If you are a broker then Approved Mortgage has extensive experience supporting brokers with private mortgage deals. Below are some of the reasons why we are the right choice for your brokerage needs.
- Quick response! We will have answers for you within hours, no hassle, no fuss, even if it is a no, we will tell you as soon as possible so that you can advise your client. Because we are the lender, we can provide this quick service. Unlike others who have to go to boards, upper management or investors, we skip all that and get your answers immediately!
- Simple Approvals! We do not add a tonne of conditions to our approvals. Unlike some lenders who bog you down with numerous conditions, all we ask for is the signed commitment and current 1st mortgage statement confirming the balance owing. (In rare cases, we ask for a few more items, but this is very rare).
- No Appraisals! Because of the tools and experience that we have in lending and the Calgary market, we do not require appraisals. (Outside of Calgary by more than 30 miles requires appraisals). This is very important for your clients because most of them do not have the money to pay for an appraisal up front, and then the time it takes to get the appraisal report, and then to have the lender say no, can be tough for your clients. We do the inspection ourselves, so no up front cost to your clients. Plus, if for any reason the deal does not proceed, the clients have not paid the cost of the appraisal so you do not have an angry client on your hands who has paid hundreds of dollars for an appraisal and received no financing.
- Quick Funding! Most clients that require private financing, require it immediately. Because the funds are in house, we are not waiting on investors or boards to forward the money. Within 48 hours of the inspection, the client has signed and the lawyers and received their money. Making them extremely happy to be out of their stressful situation. No waiting for weeks for the deal to close.
- We pay you immediately! As soon as the deal funds, a cheque is sent to your brokerage.
- There are no delays with us, we want to pay you quickly.
AFTER THE DEAL IS CLOSED
A lot of brokers are concerned with what happens to their clients once the deal is done. With
Approved Mortgage, you do not have to worry. Because the funds are ours, the mortgage stays
with us. We do not sell off our mortgages, they are all serviced through Approved Mortgage.
Some of the other advantages with Approved Mortgage are:
- We are the lender! Because we are the lender, you do not have to worry about who is dealing with your client. It is us, so you can rest assured that we are professional and treat everyone with respect.
- Our renewal fees are only $395.00. We are not the type of lender who charges really big fees at renewal. We are here to help the client, and feel that if they have to renew after a year, then we do not want to punish them by charging them big fees again.
- We do not increase the rates (in most cases) upon renewal, Nor do we believe in increasing the clients payments at renewal. The idea of private financing is to fill a short term need, and causing undue hardship to the client at renewal is not beneficial for them or us.
- We compound semi-annually, not monthly. This saves the clients substantial interest every year.