Accepted Financial Corporation (AFC) is a private lender that specializes in non traditional secured mortgages for those that can not qualify under the traditional policies of the banks.

If you are in need of a private mortgage or a home equity loan you have usually been turned down by the banks because of bad credit, low income, consumer proposal or bankruptcy. The first step to securing an AFC mortgage is to complete an application. This is no different than if you were applying to a bank for a mortgage. The credit committee will then consider the LTV (Loan to Value), bank statements, recent property appraisals, employment letters, and any other statements you can provide to show them why you and your property are a good investment for an AFC mortgage loan.

An AFC mortgage will only be a short term solution. Once you have demonstrated your ability to make your second mortgage payments on a timely basis, you may be able to go back to a traditional financial institution and qualify for a new first mortgage. Most financial institutions will look at your situation after about a year. A private mortgage may meet your needs until your situation improves and you can qualify for an institutional first mortgage.

Mortgages will be registered as a charge against real property situated within British Columbia. Loans are principally made where the property is located in the Greater Vancouver area, however, the company may consider other urban centres that satisfy the lending criteria. The overall loan to value ratio, including prior charges can not exceed 75%, however in certain circumstances, and pursuant to stringent criteria established by the credit committee, the loan to value ratio may be increased to 85%.

Mortgage funds are made available through private investors that pool their money into the company. Applications are made by individuals, banks and mortgage brokers to the company’s credit committee.