{"id":5634,"date":"2025-09-19T09:30:05","date_gmt":"2025-09-19T14:30:05","guid":{"rendered":"https:\/\/solutionshypotheques.ca\/?p=5634"},"modified":"2026-04-06T14:30:56","modified_gmt":"2026-04-06T19:30:56","slug":"refinancing-from-a-private-lender-anna-kids","status":"publish","type":"post","link":"https:\/\/solutionshypotheques.ca\/en\/case-studies\/refinancing-from-a-private-lender-anna-kids\/","title":{"rendered":"Refinancing from a private lender Anna & kids"},"content":{"rendered":"\t\t
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Anna\u00a0is\u00a0a proud immigrant to\u00a0Canada.\u00a0She worked hard in her country\u00a0of\u00a0origin\u00a0and\u00a0decided to settle here in Quebec. When she\u00a0arrived, she bought a duplex in cash to move in with her 2\u00a0adult\u00a0children and their\u00a0respective\u00a0spouses.\u00a0<\/span>\u00a0<\/span><\/p>

Life was good for many years.\u00a0When\u00a0she retired, her income\u00a0dropped considerably. The\u00a0property\u00a0is\u00a0now\u00a0starting to need some work,\u00a0and she would like to refinance. Unfortunately,\u00a0she\u00a0does not have a good enough\u00a0credit\u00a0rating\u00a0to refinance. In addition,\u00a0her\u00a0children have accumulated debt over the years, making it difficult to\u00a0use them as co-borrowers.\u00a0She and her children begin\u00a0looking online\u00a0for a private lender, which at first glance will allow them to pay off their debt and do the necessary work.<\/span>\u00a0<\/span><\/p>

The\u00a0private\u00a0lender\u00a0provides\u00a0a loan of $350,000 on an assessed property\u00a0value of $500,000 and prepays them for a full year, at a rate of 12%. They are happy!\u00a0No payments for the\u00a0entire\u00a0first year,\u00a0which will allow them to breathe easy for some time!\u00a0Then, the end of the term comes\u2026\u00a0<\/span>\u00a0<\/span><\/p>

Anna\u2019s son had a cut in\u00a0his work hours\u00a0and his credit rating did not increase enough to allow him to be refinanced with a bank. They\u00a0must\u00a0renew with the lender, pay a renewal\u00a0fee\u00a0and\u00a0start making the monthly payments, which are now $3500 \/\u00a0per month!<\/span>\u00a0<\/span><\/p>

Even\u00a0when combining the earnings of\u00a05\u00a0adults, payments, food, gas, electricity,\u00a0taxes,\u00a0and kids,\u00a0it’s\u00a0hard to\u00a0sustain this sort of payment.\u00a0At last,\u00a0Anna reaches out to us for help.<\/span>\u00a0<\/span><\/p>

Here is what we were able to do\u00a0for\u00a0her:<\/span>\u00a0<\/span><\/p>

  • Refinance property with one of our alternative\u00a0B\u00a0lenders\u00a0at 75% of the value.<\/span>\u00a0<\/span><\/li><\/ul>
    • First mortgage of\u00a0$ 375,000<\/span>\u00a0<\/span><\/li>
    • Rate of 5.75%<\/span>\u00a0<\/span><\/li>
    • Amortized over 30 years\u00a0<\/span>\u00a0<\/span><\/li>
    • With payment in\u00a0<\/span>principal and interest<\/span>.<\/span>\u00a0<\/span><\/li><\/ul>

      With this new arrangement, we were successful in reducing the\u00a0monthly payment\u00a0to\u00a0$2,175\u00a0per month, a savings of $1,325\u00a0per month\u00a0and the mortgage balance\u00a0gets reduced with every payment.<\/span>\u00a0<\/span><\/p>

      Overall, this is\u00a0a\u00a0great\u00a0outcome for our\u00a0Anna and her children!\u00a0<\/span>\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

      Anna\u00a0is\u00a0a proud immigrant to\u00a0Canada.\u00a0She worked hard in her country\u00a0of\u00a0origin\u00a0and\u00a0decided to settle here in Quebec. When she\u00a0arrived, she bought a duplex …<\/span><\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[76],"tags":[],"class_list":["post-5634","post","type-post","status-publish","format-standard","hentry","category-case-studies"],"acf":[],"yoast_head":"\nCase Study: Refinancing a Private Mortgage | Solutions Hypotheques<\/title>\n<meta name=\"description\" content=\"Case study: refinancing from a private lender to improve financial stability and reduce costs. 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