Need Money? When the banks have turned you down…Come to GMIC…
We will meet or beat any private financing available…
Use the equity in your home!
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The Greyfriars Group of Companies was established in 1969, with the introduction of Greyfriars Mortgage Investment Corporation (GMIC) about 20 years ago. GMIC specializes in 1st & 2nd mortgage financing as well as residential construction financing. We lend primarily in the lower mainland and the Fraser Valley.
GMIC is an equity lender, our approval criteria is based on the Loan to Value (LTV) of the property to be financed. We do not require credit checks or confirmation of employment & income. Our interest rates are based on the LTV and type of property to be financed and are very competitive among private lenders. All mortgages are amortized over 25 years and have a 1 year term. Mortgages can be paid off at any time with no penalties. Our brokerage fees are among the lowest in the market place. In most cases approval is in place within 24 hrs.
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In years past, many saw their homes as a shelter of safety, yet today, they are more than ever before, willing to borrow against the equity owned in their homes to further their investment portfolios, get out of debt, send their children to university, make improvements to their home, or even boost their RRSP contributions. Where home equity was once sat upon, today it is often used to one's advantage.
Second mortgages are, by nature, higher risk than first mortgages. As such, they are tougher to qualify for and usually carry higher interest rates. For those who are self-employed or have poor credit, a second mortgage may be all but impossible to qualify for unless you have equity in your home.