Welcome to Silver Hill Mortgage, Where Your Financial Needs Are Met
Silver Hill Mortgage Corp. provides private and institutional mortgages for distressed homeowners who have been declined by a bank. These loans can be issued for virtually any purpose, circumstance, or property type. Silver Hill Mortgage works with customers all across the beautiful province of British Columbia (from Victoria and Nanaimo, to Kelowna, Abbotsford, and the rest of interior BC) and specializes in private mortgage financing solutions. Unlike banks we don’t pressure our customers, we have the knowledge and integrity to serve you better and help you achieve your financial goals.
The bank didn’t want your business, but we do, and we’ll earn it! If you’re running out of options and need to get your hands on some capital on the quick, get in touch with us at Silver Hill Mortgage. Life is too short to succumb to the stresses of finance - we’re here to help.
Tired of getting rejection letters from the bank and staring at piles of overdue bills? It’s time to call Jim at 604.620.2697 - help is just a phone call away!
Silver Hill Blog
Jim Horvath is the principal broker and director of Silver Hill Mortgage Corp., arranging mortgage loans for over 25 years.