Step One:
First we seek out a low cost bank Mortgage approval. This is often the best option for those who enjoy healthy credit scores and sufficient easy to verify employment income.
If bank rate approval avenues are exhausted approvals from more flexible lenders, such as Aroi Mortgage Investment Corp., are sought. This increased flexibility does come at a higher interest rate.
Step Two:
Whether it’s $10,000 or $500,000 – Aroi is Your Best Private Lender Choice
Private lending Loan Examples*
FIRST MORTGAGE
Loan
Amount |
Monthly
Payment |
Interest
Rate |
Real Estate
Required? |
Term |
APR |
| $100,000 |
$1,122 |
12% |
YES |
1 Year |
25.6% |
| $300,000 |
$3,322 |
12% |
YES |
1 Year |
24.0% |
SECOND MORTGAGE
Loan
Amount |
Monthly
Payment |
Interest
Rate |
Real Estate
Required? |
Term |
APR |
| $25,000 |
$371 |
15% |
YES |
2 Years |
27.2% |
| $50,000 |
$715 |
15% |
YES |
2 Years |
24.4% |
*Disclosure on “Loan Examples” Above
Aroi’s intent is to always have full disclosure on all of our loan offerings. Borrowers are provided with all necessary disclosure prior to entering into any obligation. Our objective is to offer Canadian home owners an alternative to the banks and credit unions (not a replacement). Typically, you will find our rates to be higher than the banks; however, with this in mind, we are usually more efficient than the banks in getting you your money and may lend in situations where the banks (and other traditional lenders) will not. Once we have provided you with all necessary information, the decision will be left with you as to whether or not you wish to proceed with our offer. Thank you for your consideration. We look forward to speaking with you soon.
All of the above examples are for discussion purposes only. It is important the reader is aware that the examples may represent the lower priced range of our product offerings. Rates on our loans are subject to change and may vary (up or down) based on the equity you have in real estate, the state / condition / location of your real estate, your personal financial situation and the Canadian mortgage market. The examples are all based on interest only monthly payments (you may elect to pick an amortization period to pay off your loan sooner) in which the rate in year 2 increases to 14% and 16% for the first and second mortgages respectively. The Cash Advance in all of the loans above represents the net amount of money to be received. The “Gross Amount” for the $100,000 / $300,000 / $25,000 / $50,000 loans in the examples above are $112,200 / $332,200 / $29,700 / $57,200 respectively. The difference between the Gross Amount and Net amount represents closing costs which includes items such as legal fees, appraisals, brokerage fees, etc. (“Fees”). The APR will increase / decrease in the event of higher / lower Fees.
