If you have been let down by your bank or need money to pay for a sudden large event or unexpected debt, or if you have bad credit and are having trouble getting a loan then a private mortgage lender may be your best bet. Your problem may be solved by getting a short term mortgage or bridging loan.
What is a short term mortgage or bridging loan
A bridging loan or bridge loan, also known as bridging finance is a personalized mortgage solution from a private mortgage lender to help consolidate several debts or solve a particular debt or financial need especially for Canadians who have credit issues with Banks.
If your house is used for security the bridge loan would be called a Short Term Mortgage. Working with a private lender can have the added benefit of being the first step in repairing a damaged credit rating and pave the way later for getting credit from a Bank. It may also be helpful to people new to Canada who have not yet established good credit in this country.