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Find A LenderVictoria Financial: Overview
Founded in 2013, Victoria Financial was established to address a common challenge faced by homeowners: securing mortgage financing based on the net equity of their property. Victoria Financial, a private mortgage lender, allows homeowners to access their equity without the need for complicated bank applications, offering a straightforward solution.
With a streamlined process and flexible criteria, Victoria Financial expands credit access for Quebec homeowners. Additionally, using advanced appraisal tools, they process applications within 24 hours, allowing mortgages to be notarized in as little as one week.
Our Review/Verdict
| Who is Victoria Financial best for? | – Homeowners with equity in their homes – Homeowners who can’t qualify with the bank due to income or credit issues – Homeowners who want a quick and simple application process |
| What we like about Victoria Financial | – No income or credit requirements – Approval is based on the equity in your home – Diverse property financing – Personalized service – Document assistance |
| What we don’t like about Victoria Financial | – Must speak to a specialist to complete application – Property appraisal needed, for $225 if loan is accepted – Only available in Quebec |
What Does Victoria Financial Offer?
Victoria Financial provides tailored financing solutions in Quebec for various properties, including single-family homes, condominiums, multi-unit buildings, and even land.
They specialize in consolidation loans to simplify financial obligations into a more manageable form. Additionally, if any documents are missing, a mortgage specialist will assist in obtaining the necessary paperwork.
Once a request is accepted, clients receive support from a member of the highly qualified Victoria Financial team of mortgage specialists.
Private Mortgage For Acquisition Or Refinancing
If you’re looking to finance a new property or refinance one you already own, you can do so with Victoria Financial. The amount you can finance for a first mortgage loan with Victoria Financial ranges from $25,000 to $1,000,000, with a cap of 75% of your property’s market value.
As a private lender, Victoria Financial does not consider your credit score or income. Instead, approval is based on your property’s market value. However, as mentioned, financing is limited to a maximum of 75% of the property’s value.
Are You Eligible?
To be eligible for this loan, you must meet the following criteria:
- The property you want to finance must be a single-family home, condominium, commercial building, income property, or vacant lot.
- The property must be located in an urban area with available services.
- The required financing amount must be 75% or less of the property’s value.
Second Mortgages
A second mortgage can help cover unexpected emergencies, debt consolidation or large expenses such as home renovations. With a second mortgage, you’re taking an additional loan on your property. With Victoria Financial, you can get between $15,000 and $500,000. However, your current mortgage and second mortgage must not exceed 75% of your property’s value..
Are You Eligible?
To be eligible for a second mortgage with Victoria Financial, you’ll need to meet the following criteria:
- The property you wish to finance must be a single-family home, condominium, commercial building, or income property.
- The property must be located in an urban area with available services.
- Your second mortgage and current mortgage combined must equal 75% or less of the property’s value.
Example: If you have a property valued at $600,000, with a mortgage balance of $200,000, you can borrow $250,000.
Loans For Real Estate Investors
If you’re a real estate investor who needs to purchase property quickly and wants to avoid the traditional requirements required by banks, Victoria Financial can help. Their financial solutions are designed to help real estate investors looking to purchase multiple properties quickly or flip properties.
You can borrow between $25,000 to $1,000,000.
Are You Eligible?
To be eligible for this loan, you must meet the following:
- The property you want to finance must be a single-family home, a condominium, a commercial building, an income property or a vacant lot.
- The property must be located in an urban area with services.
- You must have a down payment of 25%.
| Loan Amount | $15,000 to $1 million (financing capped at 75% of the property value) |
| Interest Rate | Starting at 12% |
| Term Length | Up to 36 months (3 years) |
| Services | Only available for residents of Québec |
Qualifying With Victoria Financial
Victoria Financial Provides comprehensive loan solutions tailored to a variety of property types, including single-family homes, condominiums, multi-units, commercial properties, and land.
To qualify for a loan, applicants must provide :
- Two pieces of identification
- Proof of home insurance
- Certificate of location
- Mortgage statements from existing creditors
Once a request is accepted, a mortgage specialist will reach out to discuss the most suitable financing options for consolidation, ensuring a personalized and efficient lending process.
How To Apply With Victoria Financial
To apply, start by gathering the necessary documents.
Then you’ll need to:
- Submit Application: Apply online by submitting your information
- Document Review: Review documents and get assistance with missing items.
- Consultation: A mortgage specialist will contact you to discuss financing options.
- Receive Offer: Review and accept a tailored loan offer.
- Property Appraisal: In-house appraisal, fee of $225 if you proceed with the financing.
- Finalize Loan: Complete the paperwork and sign the mortgage at the notary office.
- Funding: Receive funding as per the agreed terms.
What We Like About Victoria Financial
We appreciate their quick turnaround—applications are processed within 24 hours and mortgages are notarized in under a week. The company offers flexible financing for a variety of properties, including homes, condos, commercial spaces, and land.
Their personalized service stands out, with mortgage specialists helping clients through the paperwork and finding the best loan options. Plus, the emphasis on consolidation loans helps homeowners streamline their finances, making them a strong choice for those looking to manage their financial commitments more efficiently.
Other Benefits Of Victoria Financial
Low Requirements: Credit qualification, proof of income, and complex paperwork can be avoided when you apply with Victoria Financial. Approvals are based simply on the equity in your home.
Any Credit Accepted. Victoria Financial has no minimum credit score requirements. Approval is based on the net equity in your home.
No Impact On Your Credit. When you apply, you’ll get an obligation-free quote that will not affect your credit score.
What We Think You Should Watch Out For
While Victoria Financial offers great mortgage solutions, there are a few key considerations to be aware of. As a loan, it comes with interest, which means borrowers need to manage their repayments carefully. To avoid issues, you can request a prepaid interest loan, which means the interest for the term will be deducted from the loan amount, eliminating the need for monthly payments.
Additionally, there is a $225 fee for property appraisals (which adds to the overall cost of the loan) and a lender fee of 3% of the loan value (fees are deducted from the loan amount). Being mindful of these factors will help ensure a smoother borrowing experience.
Is Victoria Financial Safe?
Victoria Financial ensures your personal information remains confidential by using 256-bit encryption and SSL (Secure Sockets Layer). If you’d like to know more about how your information is treated, please read their privacy policy.
If you prefer to speak to someone, they can be contacted via email, phone or in person at your house.
What Do Consumers Think Of Victoria Financial
| Google Rating | 4.9 Stars out of 262 reviews |
| Social Media Presence | X |
| Physical Location (office) | Montreal (Head Office) 6683 Jean-Talon Street East, Suite 221 Montreal, Quebec H1S 0A5 Quebec City 86 Saint-Louis Street Quebec City, Quebec G1R 3Z5 Laval 2820 Saint-Martin Boulevard East, Suite 201 Laval, Quebec H7E 5A1 |
How Does Victoria Financial Compare To Home Trust
| Victoria Finance | Home Trust | |
| Loan amount | $15,000 to $1 million (financing capped at 75% of the property value) | $100,000 (financing up to 80% of the value of the property) |
| Interest rate | Starting at 12 % | 6% to 9%. |
| Repayment terms | Up to 3 years, interest only | 6 months to 5 years. |
| Service Offer | Residential and commercial mortgages, second mortgage, debt consolidation and real estate investment. | Fixed and variable rates, as well as home equity lines of credit. |
| Document requirement Minimal | Minimal | High (similar to banks) |
| Turn around | 4 to 10 days | 1 month |
Bottom Line
Victoria Finance offers a solid option for private mortgages in Quebec. While their rates are higher than traditional banks, they provide valuable solutions for borrowers with unique needs and credit challenges. Providing crucial services for those requiring more accessible or customized lending solutions. Their approach is particularly beneficial for individuals or businesses with unique financial situations, where traditional lending options might fall short.
