Expansion aims to address unique demands of private lenders and construction projects
Toronto-based mortgage brokerage Mortgage Intellect has announced expanding its offerings with private mortgages and construction loans.
Recognizing the limitations of traditional lending, Mortgage Intellect has added flexible and customized private mortgage options to its product suite. These private loans are designed for real estate investors or individuals seeking financing solutions that do not meet conventional lending criteria.
Mortgage Intellect also specializes in construction loans, which cover all stages of the construction process – from initial land acquisition and planning to the final completion of the structure.
“Our mission at Mortgage Intellect extends beyond mere loan facilitation; we aim to empower our clients to make knowledgeable financial choices,” Mortgage Intellect founder Madyar Pahlevan said in a press release. “This mission is achieved through cutting-edge technology and customized service, ensuring that each client’s financial needs are met with expertise and care.”
The specialized lender, which caters exclusively to 'B' and 'C' lenders and clients with unique needs, said it offers expert guidance throughout the loan process.
"Our goal is to be partners in our clients' financial success, beyond just the transaction," Pahlevan added.
Private lenders fill the void
The importance of alternative lending solutions in the mortgage market is becoming more evident.
With tightened lending conditions leaving many borrowers unable to qualify for institutional and bank mortgages, private lenders are playing a crucial role in filling this gap, according to James Grantis, director of investments at Hosper Mortgage.
"In terms of the market right now, we're definitely still seeing an increased need for private solutions as interest rates remain elevated," Grantis told CMP in a recent interview.
Two years ago, many brokers who had typically dealt with bank clients were having to turn to private lenders and mortgage investment corporations (MICs) - a trend Grantis said is continuing.
"The longer we see this need for private solutions, the more comfort brokers are getting in directing their clients to firms like Hosper,” he said. “They are not only becoming familiar with the closure process and requirements of private mortgages but are also appreciating the convenience they offer."
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