A private loan works in similar ways to a bank loan, excepting that it comes from a private institution or individual, rather than one of Canada’s chartered financial institutions.

One of the big differences with a private lender is that they don’t departmentalize every application which results in a lot less red tape. A private lender is usually able to assess a loan very quickly and have a faster closing schedule and funding time. A transaction can be closed in a matter of days, while a bank must process your files through many different departments before getting an approval.

Standard Financing is easily obtainable. However if you’re situation is outside the Standard Bank Model acquiring the money you need for a project becomes next to impossible. This is where TempBridge can help.