Client Comments
Thank you so very much for putting so much effort and time for helping us.

-DARIO & MORCIA S., OAKVILLE

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We were so happy that you were able to provide us with construction financing. The draw amounts work fine with our builder and we plan to refer anyone building a house. Thanks again.

-TOM & SHAUNA D., TORONTO

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Hi Joe

Just wanted to pass on our thanks again for all your help with securing our mortgage.

In hindsight, we would have to say that the entire process of buying for the first time went really well and we managed to avoid a lot of the headache and inconvenience that others seem to come across.

Certainly in regard to arranging our mortgage, things could not have been easier for us and we have you to thank for that.

Your patience and attention to detail was greatly appreciated.

All the best,

. Aghazzarian & L. Marino

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Truly Professional

Joe helped us out with our financing and all the questions we asked. The rates and service was excellent and he even came to our house to sign all the papers.

We have recommend him to our co-workers, friends and family.

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Mortgage Needed In a Hurry!

We needed to arrange something quickly and Joe Walsh was able to provide us with a commitment on the same day;

I would definitely recommend Joe.

A Satisfied Customer!

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We supplied Joe Walsh with all of the pertinent information and we were able to sit back and relax while Joe took care of everything.

He examined all of the possibilities and came up with one that best suited our needs.

Joe took all of the shopping and confusion out of the experience and made it simple for us.

We have used Joe several times in the past and will continue to do so in the future.

He is knowledgeable, professional, there to service quickly & promptly without the stress that normally comes along with this sort of decision

Private Second Mortgage

“We Place Private Second Mortgages On Residential and Commercial Properties”

A private second mortgage is by far the most common form of private lender financing as it is basically the fastest and easiest way to tap into equity of a property where a first mortgage currently is registered.

In most cases, the borrower would prefer not to disturb the first mortgage for a wide variety of reasons.

First, the mortgage interest rate may be very attractive and hard to reproduce in the current market if a new larger first was considered.

Second, even if better rates were available on a new first mortgage, there could be a substantial prepayment penalty to deal with to payout the existing mortgage, making a refinancing not cost effective.

Third, most private seconds are utilized for debt consolidation, so it may not be possible for the borrower to secure a similar first mortgage through refinancing due to strained credit and higher overall debt load.

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Fourth, regardless of the borrowers credit and financial profile, there isn’t enough time available to work through an institutional mortgage application for a new first or an institutional second mortgage.

Fifth, the use of money is very short term in nature such as a construction loan and doesn’t justify the time and cost that may be attributed to an institutional refinance.

Regardless of the scenario, private second mortgages have become more popular with borrowers and lenders. From a lender point of view, many private lenders will only provide private second mortgages on residential real estate for total loan to value ratios no greater than 65% to 75%. The loan amounts tend to be small and with loan security less than 75% in most cases, the chances for lender loss are very low. Private lenders that focus on construction financing, typically are providing private second mortgages against the property and may be reusing the funds over two times per year, providing a rate of return above 20% in many cases once the lender fees are taken into consideration.

Like any private mortgage, the key to getting the funding you require in place in the time you have to work with for the rates and terms you’re going to be comfortable with, is to work with an experienced mortgage broker with direct access to private lenders and a track record of placing private second mortgages.

If you need a private second mortgage, please give me a call so I can quickly assess your situation and provide relevant private mortgage options for your immediate consideration.

Click Here To Speak With Private Mortgage Broker Joe Walsh

Toronto Mortgage Broker

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