concord private seconds

“Concord Private Second Mortgages For All Property Types”

Concord private second mortgages are most commonly placed against residential real estate for the purposes of debt consolidation. For these types of private 2nd mortgages, the total loan amounts outstanding typically cannot exceed 65% to 80% of the fair value of the property, depending on the property, the borrower profile, and the lender ,preferences. Because most of the sources for private seconds are local or regional in nature, the private lender can make financing decisions very quickly and close deals in short order if required.

While not all private second mortgages required fast closing, most have a preference in getting the financing in place as soon as possible due to some type of refinancing or pay out press from an existing creditor.

While residential private second mortgages for debt consolidation are the most popular in this mortgage category, there are many other uses of funding from private seconds that can be financed against both residential and commercial properties.

Another very common application for a 2nd mortgage is a construction loan where there is an existing mortgage in place for either the acquisition of property where the construction will take place or for a building that is going to be added to or renovated. The construction loan is secured by a second mortgage position against the property and the amount of construction financing will be dictated by equity in the property at the time of construction as well as the estimated increase in value at each completed phase or draw stage.

The third most common form of Concord private second mortgages is for short term loans or bridge financing requirements. There are almost endless possible uses for this type of short term loan. The common link is that the funds are required for a period of less than one year with a clear and well defined exit strategy or repayment plan for the funds being borrowed.

The key to locating and securing a Concord private second mortgage is to work with an experienced mortgage broker with a track record for placing these types of loans. Mortgage brokers with direct private lender relationships will be more likely to not only provide you with a fast turnaround, but also match you up quickly with private lenders that meet your requirements.

If you’re in need of a Concord private second mortgage, give me a call today so I can quickly assess your requirements and provide relevant private 2nd mortgage options for your immediate consideration.

Click Here To Speak Directly To Private Mortgage Broker Joe Walsh

Markham Private Second Mortgage

“Get A Markham Private Second Mortgage In Less Than One Week”

A Markham private second mortgage can be put in place on a residential property in a matter of days in many situations. While speed is not always going to be important with a private second, there are many times when its the most important aspect of the mortgage requirement/

Here are some examples to consider where speed is going to be important in getting a private second located, approved, and funded.

Construction bridge loan. Its not uncommon for a construction project to run over budget from unexpected costs or have some type of scope increase that needs to be funded from an incremental source of capital. In most of these situations, the funding that is required needs to be put into place quickly so the project doesn’t stall out and end up creating even more costs to the builder or property owner.

Other bridge loans. It doesn’t matter how good your credit is, how much you earn, or how big your net worth is, if you have a deal or some type of capital need that must be dealt with in a matter of days, one of the best solutions is a private mortgage second because a lender can quickly zero in on a piece of real estate, provide instructions to their lawyer, and get the deal funded very quickly, providing the necessary funds to meet whatever need you have.

Real Estate Acquisition Closing. Similar to the last point, if you have a very short time frame to close a deal and you need to access equity in another property to fund the transaction, a private 2nd mortgage could be your best and only option.

Even when pure closing speed is not required, there tends to always be some sense of urgency with a private second mortgage due to the fact that in most cases the financing is being sought to consolidate debts that are putting pressure on the borrower. In many cases, the process is left too long and creditor pressure still requires that the funding take place rather quickly.

To be able to access a Markham private second mortgage in the time you have to work with, you would be well advised to work with a private mortgage broker in the area that has direct private lender relationships and a track record placing private second mortgages.

If you need a Markham private second mortgage, I suggest that you give me a call so I can quickly assess your options and provide private 2nd mortgage options for your immediate consideration.

Click Here To Speak With Private Mortgage Broker Joe Walsh

Private Second Mortgage Lenders

“Private Second Mortgage Lenders Are The Most Common Form of Private or Hard Money”

A private second mortgage, in terms of pure numbers of mortgages registered each year in Ontario, occupy the number one position for private mortgage financing. Taking it one step further, private second mortgages on residential properties are likely 80%+ of all private seconds issued each year.

The reasons for this are as follows.

First, the amount of financing is typically smaller than a first mortgage so the lender exposure is lower making it more popular among lenders to provide. Second, most private second mortgages are for debt consolidation. In credit stressed situations, the borrowers may not be able to easily refinance the first mortgage into a larger mortgage to cover other debts without paying a higher interest rate or incur significant prepayment penalties. So even though the private second mortgage carries a higher level of interest, the weighted average cost of refinancing is still lower than if a new first mortgage was taken out.

Third, residential properties have a stronger and more fluid resale market on average than the commercial property market, so if a mortgage holder falls into default, there is still very little risk that the second mortgage holder will incur a loss via a foreclosure action. So even though the borrowers may be in a distressed credit situation, the lending opportunity for the lender is still very strong because of the strength of the underlying security.

Depending on the area, size of loan required, and subject property, a private second mortgage will typically range in interest rate from 10% to 14% with some amount of lender fee due on closing as well.

The best way to locate and secure a private second mortgage on a piece of property is to work with a mortgage broker who has direct access to private lenders and regularly places private second mortgages for their customers. While some private lenders have their own retail side of the business, many do not and rely on the mortgage broker network instead to locate lending opportunities. However, not all mortgage brokers have direct lender access, with most working through other mortgage brokers with more direct connections.

If you have a private second mortgage financing requirement, I suggest that you give me a call so I can quickly assess your situation and immediately provide you with private mortgage financing options for your consideration.

Click Here To Speak With Private Mortgage Broker Joe Walsh

Toronto Private Second Mortgage

“We Place Toronto Private Second Mortgages on Both Residential, Commercial, and Industrial Properties”

A Toronto private second mortgage is most commonly required for debt consolidation where the borrower would like to consolidate credit card debts and other loans against a second mortgage that is secured by the equity in the home. Typically, the applicant does not want to disturb the first mortgage due to a favorable rate and potential prepayment penalties that may need to be incurred to refinance everything into a larger first mortgage.

And while debt consolidation is the most common need for a Toronto private second mortgage, its far from the only one. Some of the more common scenarios where a private second mortgage is quite common place is a construction loan, fast close mortgage, and bridge financing.

Many residential construction or renovation loans are secured by a private second mortgage against the property where construction is taking place. At the end of the construction project, all amounts registered and owing against the property are consolidated into a long term property mortgage or take out mortgage.

A fast close mortgage is typically a situation where a property transaction needs to close in a matter of days and there isn’t enough time to secure a conventional mortgage facility before time runs out. When we’re speaking of fast, a private second mortgage can potentially be sourced and funded in two to five business days. In the mortgage world, that’s about as fast as it gets.

A bridge financing mortgage can be for any number of reasons. The underlying theme is that someone requires capital rather quickly and has ownership of a property or properties with enough equity to secure a private second. The other typical criteria for any bridge loan is that there is a clear beginning and ending to the funding process with a well defined event and timing to pay out the loan in typically less than one year from the time the funds are originally disbursed.

The key to getting a private second mortgage in place in the time you have to work with is to work with an experienced Toronto mortgage broker that has direct access to private funds and has a solid track record of getting deals closed.

If you require a Toronto private second mortgage, I suggest that you give me a call so I can quickly assess your requirements and provide private second mortgage financing options for your immediate consideration.

Click Here To Speak Directly With Toronto Mortgage Broker Joe Walsh

Barrie Commercial Mortgage

“Let Us Help You With Your Barrie Commercial Mortgage Requirements”

These days, a Barrie commercial mortgage can take some time to get into place, especially when you’re working with bank or institutional commercial mortgage lenders.

Not that commercial mortgage financing has even been very fast in getting completed, but since the start of the recent recession, things have gotten even slower. Banks and other institutional lenders are being more conservative in their approach to lend money these days, taking their time to review all available information and asking for additional third party verifications in many cases.

Add to this the higher standards coming into place with environmental liability regulations and you end up with a process that can seem like a turtle derby at times.

If you’re starting the commercial financing process today and want to get something done in 30 days, unless you’re refinancing or renewing your mortgage through your existing commercial lender, the only real option you have is to locate and secure a private mortgage to meet your requirement. Private mortgages will also require considerably more information on commercial mortgages compared to residential, but for deals under $2,000,000 there are a number of private mortgage lenders that can get the deal assessed and funded in a one month time period provided all the required information is available.

The biggest challenge with looking for a Barrie commercial mortgage, or a commercial property loan in any location, is spending too much time with commercial mortgage lenders that are either not able to complete the transaction or are not motivated enough to do so at the time of your application for whatever reason. Its easy to invest several weeks in a commercial mortgage application process before you realize that the process is going no where and you’re left to start all over again, not really knowing what actually went wrong.

The best way to increase the chances of getting the commercial mortgage you need in the time you have to work with is to work with an experienced commercial mortgage broker that provides services in the Barrie and surrounding area. A seasoned mortgage broker will help you navigate the market quickly zero in on the most relevant sources of commercial property financing for you’re particular property and financing requirements.

If you need a Barrie commercial mortgage, I suggest that you give me a call so we can go over your scenario together and discuss different commercial mortgage financing strategies that can work for your business.

Click Here To Speak With Commercial Mortgage Broker Joe Walsh