Private 1st, 2nd and 3rd Mortgage Financing in Ontario:

Tembo Financial is Ontario’s favourite non- traditional lender for all private first, second and third mortgages. Tembo Financial makes qualifying for a mortgage quick and stress free! Our priority is providing exceptional customer service and quick turnaround. If you are self employed, have bad credit, or just need a little more than the bank can offer you, Tembo Financial can assist with any first, second and third mortgages in Ontario*

1st, 2nd and 3rd mortgages for Self Employed Homeowners in Ontario

Self-employment continues to grow in popularity, clients who run their own businesses are finding it increasingly difficult getting the necessary approvals from the big Canadian banks. At Tembo Financial, we are able to say yes when the banks tell you no with exceptionally fast service and flexible terms. *

Why get a 1st, 2nd and 3rd mortgages:

Ontario homeowners take out First, Second and Third  mortgages for a variety of reasons. Some include: Completing interior or exterior renovations, putting a deposit on a new property, consolidating high interest debt and even paying for a child’s post-secondary education. When homeowners are juggling too much debt, it negatively impacts their credit scores making it extremely difficult to get banks to refinance their mortgages. Utilizing a 1st, 2nd and 3rd mortgage for debt consolidation could allow a home owner to save money on monthly payments while potentially increasing their credit score before a refinance. *

Example of using a 2nd mortgage for Debt Consolidation:

Here is an excellent example that explains how clients with bruised credit can leverage a second mortgage from a private mortgage lender in Ontario.

Tembo was approached by a client interested in refinancing their mortgage. The end goal of this refinancing was to pay off high interest credit card debt and completing renovations in their basement.

Our client was unable to work to their full capacity as they were caring for elderly parents. As a professional in an industry that regularly meets with clients face to face working from home was not really a realistic option.

For a number of reasons, the clients credit took a big hit and stood in the mid to high 500s so our team knew that no bank or B lender would approve their refinance at this time.

They reached out to Tembo Financial as they knew we could come up with a quick and creative solution to get them back on track! Sensitive to the difficulty they were going through, Tembo provided a second mortgage for enough funds to pay off all their debt and complete the renovation work they desired. Keeping in mind the cash flow concerns, Tembo included a prepayment reserve to reduce the amount of out-of-pocket expenses to the family.

Fast forward to today, with the loan approaching maturity, the clients credit score has substantially improved, well into the high 600s and carrying absolutely no debt except for their first mortgage and the second mortgage.

The mortgage provided by Tembo will now allow for the client to get refinancing with a bank.

This real-life example explains one of the many benefits of working with a private mortgage lender in Ontario like Tembo Financial and how leveraging a second mortgages can help improve a homeowners credit score.

Lending Areas:

We lend all across Ontario, including: Ajax, Arnprior, Barrie,  Bracebridge, Bradford, Brantford Belleville, Burlington, Brampton, Caledon, Cambridge, Collingwood, East Gwillimbury, Erin, Fort Erie, Guelph, Goderich, Gravenhurst, Grimsby, Hamilton,  Halton Hills, Huntsville, Ingersoll, Kawartha Lakes, Kingston, Kitchener, London, Markham, Mississauga Milton, Mono, Newmarket, Niagara Falls, Oakville, Orillia, Ottawa, Orangeville, Pelham, Pickering, Peterborough, Prince Edward County, Richmond Hill, Sarnia, St Catharines, St. Thomas, Toronto, The Blue Mountains, Vaughan Wasaga Beach, Whitby, Waterloo, Whitchurch- Stouffville, Windsor.