All posts by Joe Walsh
Non Resident Mortgage Financing
“We Place Non Resident Mortgages On Canadian Properties For Non Residents of Canada”
For non resident mortgage financing programs in Canada from bank or institutional lenders, there are some basic requirements that have to be met that are quite common to most of the institutional lenders that provide this type of mortgage program.
But before we even get into some of the specific requirements, the most important point for non residents is that these type of mortgages are quite commonly placed in Canada. The key to getting a non resident mortgage that meets your requirements and time lines is to work with an experienced mortgage broker that has knowledge of the available mortgage programs and a track record for getting them placed. Because we are talking about institutional or bank mortgage programs, the mortgage broker fee is paid by the bank and has no impact on your rates, terms, and fees, so there really is no reason not to use a mortgage broker for this type of transaction.
Ok, back to the features and requirements.
In general terms, a non resident mortgage can be approved for up to 65% of the value of the Canadian property being acquired or refinanced. The amortization period on an approved non resident mortgage can also be as high as 35 years.
The main application requirements center around customer and application information verification.
All aspects of the non resident mortgage application need to be verified by the mortgage lender including but not limited to…
- Standard verification of all sources of income and amounts.
- Verification of all assets (including the down payment for real estate purchases) and credit obligations that are outstanding including the balances owing and repayment terms. It will be important to show debts and related payments so that the debt servicing ratios can be accurately calculated.
- Confirmation of the customer(s) identity.
Another key area of the non resident mortgage application is the credit verification. Because the applicant may not have any form of established credit in Canada, the mortgage lender will typically require a letter of reference from a financial institution that the applicant currently has outstanding financial facilities with or has had in the past. If the applicant has been able to establish some level of local credit, then a Canadian based credit report will also be drawn for further support.
If you’re a non resident of Canada and looking to secure a mortgage against Canadian property, please give me a call so we can go over your requirements together and outline the steps required to get your mortgage in place as soon as possible.
Broker Experience Can Be Key For Commercial Mortgage Deals
“An Experienced Mortgage Broker Can Make All The Difference When Seeking A Commercial Property Loan”
Even though technically, all mortgage brokers have the same basic qualifications and can assist with any type of mortgage, the different slices in the mortgage market are going to be hard to master collectively. As a result, the more focused a mortgage broker is on certain areas of the market, the more they will be in tune with active lenders, mortgage lender criteria, and the process for getting deals done.
This is very much the case with respect to commercial property mortgages where each loan request needs to be customized to the available lenders due to the wide diversity of commercial property that exists in the market.
An experienced commercial broker that has a focus and track record of success with commercial property loans is going to be more successful on average than a mortgage broker at large that has never completed or funded a commercial property financing request.
There are a number of key areas in the process where this will consistently hold true.
First, the commercial mortgage application process, on average, is significantly longer than a residential mortgage application process. So its important that you focus on commercial mortgage lenders that are able to complete the transaction in the time you have to work with. There are times when you’re business could be eligible for better deal, but due to the fact that cheaper forms of commercial financing can take longer to process applications, it may not be the best strategy to take if time is indeed a limiting factor to your purpose for financing.
Second, whether you have a short term time pressure or not, your time is still valuable and its easy to waste a significant amount of time and money focusing on lenders that have a low probability of being able to provide what you’re looking for. So its important to get focused quickly on the most relevant commercial mortgage lending sources to be most efficient with your mortgage sourcing efforts.
Third, the process for application for a commercial loan can vary among lenders so you need to make sure that you are able to meet the requirements of the lender prior to applying in order to once again get to the finish line sooner than later.
If you are in need of a commercial property loan, please give me a call so we can go over your requirements together and discuss different commercial mortgage strategies you can take.
Click Here To Speak Directly With Commercial Mortgage Broker Joe Walsh
Commercial Mortgage Rate And Leverage Tradeoffs
“Commercial Mortgage Financing Decisions Will Depend On Which of Your Financing Criteria Are Most Important”
Most business owners seeking a commercial mortgage will desire low interest rates and high loan to value ratios as real estate financing is typically one of the cheapest forms of business capital available and maximizing it can reduce the cost of capital in other areas of the business. Real estate also affords longer repayment terms which will also benefit cash flow compared to shorter amortizations on term loans.
So while low cost, high leverage may be desired, there is a trade off to be considered in most cases.
The cheaper sources of money will provide commercial mortgages in a range of 60% to 75% of the fair value of the property , with the average closer to 60%. The lower the interest rate, the lower the risk which is reflected in the loan to property value ratio. The cheaper forms of commercial property financing tend to be major banks which are also interested in your working capital requirements and in many cases will not be prepared to provide their most competitive rates for a commercial mortgage unless they are the senior lender for the business.
Term lenders that provide business financing for equipment and real estate or just real estate, have a slightly higher cost of capital than the major banks in most situations. In order to compete for your business, they will offer higher loan to value ratios that come with a slightly higher interest rate offer. If the business is strong enough financially, term lenders can provide up to 100% of the fair value of the property in the form of a commercial mortgage. The rationale is that the business balance sheet overall is still within an acceptable debt to equity ratio and the corporate and potential personal covenants are very strong to offset the high percentage of lending versus a property’s fair value. These high ratio commercial mortgages are more common among self occupied buildings where the cash flow assessment is more based on the strength of the business than any income producing tenants.
In the end, there can be a trade off between the lowest possible interest rate available and the highest amount of loan to value leverage available. A proper cash flow exercise and weighted cost of capital calculation should be able to determine which solution makes the most sense for your business.
If you need a commercial mortgage and would like to work through the different options available to you in the market place, I suggest that you give me a call so we can discuss you’re requirements in more detail.
Click Here To Speak With Commercial Mortgage Broker Joe Walsh
Hard Money Loans
“Ontario Hard Money Loans From Private Mortgage Lending Sources”
Ontario hard money loans are another name for private mortgage lending.
The term hard money comes from the perception and reality that private mortgage lenders are many times lenders of last resort, providing financing strictly based on the available equity in a real estate property. Because there may not be any other financial pluses to the potential deal (decent credit, reasonable debt load, enough income to pay the bills), the private lenders know going in that there is a good chance that the borrower will not be able to repay the loan and if this occurs, they will have to move swiftly to foreclose on the property in order to be able to get back the funds borrowed plus any payments outstanding.
So the lender has to take a very hard approach which lends to the expression hard money… or at least that’s my take on it.
Regardless of what you call it, private mortgage financing is an key component to the mortgage lending spectrum providing a valuable and needed funding service to those with bad credit, situations that require a debt consolidation, or a need for funds for some other purpose quickly.
The most common form of Ontario hard money loan is a private second mortgage on a single family residential home. These loans are typically less than $100,000 in size, reducing the risk of loss to the lender, and will typically not exceed a total loan to market value on the property of 75%. There are exceptions both ways to this general rule depending on the property and the lender, but for the most part, very high mortgage ratios are going to be hard to secure because of the inherent risk of default.
The average hard money loan against real estate property is for a one year interest term whereby at the end of the year term, the mortgage has to be repaid, or if an extension is granted for an additional one year period, the lender will likely require a renewal fee.
If you require an Ontario hard money loan or would like to know more about them, please give me a call so I can quickly assess your requirements, get all your questions answered, and provide relevant private mortgage financing options for your immediate consideration.
Toronto Interest Only Mortgage
“A Toronto Interest Only Mortgage Is Available For Both Residential And Commercial Property Requirements”
A Toronto interest only mortgage is primarily a private mortgage that can be placed in first or second or even third position against residential or commercial real estate.
A private mortgage typically has interest only payments so even though the interest rate is higher, their may not be any negative impact on your cash flow compared to a bank or institutional mortgage at a lower rate as there is no principal repayment factored in with an interest only mortgage.
The main reason for the interest only feature is for private lenders to increase their overall rate of return during the mortgage period. With a conventional mortgage, the amortization of the loan over time reduces the amount of interest that can be charged each and every month. With a Toronto interest only mortgage, the principal amount stays the same through out the term of the mortgage so the amount of interest that can be charged each month stays at the same amount.
Most private mortgages either in first or second mortgage position are for an interest and loan term of one year. At the end of the loan term, the borrower needs to repay the loan or pay a renewal fee if the lender provides this option. The renewal fees and lender fees on mortgage closing are the other key elements in the cost of capital related to private mortgage financing. In order to maximize their return on capital, the lenders want a short mortgage period with interest only payments so that the funds can be reused over and over again and generate additional lender fees when new mortgages are issued.
Toronto interest only mortgages are most common with debt consolidation situations where the borrower has bad or poor credit and needs to access the equity in real estate they own to pay down other more expensive debts like credit card balances. And while interest only mortgages can range from 6% to 14%, they can still be considerably cheaper in many cases to the unsecured debt you may be carrying.
If you’re interested in learning more about your Toronto interest only mortgage options, I suggest that you give me a call so I can quickly assess your requirements and provide private mortgage financing solutions for your immediate consideration.
Hamilton Private Second Mortgage
“Get A Hamilton Private Second Mortgage on Commercial Or Residential Property”
A Hamilton private second mortgage is most typically required on residential real estate property with the purpose of the funding to consolidate debt. This is in effect an equity take out loan against the equity of the property whereby the private mortgage lender is more concerned with the fair value of the property and the market resale dynamics than with the credit or repayment ability of the borrower.
Private 2nd’s can also be placed on other classifications of real estate property including industrial and commercial properties. The key to any Hamilton private second mortgage is going to be the amount of security offered to the lender and the private mortgage lender’s assessment of that security. As a result, most private second mortgages are placed with local or regional money that has a working knowledge of the market in the subject property area and may be inclined to perform their own lender inspections of the property to get a first hand view of things.
A private second mortgage, because it is subordinate or behind a first mortgage, is going to come at a higher rate of interest than the first mortgage due to the higher potential risk of loss to the lender. In very general terms, private second mortgage interest rates on single family dwellings can range from 10% to 14% in the Hamilton and surrounding area. Most private seconds are for a one year interest term with some providing an option for renewal at the end of the term provided that all interest payments have been made in a timely fashion.
Because private mortgages come from more localized sources, its important to be working with a mortgage broker who has direct access to private mortgage lenders that place second mortgages in the area of consideration. Working with private sources that don’t have a focus in Hamilton may result in application declines and higher rates of interest than what could be acquired from more localized sources. And because most private lenders choose to work through mortgage brokers to access the market, the best available options may not be readily available to you unless you are working with an experienced mortgage broker that places these types of deals in and around Hamilton.
If you require a Hamilton private second mortgage, please give me a call so I can go over your situation and quickly provide private 2nd options for your immediate consideration.
Orangeville Commercial Mortgage
“We Provide Orangeville Commercial Mortgage Financing From Both Private And Institutional Mortgage Lenders”
Orangeville commercial mortgage financing starts with the type of property you want to finance and the use of the funds you’re after. For bank or institutional lenders, there is a significant focus on the cash flows generated by the property. If the property is self occupied, then the financial statements of the business will need to be provided for the last three completed fiscal periods. If the property has tenants, then a detailed rent roll will need to be made available with the application to not only show who is paying rent, but the related terms and ongoing occupancy commitment.
With commercial properties that area rented, institutional deals will be very particular as to the quality of the tenants as well as the length of the leases in place. For the cheaper commercial mortgage interest rates, its going to be important to have the core tenants under long term lease agreements with five plus years remaining. With self occupied situations, the financial statements are going to need to be able to show a cash flow coverage ratio of at least 1.25 times the total debt service for the borrowing entity.
For each type of property, commercial lenders will have varying degrees of interest depending on how weighted their portfolio is at any given time towards a certain industry segment. What this can mean is that at certain times it can be hard to determine what lenders will provide commercial property financing on specific properties, regardless of the financial strength of the underlying business or rent roll.
For private mortgage lenders, the actual market value and marketability of the property is going to take center stage in the lending decision along with the planned strategy to repay the loan at the end of the loan term, which in most cases is one or two years. That being said, there are private mortgage lenders that will provide Orangeville commercial property loans for longer period of time and even with amortized repayment schedules as compared to the more typical interest only payment requirements.
If you need an Orangeville commercial mortgage, or just want to better understand your options, please give me a call so I can go over your requirements with you and provide potential commercial mortgage solutions for your consideration.
Click Here To Speak With Commercial Mortgage Broker Joe Walsh
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.
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.
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
Etobicoke Private Mortgage Financing
“Benefits Of An Etobicoke Private Mortgage On Residential Or Commercial Property”
There are those that consider an Etobicoke private mortgage as more of a property loan of last resort, but there are some benefits provided by a private mortgage that cannot be delivered necessarily through a conventional mortgage.
The main benefit is a greater degree of speed and process predictability. If real estate property financing needs to be put into place in a very short period of time, a private mortgage can be the primary choice for a potential borrower. Even though the cost of financing is likely going to be higher, a cheaper interest rate from a bank mortgage is not going to do you any good if the mortgage can’t be put into place in the time you have to work with.
For a residential property, a private mortgage can be sourced, approved, and closed in two to five business days provided that everything related to the transaction is in order. With a commercial property, its likely going to take longer, but still can get done faster than a bank alternative.
Commercial property mortgage requirements from institutional lenders have also stiffened a great deal in recent years, especially when you consider all the changes to environmental law. While environmental liability is also going to be important to a private lender, many times they will not have the same third party requirements that an institutional lender will have which can not only save cost but time as well.
Even in very competitive commercial mortgage situations, borrowers may still choose a private mortgage over the bank alternative if the rates are fairly close because you add in all the costs for updated financial statements, appraisals, environmental reports, and so on, the true overall cost can become very similar.
An Etobicoke private mortgage may still be the only option for individuals with bad credit and a lack of solid historical earnings to support repayment, but it can also be the preferred option for individuals and companies that have the ability to qualify for an institutional mortgage. The choice is going to depend on the specific requirements of the borrower and the time they have to work with.
If you need an Etobicoke private mortgage, I suggest that you give me a call so I can quickly assess you situation and provide private mortgage options for your immediate consideration.
Commercial Mortgage Market
“The Commercial Mortgage Market in Newmarket And The Rest of The Greater Toronto Area Stays In Flux”
Newmarket commercial mortgage financing like everywhere else in the GTA, continues to be a work in progress with respect to understanding the dynamics of the market at any given point in time.
Since the beginning of the recession two years ago (or so), the commercial mortgage market continues to be a changing landscape with institutional lenders going and coming into the market and private lenders mostly coming in versus heading for higher ground.
The proverbial waves from recessionary impacts are still hitting the financial beaches as lenders continue to closely monitor their portfolios to see what further loss accounts they may still expect to see from borrowers that will still not make it through to the other side of the economic downturn.
The end result continues to find institutional lenders being more selective in the deals they take on, taking more time to evaluate and fund each deal as well, and private lenders entering the fray in record numbers as the quality of the private mortgage deals available increase.
For the Newmarket commercial mortgage options, nothing has really changed in terms of what’s available to a given business or borrower. The big challenge right now is trying to determine which lender is going to 1) be able to fund your requirements today; and 2) is the best fit for your business requirements.
One thing is clear however is that you need to start the process of finding the right commercial property loan sooner and if time is at all a factor, then private mortgage funding options may need to be considered over institutional in order to meet your deadlines, whether they be self imposed or forced upon you. Bank or institutional deals are taking longer to complete on average than the pre recessionary period and both the timing of completion and outcome can be very difficult to predict.
One of the best ways to get a Newmarket commercial mortgage in place is to work with an experienced commercial mortgage broker who can help you get working with the most relevant lenders right away, saving both time and money in the process.
If you need a Newmarket commercial mortgage, I recommend that you give me a call so we can go over your requirements together and discuss different commercial mortgage options available in the market place today.
Click Here To Speak With Commercial Mortgage Broker Joe Walsh
Dundas Commercial Mortgage
“Call Us Today For Your Dundas Commercial Mortgage Options”
In order to secure a Dundas commercial mortgage, the real estate property being financed needs to be properly matched up with a commercial property lender that will be interested in the property and has the lending programs to meet the needs of the business borrower.
The first step in the process for the property owner to develop a solid understanding of what will be available to them in the market place in relationship to their expectations. Sometimes the borrower expectations do not match up with the market which can result in a lot of time wasted chasing money that doesn’t exist or is unlikely to exist or become available in the time you have to work with.
The second step is to focus in on commercial property lenders that are not only interested in the specific property type and application, but have the programs and mortgage options that are most congruent with what the property owner is looking for. For instance, if a fast mortgage closing is required on a commercial property where a mortgage needs to be in place in a matter of days, then a private lender is going to be more relevant in that situation than an institutional lender due to the time its going to take to get a bank mortgage in place.
The third step is to make sure that the application package to put forward to a targeted lender will proactively answer most of their questions so that the application process and progress as fast as possible towards a positive result. Too often the property owner only wants to provide all the pluses of the property at the outset with the thinking that once a lender is interested then the rest of the information can be disclosed and explained if necessary. The challenge with this way of thinking is that with an incomplete application that looks positive on the surface, most lenders will be interested and will want to learn more. While this may sound appealing on the surface, it actually become a big time waster as one by one the lenders will fall off as more complete information is provided. If you’re focusing in on the right lender targets in the first place, then solid and complete information is going to get a positive result faster than trying to only start with the positive attributes of the application.
If you need a dundas commercial mortgage, I suggest that you give me a call so I can quickly review your requirements and provide relevant commercial mortgage financing options for your consideration.
Click Here To Speak With Commercial Mortgage Broker Joe Walsh