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2nd/3rd Mortgage

Need a Private Loan with flexible lending criteria and negotiable terms? Need it done fast? A Private 2nd or 3rd mortgage may be the answer you were looking for.

Get a 2nd or 3rd Mortgage:

  • Get a first-time mortgage, even when banks say no!
  • Use your home equity to consolidate debts
  • Refinance without paying huge penalties at the bank
  • Poor credit? Trouble proving your income? No Problem!
  • Pay off collections, proposals, tax arrears, leans, and judgments.
  • Financing Luxury Properties
  • Renovations for resale

 

CASE STUDIES:

STUDY 1: Consolidate Debts

Home Value:$850,000
Current Mortgage:$300,000
Need: $312,000

Challenge


Client had excessive credit card debts at an approximate interest rate(*APR) of 19.99%

 

Excessive debts made it hard to make ends meet

The penalty for refinancing early was estimated at over $7,500

The clients were in business for themselves and have trouble verifying their income

Burdened by their debts, the clients were unable to pay their income tax in time

Solution


2nd mortgage for $312,000

 

Easily manageable payments of under $ 1$818 per month

Paid off all outstanding credit card debts

Allowed the clients to regain their financial footing and get back on track.

 

STUDY 2: Huge Penalty for Refinancing


Home Value: $600,000
Current Mortgage: $400,000
Need:  $50,000

Challenge

Clients’ home needs renovations

 

Their bank is imposing an early refinancing penalty of over 13,000

There are 2 years left on the current mortgage term and the home needs attention now

Solution

2nd mortgage for $ 50,000

 

Monthly payment of under $ 375 on a 2 year term

By maturing both mortgages simultaneously, the clients will refinance at term’s end and avoid penalties

 

STUDY 3:Credit / Income Troubles


Home Value: $420,000
Current Mortgage: $280,000
Need: $35,000

Challenge

Clients own a small family business that they acquired a couple of years ago

 

A recent family emergency took them overseas for several months leaving a few of their financial obligations unattended and triggered a dispute with a telecommunications provider

Upon returning to work the clients found themselves in need of a loan to get their affairs back on track.

Solution

2nd mortgage for $ 35,000

 

Monthly payment of under $ 292 on a 2 year term

The loan gave the clients’ business a needed jumpstart

 

STUDY 4: Pay Tax Arrears


Home Value: $1,200,000
Current Mortgage:$300,000
Need: $400,000

Challenge

At the end of a painstaking audit, the client was left with huge tax bill

 

Overwhelmed the client went to the bank, only to learn that banks are reluctant to lend to people with tax arrears

The government placed leans against the client’s home and began garnishing the clients income despite his business being incorporated

Dealing with tax authorities while trying to run a business was too much for the client to handle alone and his business began to stumble

Solution

2nd Mortgage for $ 451,000

 

An additional $ 10,000 was lent to cover legal and accounting costs

Payments were taken upfront and made part of the loan

Garnishments and leans were removed

The client could focus on restructuring his business and was able to approach banks for credit once again

 

STUDY 5:Renovations for Resale


Home Value: $750,000/$832,000
Current Mortgage: $600,000
Need: $42,000

 

Challenge

Knowledgeable realtor recommended that her client sell their home in a lucrative neighbourhood

 

An older property in a family oriented area, the client stood to gain from selling a renovated house

A cosmetic lift required around $ 45,000

Solution

2nd mortgage for $ 42,000

 

A completely open term to help reduce costs of sale

Realtor’s experience and our short term loan helped the client make more on their home

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Testimonials
  • In the same week a freak storm took out my sunroom and car with a fallen branch. My insurance wouldn’t cover it and I didn’t know what to do. Benson offered me rates I could actually afford, and provided me with the loan I needed with almost no questions asked. What a life-saver!
    Anthony P.,
  • With my credit history haunting me I didn’t think that I would ever be able to build my equity back by owning my own home. I got referred to Benson through a friend and after sitting down for a very detailed financial conversation I walked away with a private 2nd easily manage. Thanks to the whole Benson team!
    Mark T.,
  • I just want to thank you for hooking me up with a comprehensive and affordable quote for my mortgage. You have made it very easy for me to make a decision and save thousands of dollars on low-rate mortgages.
    Linda K., Toronto, Ontario
  • I am so grateful to you guys. I just cannot thank you enough for the job you did on my mortgage. I am not sure how you did it but the interest rate you got me is even better than my bank offered me. Excellent job!
    Mrs. Svetlana K., North York, Ontario
  • Understanding all of the current rates and legal issues with buying our first home was overwhelming before we came to Benson. They sat down with us and took the time to explain everything in terms we could appreciate and understand. They alleviated the stress we were feeling and allowed us to get approved for our dream home when we thought it was impossible. Much gratitude, we would highly recommend them!
    Kate & Charles D.,
  • Thank you so much for helping me and my family. You did something no one else could - found me a rate that was optimal to my employment status. I never knew that comparing mortgage rates was this easy!
    Paul T., Richmond Hill, Ontario
  • In the same week a freak storm took out my sunroom and car with a fallen branch. My insurance >wouldn’t cover it and I didn’t know what to do. Benson offered me rates on construction financing that I could actually afford, and provided me with the loan I needed with almost no questions asked. What a life-saver!
    Anthony P.,
  • The flexibility and support Benson offered us for our commercial development investment was impressive. We were able to secure the funds we needed with minimum hassle, and the payment plan they structured for us fits precisely with our business model. They offered us far more flexibility than we could have found working with any bank on this construction project
    Micheal P.,
  • I just wanted to pass along a big thank you as I was very impressed by the level of service I received from Benson Mortgages. I will definitely recommend you to everyone I know!
    Andrew J., North York, Ontario
  • My wife and I would like to personally thank you for the great service you and your company has provided us with regards to our mortgage needs. We previously signed up with big bank insurance company for many, many years.
    Eugene and Ann L., Thornhill, Ontario
  • Refinancing our home with Benson was one of the best financial decisions we ever made. We paid off thousands in credit card debt, added on a new deck, and only increased our regular monthly mortgage payments by $200! The amazing interest rate that these guys negotiated for us took the stress out of the over 18% interest rates on our credit cards! I cannot thank you enough for the feeling
    Dan G.,
  • With my credit history haunting me I didn’t think that I would ever be able to build my equity back by owning my own home. I got referred to Benson through a friend and after sitting down for a very detailed financial conversation I walked away with a private mortgage in hand, with payments I could easily manage. Thanks to the whole Benson team!
    Mark T.,
  • I experienced such great customer service! Benson made it easy for me to get the help I needed and explained everything to me in a completely transparent manner. Clearly if you are in a situation where you need this service, you’re incredibly grateful for any kind of stress reduction and to have professionals on your side that are truly helpful.
    Kim H.,
  • I was impressed at how quickly my pre-approval went through. The level of service and rate info was outstanding, much better than dealing with a bank directly.
    Alex, Vaughan, Ontario
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