You would like to invest in realty, whether it is for your main residence or for a rented dwelling, but traditional credit institutions refuse to give you a loan. Discover how to become a landlord with an alternative mortgage and how to protect your investment.
What is an alternative mortgage?
The private mortgage loan also called alternative lending may be given for the following situations:
- Banks or traditional lenders refuse to fund a property.
- Urgent financing need to take an opportunity, without putting its main property at risk.
- Refusal of the loan from traditional financial institutions due to a bad credit history.
- Need of a very short-term loan with simplified procedures.
- Have unjustifiable income that will make you lose a traditional loan eligibility.
Since traditional financial institutions seem very demanding, it is sometimes difficult to obtain a loan, especially if your revenue or savings do not meet some criteria. Therefore, the alternative mortgage is often the solution, at least temporary, to sub-standard financial situation.
In that way, there are several alternative mortgages enabling you to get a loan, a mortgage or a refinancing for your home.
- Savings with a mortgage broker
- Rental with option to purchase
- Private Loans
- Financing by the seller
APRIL Rental insurance
APRIL Rental offers various insurance solutions in order to protect your investment:
- The long-term rental insurance
- The short-term rental insurance, for properties rented on platforms such as AirBnB®
- The landlord occupied bachelors and multiplexes insurance
- The Vacant property insurance
- Student housing insurance
Because becoming a landlord is sometimes a life investment, APRIL has several insurance products in order to protect this investment and protect landlords from the risks they are exposed to:
Thanks to APRIL Rental, leave yourself time to focus on what matters the most as a landlord ! Discover the secrets of a successful landlord/tenant relationship.
A large number of people used an alternative loan to become property owners. New incentives are also implemented by the Government of Canada in order to ease the access to property. Therefore, APRIL is here to protect your investment, whether you have a standard mortgage or an alternative loan.