Archive Monthly Archives: September 2010
London Private Mortgage
“Let Us Help You With Your London Private Mortgage Needs”
We have London private mortgage lenders that are both individuals and larger corporations focused on placing private mortgage financing into the local market place.
Our focus for private mortgage lending is in the Southwestern Ontario area in order to make sure that we have sufficient sources to cover whatever needs our clients may have.
London private mortgage lending, like in most other areas, is going to be somewhat dependent on the amount of financing required, the type of property, and the exit strategy for repaying the private lender at the end of the loan term.
The primary applications for private mortgage loans are construction financing, bridge financing, and distress situations. Like bank mortgage financing, the interest rate is related to risk and as the risk level of a potential financing application goes up so does the cost of borrowing.
Most private mortgages are for a one year interest term, although lenders will look at two or more terms and some will even consider an amortization repayment schedule to allow you to pay down the principal.
London private mortgages are also getting more popular with solid commercial property opportunities where the potential borrowers do not want to risk running out of time closing a real estate purchase or missing an important deadline requiring a cash trying to close a commercial mortgage deal through the conventional banking system.
One of the keys to successfully locating and securing a private mortgage in the time you have to work with and the rates and fees you’re after is to work with an experienced commercial mortgage broker who can get you working with a relevant private lender that is not only interested in your deal, but can provide funds that meet your target requirements.
While there are more and more mortgage investment corporations that you can work with directly, private mortgage lending is still mostly provided by individual lenders that access the market through mortgage brokers. And even though most mortgage brokers will claim to have access to private funding, they may only be working with one lender or mortgage corp, or working through another mortgage broker.
In either event, the chances of getting a good lender match in the time available is going to be low.
If you need a London private mortgage, I suggest that you give me a call so I can quickly assess your situation and review relevant private mortgage financing options for your immediate consideration.
Uxbridge Commercial Property Loan
“We Help Our Clients Locate and Secure Uxbridge Commercial Mortgage Financing”
Uxbridge commercial mortgage financing can come from a wide variety of bank and private mortgage financing sources. Each lender tends to have their own programs and funding interests which are always subject to change without notice. So the change for a borrower at any given point in time is to quickly zero in on the commercial property lenders are are capable and willing to finance their particular deal for the rates and terms being sought.
This can be no small task, especially in the aftermath of the latest recession which has left a lot of institutional lenders on the fence or in a more conservative position with respect to the deals they are prepared to look at and fund.
And failing to line up with the right potential lenders early on in the process can waste both time and money as a commercial mortgage can be quite time consuming and costly to get into place. If you’re under any kind of time pressure, lender selection becomes even more important.
Even if you’ve got a bead on the right lender, the next challenge is putting together an information package that is going to cover off all the essential areas a specific lender is going to focus on. For institutional lenders, mortgage financing is real estate lending but its also business financing where there is a lot of focus on the business and business owner requesting the funding. Private lenders have less of a focus on the business financials and overall business performance, but its still going to be something they are going to what to understand to some degree before providing a commitment to fund any deals.
In order to increase your probability of getting the Uxbridge commercial property financing you’re looking for in the time you have to work with, its a good idea to consider working with an experienced commercial mortgage broker who solid working relationships with both bank and private mortgage lending sources in your area.
If you’re in need of an Uxbridge commercial mortgage for a property you want to acquire, a construction project, or for refinancing an existing mortgage, I suggest that you give me a call so I can quickly assess your financing requirements and provide relevant commercial mortgage options for your consideration.
Click Here To Speak With Commercial Mortgage Broker Joe Walsh
Whitby Private Mortgage Lending
“We Help Our Clients Secure Whitby Private Mortgage Lending From Our Available Sources”
Whitby private mortgage financing can be secured for broad array of commercial and real estate property in the Whitby and surrounding area.
Like institutional lenders, private mortgage lenders each have their own areas of interest and expertise, so its also unlikely that any one private lender is going to be interested in every potential deal that gets put in front of them.
Things like type of property, financing amount, security position, and so on will dictate a lenders interest. Private lenders as individuals will also alter their funding criteria according to the amount of funds they have available to put into the market at a given point in time. Which also means that at certain times an individual private lender may be out of the lending market completely if all available funds have been advanced.
Regardless of the type of private mortgage lender you may be speaking with, one of the key elements to a potential mortgage scenario that will be very important to all of them is the exit strategy that will repay the private mortgage which is typically one year in duration.
Whitby private mortgages are also going to vary in interest rate charged according to a variety of factors. Just keep in mind that even in the private mortgage lending market, interest rates are still tied to risk and as the risk to the lender goes up so will the cost of borrowing.
Private mortgage financing can be used in situations of distress, growth, and transition where the amount of capital may only be required for a short period of time and does not justify the time and expense of going through a long institutional financing process to save a few dollars in interest cost.
But the real key to locating and securing Whitby private mortgage lending options that address your needs is to work with a mortgage broker that not only has a focus on private mortgage funding, but also has direct access to private lending sources that service the Whitby area.
Too often mortgage brokers claim to represent private mortgage lenders when in fact they may be two or three steps removed from the actual source of financing, causing delays in the process and potentially having your deal being matched up to a less than optimal lending source.
If you’re in need of a Whitby private mortgage, I suggest that you give me a call so I can quickly assess your requirements and provide relevant local private mortgage financing options for your immediate consideration.
Milton Commercial Property Mortgage
“Here’s Where You Can Quickly Assess Your Milton Commercial Property Options”
Milton commercial property mortgage financing, similar to other areas of Ontario, can be hard to locate and secure in the time you have to work with. Much of this is due to 1) focusing on the wrong lenders from the outset; 2) shopping the deal excessively; and 3) not having realistic expectations related to how to properly present the deal and the time its going to take to get it closed.
As commercial mortgage brokers focused on providing these types of solutions to businesses in the local area, lets review each of the above points.
First, focusing in on the wrong lenders is an easy mistake to place. The first contact you make with any lender is usually a marketing representative who’s job is to get applications in the door, so at the outset, everyone tells you they can help you.
Second, when a deal gets shopped around on a commercial property, especially if multiple brokers are being used, its not uncommon for the deal to arrive at the same lender from more than one source. If this happens, the application is usually declined right away. Commercial deals are a lot of work to go through and qualify for funding and many commercial lenders are reluctant to go through the process if they believe the deal is in the hands of several other lenders as well. This is a departure from consumer lending where shopping is more acceptable due to the shorter credit qualifying process.
Third, borrowers always want to get the process over fast, so many will tend to gravitate to the lending source that promises the shortest time line, assuming the related rates and terms being offered are competitive to what others are openly stating in the market. Unfortunately, with commercial mortgages, it is almost impossible to accurately estimate time as there are many things that can influence the time it takes that are not in either the borrower’s or lender’s control.
These are just some of the reasons why it makes good sense to work with an experience commercial mortgage broker that can focus in quickly on the most relevant lenders and work with you to get a commitment and the deal funded in as little time as possible.
If you require a Milton commercial mortgage, please give me a call and we’ll go over you requirements together and review commercial fianncing options that are most likely to meet your needs in the time you have to work with.
Click Here To Speak With Commercial Mortgage Broker Joe Walsh
King City Private Mortgage
“King City Private Mortgage Financing Is Available Through Our Private Lender Sources”
King City Private Mortgage loans for commercial real estate and residential real estate can be located and secured quickly for such things as fast closings, construction loans, and mortgage refinancing scenarios.
Private mortgages are available from bare land real estate through to larger commercial or residential properties or property developments. While good lending value is going to be key for any mortgage lender, the exit strategy to pay out the loan is very important to private lenders due to the fact that the mortgage term is typically only for one year. So the stronger your exit strategy to repay the mortgage in full, the more likely it will be for a King City private mortgage to be put into place.
When I say that a mortgage can be put into place quickly, in the mortgage real estate world quick or fast would be two to 5 business days. Any time period that is shorter is not realistic to locate and secure a private mortgage commitment.
Fast closings are typically required for real estate purchases where there is short period of time to work with. The other very common requirement for a quick close mortgage is for a construction bridge loan where there is a relatively small amount of financing required at the end of a construction project to complete the work and if funds are not available in a matter of days, the project will stall out and generate additional costs or worse for the property owner.
The most common type of private mortgage is a second mortgage on either residential or commercial real estate where the borrower does not want to refinance the first mortgage either because it will trigger significant prepayment penalties or because the added funds acquired via the private second mortgage will be paid back to the lender in one year or less from a future planned source of incremental cash flow.
If you’re in need of a King City private mortgage loan, I suggest that you give me a call so I can quickly assess your requirements and provide private mortgage options that meet your requirements within the time you have to work with.
Markham Commercial Mortgage
“We Locate and Secure Markham Commercial Mortgages For Local Businesses”
Markham commercial mortgage options will basically fall into one of two categories those being bank or institutional commercial Loan and mortgage solutions and private funding solutions for commercial real estate property purchases, refinancing, and construction.
The cheapest form of commercial financing is provided by the major banks followed by secondary banks and institutional term lenders.
While private mortgages provided for commercial property tend to be the most expensive, the rates can come quite close to what an institutional or bank lender will offer in some cases.
Because there are a wealth of commercial lenders in Markham and the GTA as a whole, its important to be spending your time and energy speaking with commercial mortgage providers that are the best fit for your requirements, especially if you’re at all pressed for time as the commercial financing process can take a considerable amount of time to complete.
The best way to cut through all the choices in the market and zero in quickly on the most relevant lenders for your deal at a given point of time is to work with an experienced commercial mortgage broker that regularly provides Markham commercial mortgage services in the area.
This is important for a number of reasons.
First, commercial lenders will continue to shift their financing interests in an effort to keep their portfolio in balance. So understanding who is lending and who’s not at a given point of time.
Second, after locating a suitable lender, the process for getting the deal funded and closed can be quick involved and require a certain level of skill to complete.
Third, getting the right information package together for the right lender can also be very important in getting moved from the bottom of the pile to the top and getting considered and approved faster.
These are all areas in which a Markham commercial mortgage broker can help you to get the funding you require in the time you have to work with.
If you need a Markham commercial mortgage for an existing property or a piece of real estate you wish to acquire, I suggest that you give me a call so I can assess your requirements and provide relevant commercial mortgage financing options for your consideration.
Click Here To Speak To Commercial Mortgage Broker Joe Walsh.
St. Catharines Private Mortgage
“St. Catharines Private Mortgage Solutions For Commercial and Residential Real Estate”
A St. Catharines private mortgage loan can be both a primary and secondary lending choice depending on the situation. Many people view a private real estate loan as more of a last resort form of financing, but again, depending on the financing scenario, the private mortgage can be a preferred mortgage financing option.
This is very true in the world of construction financing where the majority of construction loans for single family dwelling builds come from private mortgage sources. There are a lot of different reasons for this that can again very from borrower to borrower, but for the most part the key decision making criteria is speed and convenience versus the cheaper, but slower moving, and more administratively intensive bank mortgage.
St. Catharines private mortgages can be put into place for a variety of purposes aside from construction including real estate acquisition, refinancing, and debt consolidation.
Most private mortgages are located and secured through mortgage brokers that have a focus towards private lenders and have established relationships with private mortgage sources that service the area. This is due to the fact that most private lenders do not directly source their own deals and prefer to work with individual mortgage brokers or through a mortgage broker network.
As a result, it’s important to be working with a private mortgage broker that can source and close the type of private mortgage funding you’re looking for.
And getting back to the type of private property loan offers potentially available, you may be surprised in what we can come up with. Like any type of financing, the higher the risk, the higher the interest rate and related fees. So in distressed situations where debt consolidation is required and there still isn’t a strong future cash flow in place to repay the debt, private mortgage rates are going to be fairly high.
But on lower risk deals, especially commercial property, where the funds are only required for one or two years, the interest rates associated with these types of commercial mortgages can be very close to institutional rates in some cases.
If you need a St. Catharines private mortgage for a residential or commercial real estate property, regardless of the purpose, I suggest that you give me a call so I can quickly assess your situation and provide relevant private mortgage options for your immediate consideration.
Oakville Commercial Property Mortgage
“Oakville Commercial Property Loans and Mortgages Are Available For Large and Small Financing Requirements”
Oakville commercial property mortgage financing typically are provided through major banks, secondary banks, other institutional lenders, and private mortgage lenders.
Each group will of lenders will tend to have their own lending criteria and areas of interest with respect to financing commercial real estate.
Similar to residential mortgage financing, commercial property loans can be issued for property purchase, building construction, refinancing, and debt consolidation.
The one main difference between residential and commercial is the amount of due diligence required by the lender and the amount of time it can take to complete the process. While most residential deals can be completed in a couple of weeks, a commercial property financing deal can take several months, depending on the lender requirements that need to be met.
For instance, items like property appraisals, surveys, and environmental inspections that need to be completed by third parties can take some time to complete depending on the property, time of year, and work load of the third party. And even when the initial work is completed, it can uncover other issues that need to be dealt with as well further extending the time required for the process.
Because the Oakville commercial property financing process can be time consuming, its important to make sure that you’re investing your time working with a lender that is a good fit for your requirements and is in a position to finance your deal.
This is not always obvious from the outside looking in as your first point of contact with most commercial lenders is a marketing or sales person who’s goal is to get business in the door, but at the same time has no power over the decision making process.
This is why it can be very beneficial to work with a commercial mortgage broker who does not have any lender bias and who has a good working understanding of the different lenders interested in your particular requirements so that commercial property applications can then be directed to the most relevant lenders versus taking a much less targeted approach.
If you have an Oakville commercial mortgage financing requirement, give me a call so we can go through your requirements together and discuss potential financing scenarios and lending sources that can meet your requirements.
Click Here To Speak With Commercial Mortgage Broker Joe Walsh
Pickering Private Mortgage Loan
“See If You Qualify For a Pickering Private Mortgage Loan From One of Our Direct Lending Sources”
Pickering private mortgages can be placed for a large number of residential and commercial purposes, including real estate purchase, construction financing, and mortgage refinancing or renew.
While there are private lending sources that are organized into their own mortgage investment corporations that market directly to the public, most private mortgage sources still work through the mortgage broker network to locate and place their money.
So if you’re in need of a Pickering private mortgage, the best way to access the funds you’re looking for is through an established private mortgage broker that has direct access to private lending sources.
This last point is key as most brokers will claim to have access to private money and while that statement is likely true, there can be two or more degrees of separation between the mortgage broker and the actual source of financing. What this means is that a broker may need to work through one or more other brokers to gain access to a private lender. This can not only slow down the process but end up presenting your deal to someone who is not a good fit for your deal or can’t provide for your requirements.
Just like banks and other institutional lenders, private mortgage lenders have their own criteria for funding including the type of property, location, amount of financing, exact purpose, etc. So its important to make sure that you’re actually applying to a source of private funds that can actually help you or the process could be a lot longer than it needs to be. And if you are pressed for time on a closing or refinancing, time can be very limited to you want to make sure whatever you’re looking at has a good probability of success going in.
Property loans from private sources can also have a significant variation in the cost of financing which is another reason why its important to work with a Pickering private mortgage broker who has good access to the local market, especially when you’re pressed for time.
If you need Pickering private mortgage financing, give me a call so I can quickly assess your requirements and provide private mortgage options for you to consider right away.
Vaughan Commercial Mortgage
“We Secure Vaughan Commercial Mortgage Financing For A
Wide Variety of Real Estate Property Financing Scenarios”
Vaughan commercial mortgage financing options are available from our private and institutional commercial financing sources.
With commercial property financing, one of the challenges these days is locating the commercial lender that is prepared to get a deal done at a certain point in time. At the outset, every lender will almost always tell you they are interested in your deal or financing your requirements, but in the end which ones can get the job done and which can’t.
That’s always a tough question as the answer will change from lender to lender, from deal to deal, depending on what’s going on in each lender’s portfolio at a given point in time. This is what we refer to as the shifting sands of commercial lending.
One of the ways to increase the probability of success is to work with a commercial mortgage broker who is actively involved in the market and has a good grasp of who’s lending right now for a given project and who is likely going to have a harder time providing an approval.
That’s step one.
The next hurdle with commercial property loans is putting together an information package that’s going to proactively answer all the key questions that a commercial lender is going to want to know and that can be slightly different in terms of bank and private lender as well. Because lenders see and process a large number of applications on a regular basis, they tend to do the initial reviews fairly quickly so you want to be able to grab their attention and provide them with reasons to continue assessing your request versus quickly discarding your application altogether.
As I mentioned, Vaughan commercial mortgage financing can also come from both bank and private lending sources. Private mortgage financing on commercial properties is a significant percentage of the lending market, especially for small to medium sized businesses. Therefore, its important to be working with a commercial mortgage broker who understand and can source both bank and private mortgage funds as it can be hard to tell from the outset of an application which one is going to be the most attainable option.
If you are trying to secure a Vaughan commercial mortgage, give me a call so we can go through your financing requirements together and review relevant commercial property lending options that meet your needs.
Click Here To Speak With Commercial Mortgage Broker Joe Walsh
Concord Commercial Mortgage
“Concord Commercial Mortgage Financing For Real Estate Property Financing”
Concord commercial mortgage financing is provided by several of our bank and institutional lending sources in Concord and through out the Greater Toronto area.
Commercial property loan program can be significantly different from one type of real estate and borrower lending profile to another. Lender programs themselves are always changing as institutional lenders continually adjust their lending criteria to match the current economy and their overall portfolio.
So the good news is that there are a lot of commercial property loan programs in the area that provide Concord commercial mortgages. The bad news is that it can be very confusing and even difficult locating and securing a commercial property loan that meets your requirements, in the time you have to work with.
In order to get working with a bank or private lender that is actually going to be able to help you, the best first step is to work with a commercial mortgage broker who works with commercial lenders in your area.
There can be a lot of shades of gray with commercial property financing transactions and trying to figure out the market on your own at a given point of time can be very difficult to do. There is greater value in utilizing the expertise of a mortgage broker that works in the commercial lending market every day and not only has a strong sense of the overall market, but also has well established relationships with both bank and private mortgage lenders.
This last point is important as in many cases it can be hard to tell from the outset if any particular deal can be funded with institutional financing and may require a private loan at a given point of time to provide the necessary capital.
Sometimes a private mortgage is the best initial step to creating the necessary funding so that more time can be bought to go through the bank commercial mortgage financing process.
In either case, it makes sense to work with a Concord commercial mortgage broker that has good access to all your relevant mortgage choices so that the probability of success can be increased in the overall financing process.
If you are in need of a Concord commercial mortgage, give me a call so I can quickly assess your requirements and provide relevant commercial mortgage financing options for your consideration.
Click Here To Speak With Commercial Mortgage Broker Joe Walsh
Niagara Falls Private Mortgage Lenders
“Niagara Falls Private Mortgage Lenders Provide Financing For Real Estate Purchase, Mortgage Refinance, and Construction Loans”
Niagara Falls private mortgage financing options are available from both local and regional private mortgage lenders.
Private mortgages range from $20,000 to several million dollars with each piece of real estate or real estate parcel assessed on its own merits by interested lenders.
With private lending, the main concern that lenders will have is the exit strategy to repay the loan and the strength of the resale market for similar or like properties in the area. If both of these aspects are strong, then its very likely that there will be private mortgage options available for your property.
Niagra Falls private mortgage lending sources will also each have somewhat of a focus on the type of project or financing application you’re looking at. For instance, some private lenders will only consider construction projects while others will prefer to only lend on residential second mortgages.
Therefore, its important to be talking with a private mortgage lender that will be highly interested in your deal and will be a good match for your particular financing requirements.
This is the main reason why it makes a great deal of sense to work with a mortgage broker who has good access to a broad cross section of private money lending sources in your area.
While most mortgage brokers will claim to have access to private funds, many times that access is through another broker where there could be two or three degrees of separation between you and the actual lending source. And even where these loose connections exist, there is no real guarantee that the private lending source that ends up looking at the deal will have any interest in it at all.
Mortgage brokers that have a focus in private mortgages will have direct lender relationships and will also understand the types of deals each lender is looking for as well as the manner in which they make their financing decisions. And because private lenders, for the most part, work through broker networks, it can become a necessary step to work with a mortgage broker to locate a source of private mortgage financing for your particular project.
If you’re trying to locate Niagara Falls private mortgage lenders, give me a call so I can quickly assess your requirements and provide relevant private mortgage options for your consideration.
Cambridge Commercial Mortgage
“Cambridge Commercial Mortgage Financing For Various Real Estate Applications”
Cambridge commercial mortgage financing solutions are available through our private and bank or institutional mortgage lending sources.
In order to get the commercial property financing you’re seeking, in the time you have to work with, and for the rates and terms you’re looking for, its going to be important to 1) focus in quickly on the commercial lenders that are the best match for your requirements; 2) put together an information package that will answer most questions at the time of application, saving time going back and forth for basic information that should be part of the package; 3) manage all the items that will need to be completed in order to not only get an approval, but to get funds disbursed.
The best way to accomplish all of this is to work with an experienced commercial mortgage broker that has access to a broad base of commercial property areas that service the Cambridge area.
Property financing can be provided by both institutional and private mortgage lenders for land acquisition, mortgage refinancing, debt consolidation, and construction loans.
Depending on the specific property you’re trying to finance, the amount of money required, your business and personal credit profile, the commercial mortgage financing options can be quite different. That’s why its important to work with a mortgage broker who can qualify your needs properly and then make sure you’re immediately working with a relevant business property lending source.
While many people may only consider private mortgage financing as more of a last resort option, it can also have its place as a primary commercial mortgage choice.
Here are some examples.
Any time a fast or faster mortgage closing is required, its more likely to get accomplished via a private mortgage than a bank or institutional mortgage. Sometimes it makes sense to pay a bit more in rates and fees and save a deal than miss out on something altogether when the financing process ends up taking longer than expected.
For construction financing, most sources of construction loans come from private mortgage lenders, especially for smaller commercial construction projects. Once again, the speed to getting something in place and the ease of use can make a commercial private mortgage an instrument of choice.
That being said, if you have the time, we certainly can take you through the process of working with a relevant institutional commercial lender if that happens to be a good fit for what you’re looking for in the way of real estate financing.
If you need to locate and secure a Cambridge commercial mortgage, give me a call and we’ll go through your requirements and options together.
Click Here To Speak Directly With Commercial Mortgage Broker Joe Walsh.
Burlington Commercial Property Loan
“Burlington Commercial Property Loans and Mortgage Financing Available From Both Bank and Private Lending Sources”
Burlington commercial property loans can apply to a wide range of real estate properties including but not limited to multi family units, strip malls, condo developments, townhouse developments, warehouse, self storage, mixed use properties, income property financing, office buildings, and land acquisition to name the main categories.
Because of the diverse types of commercial real estate on the market, lenders tend to be very specialized in terms of what kinds of properties they are prepared to look at as well as borrower profile.
Similar to residential mortgage financing commercial loans can be secured for new property acquisition, debt consolidation, refinancing, and development or construction. But unlike residential, commercial property loans tend to have a larger number of conditions and financing requirements and typically take longer to secure.
It also can be difficult to determine quickly which self proclaimed commercial property lenders are going to be interested in your particular deal without too much time and energy being invested in their application process.
This is why it makes good sense to work with a Burlington commercial mortgage broker who maintains an ongoing understanding of whose lending in your area for specific property types and who is not at any given point of time.
And while knowing who’s lending is important, what’s even more important is putting together a proper information package to help the lender make a decision in your favor.
A lot of commercial property loans are treated more like business loans by both banks and private mortgage lenders in that there is as much or more interest in the health and financial strength of the underlying business requesting financing than the property itself. There is no question that the property information is always going to be front and center in any commercial mortgage loan assessment (appraisal, environmental liability, zoning, condition, etc.), but the other business elements that contribute to the ability of the borrowing entity to repay the debt get a lot more attention than under a residential mortgage application scenario.
If you need a Burlington commercial property mortgage for a new property or an existing on, I suggest that you give me a call so we can discuss your requirements and go over relevant commercial mortgage financing options together.
Click Here To Speak With Commercial Mortgage Broker Joe Walsh.
Ottawa Private Mortgage Financing
“Ottawa Private Mortgage Financing is Available For a Number of Different Applications”
An Ottawa private mortgage can be utilized for a number of different purposes. While many people would think that a private mortgage is a loan of last resort or a form of hard money, there are several instances where a private mortgage loan is a preferred form of mortgage financing.
Here are some examples.
Fast Mortgage Closing. In certain cases, a mortgage has to be put into place for a deal to close. This may involve the purchase of the real estate property being secured or use of a residential or commercial property to provide funds for some other purpose. Regardless of the reason, money is required in a hurry and the source of the funding needs to come from real estate.
This is where an Ottawa private mortgage loan may be your best, and perhaps only, option as bank or institutional mortgage lenders typically cannot process an application and get in closed in a number of days.
Construction financing. Believe it or not, most construction projects, especially smaller commercial and residential builds, are financed with private mortgage construction loans.
Why?
Because banks have a long list of requirements to qualify for construction loans including the need to be qualified for the take out mortgage as well prior to the start of construction. With a private mortgage construction loan, the borrower has the time to shop around in the market for the best take out mortgage deal and is not locked into a long term financing package before construction even starts.
Construction Bridge Financing. Its not uncommon for construction projects to go over budget for one reason or another and if additional capital is required quickly to get the work completed, a construction bridge loan provide through a private mortgage is likely going to be the best and fastest option available to the owner or builder.
There are many other potential uses for a private mortgage including situations where the borrower cannot qualify for traditional financing due to weaker credit or repayment history.
Regardless of the need, if you are seeking an Ottawa private mortgage loan, I suggest you give me a call so I can quickly assess your needs and provide relevant private mortgage options for your consideration.