All posts by Joe Walsh
Toronto Bad Credit Mortgage
“There May Be Several Toronto Bad Credit Mortgage Options Available to You”
Toronto bad credit mortgage options can range programs offered by “B” institutional lenders to private mortgage lenders.
The key in most cases is going to be how bad you credit is as almost all mortgage programs will have some parameters in their mortgage assessment criteria with respect to credit score and credit profile information.
The starting point for bad credit mortgages is typically when your personal credit score falls below 650. This is the fico score that is provided by the major credit reporting agencies that provides credit reporting services on and for Canadian residents.
Once you get below the 650 score level, you will likely be eliminated from most “A” mortgage programs. The next level down of institutional mortgage financing can still provide very good rates, but they will be slightly higher if your credit profile was stronger. While the score is something that everyone tends to get fixated on, the rest of your credit profile and transactional history are also going to be important and taken into consideration when a mortgage lender is assessing your application. For example, you could still be declined by an “A” lender when you have a credit score above 650 if you have negatives on your credit history that may concern them.
As your credit score drops, you are continuously limited from the available institutional mortgage programs. There is no exact jumping off point from where institutional programs stop and and private mortgage financing starts, but a generate rule would be at the level where your personal credit score goes below 600.
While private lenders will consider bad credit profiles where the credit score is low and the are a number of recent negatives on the credit profile, privates may also review your profile to get a better sense of your commitment to honor your repayment obligations. As a result, there are also differences in rate availability on the private mortgage side of things as well where very bad credit may pay a higher private mortgage rate than a less severe credit profile.
If you have bad credit and want to better understand your Toronto bad credit mortgage options, I suggest that you give me a call at 416 464 4113 so I can quickly assess your situation and provide you with bad credit mortgage options for your consideration.
Mortgage Broker Experience Can Be Very Beneficial
“When It Comes To Working With a Mortgage Broker, There Is No Substitute For Experience”
First of all, I fully support people utilizing the services of a mortgage broker if they are looking for either residential or commercial mortgage financing. For most people purchasing a home, the mortgage lender they end up working with will pay for the services of the mortgage broker providing a great service at no cost.
Mortgage brokers are all licensed and have to commit to ongoing professional development to maintain their ability to practice.
And while all mortgage brokers are trained to help you, experience does make a difference, especially when you’re looking for a specific type of mortgage product that a mortgage broker works with regularly.
Just like any other type of business, industry relationships are important and be used to your advantage. While all brokers may have access to the same lender groups, the relationships that are built with the people that work there are developed by individuals, not necessarily by the collective.
This doesn’t mean that an experienced mortgage broker can pull favors or get you a deal that is not on the market, but it can mean that you get talking to decision makers quicker and if you have a deal that’s on the fringe of a mortgage lender’s requirements, a well established relationship and some added expertise may be able to get your deal out of the decline pile and into the approval pile.
Personally, there are individuals I can call up at a lenders office to a discuss a deal with in a matter of minutes can get an indication of interest from, that would be much less likely from someone who did not have the same relationship in place or the time and experience. When I think about my earlier days when I was first starting out and compare that to today, there is no comparison with respect to my ability to get into direct contact with the right people in the right lending organizations.
Like most anything else in life, the more experience you can bring to the table, the better the results you can expect. So if you need to secure a residential or commercial mortgage, I recommend that you give me a call so I can quickly assess your situation and requirements and provide relevant mortgage financing options that meet your requirements.
Toronto Debt Consolidation Loan
“Toronto Debt Consolidation Loans Are Typically Institutional or Private Residential Mortgages”
A Toronto Debt consolidation loan will most likely come from refinancing an existing mortgage, securing an additional mortgage, or placing a first mortgage on a piece of unencumbered residential real estate.
Most consumer debt consolidation is done through mortgages due to the fact that consolidation speaks to new higher loan value and in many cases is accompanied by strained credit or repayment.
With higher loan amounts comes a greater demand for security which is where mortgage financing comes in. And with solid repayment and credit, bank or institutional refinancing can be secured for up to 80% of the appraised value of the property through an insured mortgage.
For more challenging credit, lower financing amounts can be secured by what we would call B institutional lenders and if credit or repayment is further limiting, private mortgage financing can be obtained.
Most Toronto debt consolidation loans involving mortgage financing will require a new mortgage to replace the existing mortgage plus other debts you would like to consolidate into the new mortgage. One of the keys to this process is to make sure that you determine, if possible, the best point in time to perform the consolidation in order to minimize any prepayment penalties you may incur to payout the first mortgage.
Its also going to be important to weigh the net cost benefit between redoing a first mortgage or getting a second mortgage and if the second charge position should be a term loan or line of credit.
The best way to make sure you’re taking a debt consolidation approach that is going to benefit you going forward and can be put into place for the least amount of cost is to work with an experienced Toronto mortgage broker or mortgage specialist.
For most bank and institutional mortgage deals, the cost of the broker is paid by the lender, so you get all the value of their service for no cost. If you credit is constrained, you may need to acquire a private mortgage which will likely require the assistance of a mortgage broker to gain access to a relevant private mortgage lender.
If you need a Toronto debt consolidation loan or are looking into different debt consolidation strategies, I suggest you give me a call so I can quickly assess your situation and provide you with relevant Toronto debt consolidation loan options to consider.
Toronto Mortgage Refinancing
“We Provide Toronto Mortgage Refinancing Options For Residential and Commercial Mortgages”
Toronto mortgage refinancing has become a bit more complex lately as the mortgage markets continue to settle out from the impacts of the recent recession.
Its not always going to be a given that your existing mortgage provider will renew your mortgage term, even if you’ve kept your payments up to date.
Over the last year or so there have been some mortgage company failures which has resulted in their portfolios either being sold off or taken over by a receiver whose job may very well be to just collect mortgages as the mortgage terms expire.
Even if you’re not in this type of situation, depending on your financial profile and the type of real estate property you own, there may be less options available to you than their were a few years ago as some of the program offers in the market have contracted.
When going through a Toronto mortgage refinancing exercise, you also have to be aware of the upward pressure on interest rates and that it may be wise to lock in a rate with another institution prior to your term coming due to protect yourself from interest rate increases prior to the end of the interest term as well as avoiding any prepayment penalties for renewing the mortgage early.
If you’re looking to get a better deal and/or consolidate debt through your Toronto mortgage refinancing activities, the best way to approach this exercise is to work with an experienced Toronto mortgage broker who has a solid working knowledge of the current market. For residential mortgages from institutional or bank mortgage providers, the broker is typically paid by the lender, providing you with their expertise and services for free in most cases.
Because of all the changes taking place in the market and the upward pressure on interest rates, making the right mortgage refinancing decision for your particular situation may be harder to figure out than you may think. And even if you’re able to complete the refinancing activity, its easy to leave money on the table with a less than optimal mortgage financing option.
If you’re considering a Toronto mortgage refinancing scenario, I suggest that you give me a call so I can quickly assess your situation and provide you with relevant mortgage refinancing options for your consideration.
Mortgage Interest Rate Decisions
“Recent Rises In The Prime Lending Rate Should Be Factored Into Your Toronto Mortgage Interest Rate Decisions”
Over the last several months, the market has speculated about interests rates in general going higher over the foreseeable future. In order to get a better sense of what was going to happen and provide options for securing either fixed or variable interest rates, many Toronto mortgage holders made a mortgage application to lock in the interest rates at the time for 120 days.
After all the initial discussion regarding rate hikes, the market settled down for a while, largely due to the ripple effect from what was going on in other financial markets such as the U.S. and Western Europe to name a few.
But now we’re at a time when many of these 120 day interest rate freezes on residential mortgage rates from the spring are coming due, and this is happening right at the time that interest rates are spiking up and continue to look like they may go higher.
This has narrowed the spread between the current variable rates and the fixed rates that many individuals still have locked in 120 days. So before time runs out on the applications they made, its time for them to once again consider fixed or variable interest rates because once the freeze period is over, longer term rates are likely going to be higher with variable rates creeping up.
As we always say, there is no accurate way to predict exactly where the market will go with respect to interest rate rises so it mostly comes down to your own assessment of risk and how much risk you can afford to be carrying in a variable rate position.
If rates start to continually climb up, many mortgage holders will get trapped in a variable rate in that variable mortgage interest rates could soon rise past the levels long term rates were this spring leaving and now there will be no option to lock into the current level of available fixed rates as they will be gone and adjusted upward as well.
If you have a locked in rate and the time period is about to expire, make sure you review your situation closely and make the best decision possible for your future cash flow. Once these rates lapse, they may not return to the same levels for some time.
Newmarket Private Mortgage Financing
“We Locate and Secure New Market Private Mortgage Financing For Residential and Commercial Properties”
Newmarket private mortgage financing options are available from both individual private lenders and mortgage investment corporations. With individual private lenders, the lender is a single individual who is prepared to issue mortgage loans on certain types of properties.
Mortgage investment corporations represent a number of private mortgage lenders and place their money in more of a syndicated fashion in order to better protect the lender against loss.
Fundamentally, they are the same form of financing, although mortgage investment corps can act a bit more like banks in terms of how they review an opportunity, and they will typically have a larger access to capital than one private lender would have on their own.
All that being said, we have very good relationships with private mortgage lenders that provide Newmarket private mortgage financing and mortgage loans in other parts of southern Ontario.
The key to finding and locating private mortgage lenders that are the best fit for your requirements is to work with a mortgage broker that represents and works with private lenders that service your area and type of real estate project.
These last two points are important in that private mortgage lenders can be both very regional in terms of where they will lend money and very particular of the type of real estate they are prepared to issue a mortgage against.
Most private lenders do not work directly with the public from a retail or marketing point of view and prefer to access the market through the mortgage broker network.
The good thing about this is that most brokers will have some access to private money sources. The bad thing is that most brokers do not have direct access or a working relationship with private lenders in a given area and in many cases are working one or two or even three steps removed from the source of financing.
This can lead to time delays as well as spending more time working with a private mortgage lender that may not be the best fit for your project, or one that would have very little interest in what you’re looking for.
If you need Newmarket private mortgage financing, or what to know more about it, I suggest that you give me a call so I can quickly review your options and provide you with private mortgage options for your consideration.
Click Here To Speak To Newmarket Private Mortgage Broker Joe Walsh
Brampton Commercial Mortgage Financing
“We Help our Clients Locate and Secure Brampton Commercial Mortgage Financing”
Brampton commercial mortgage financing is available through a number of different mortgage lending sources including banks, institutional, and private mortgage lenders.
One of the most challenging things about commercial mortgage financing is that every piece of commercial real estate is somewhat unique in terms of its value, use, age of building, zoning, etc. As a result, the commercial financing application can also end up being fairly customized as mortgage lenders, especially banks and institutional lenders, will have different appetites for different deals.
Another current challenge with trying to locate Brampton commercial mortgage financing these days is that the traditional mortgage lenders are taking a very conservative approach to the market and taking their time to arrive at lending decisions.
Because of the impacts of the recent recession, business mortgage lenders remain cautious overall, but are still very aggressive on the “A” deals. This has created increased opportunity for private mortgage lenders that like to invest in commercial property. Because of the conservative stance taken by most institutional lenders, private lenders are getting a better quality deal on average than they would historically seen, which has also increased competition among private in some areas, bringing the cost of financing down.
What this all means is that for many commercial real estate properties, the cost of borrowing between institutional and private lenders has narrowed considerably in some areas, making private mortgages more of an option both in terms of availability and affordability.
For the most part, private mortgages are a short term solution of one or two year duration. But if you’re on a tight time line and need to get something done sooner than later, then commercial private mortgage financing options are a good consideration.
Fortunately, we have very strong relationships with Brampton commercial mortgage financing lenders in both the institutional and private lender categories. We also work on a wide variety of commercial real estate mortgage requests including those involving construction loan requirements.
If you’re in need of Brampton commercial mortgage financing, I suggest that you give me a call so I can quickly assess your options and provide you with relevant commercial mortgage loan options for your consideration.
Click Here To Speak To Brampton Commercial Mortgage Broker Joe Walsh
Richmond Hill Private Mortgage Loans
“Richmond Hill Private Mortgage Loans Are Available Through Our Mortgage Broker Services”
For Richmond Hill private mortgage loans, the best way to locate and secure private mortgage financing is through an experienced mortgage broker that has private lenders interested in real estate properties in the Richmond Hill area.
Our team has a number of private mortgage sources that will collectively consider placing mortgages for both residential and commercial properties as well as for funding construction projects.
Unlike banks and institutional lenders, private mortgage lenders do not typically have a retail location and tend to rely heavily on mortgage brokers to source and qualify their deals. While the mortgage broker network overall is an effective way to source real estate mortgage financing of all types, one of the challenges with the private mortgages is that the broker you are in contact with may be one or two steps away from the private lender relationship.
The ideal situation is to work with a mortgage broker who has a direct relationship with an individual private lender or private lending group that provides the type of mortgage you’re in need of in you’re area.
Each private lender will have their own criteria for lending as well as the manner in which they structure their mortgage commitments and the interest rates they offer. The better the working relationship your mortgage broker has with relevant private lending sources, the more likely you’re going to be able to secure the funding you’re looking for in the time you have to work with. Working with too many degrees of separation between the initial mortgage broker and the lending source can create unnecessary complication as well as waste time.
Fortunately, we have a number of private lenders that will consider Richmond Hill private mortgage loans for a variety of different properties and projects.
If you’re in need of a private mortgage for a residential or commercial real estate property in Richmond Hill, I suggest that you give me a call so I can quickly assess your requirements and provide you with Richmond Hill private mortgage loan options that meet your needs.
The initial assessment is free of charge and will get you one step closing to getting your private mortgage financing in place.
Click Here To Speak Directly To Richmond Hill Private Mortgage Broker Joe Walsh.
Fast Private Mortgage Money
“Here’s Where You Go For Toronto Fast Private Mortgage Money”
Toronto fast private mortgage loan money is most typically used for 1) estate purchases that need to be closed in less than one week, 2) mortgage refinancing and debt consolidation required to avoid a lender collection action.
The speed with which any mortgage can be put in place from application to funding is 2 to 5 days provided that you are working with a mortgage broker, private mortgage lender, and real estate lawyer than can turn the whole thing around quickly.
This is an area where we can potentially help you as our mortgage brokerage is aligned with private lenders and lawyers that can get the job done in a very short period of time provided that everything related to the property and property title are in order.
If you’re looking for a mortgage close in less than 2 days, its unlikely you’re going to be successful as there is basic amount of time required to cover off the mortgage approval and registration process.
A fast private mortgage money close is also restricted in most cases to single family real estate properties as commercial real estate will typically require a slightly longer loan application process due to larger loan size and more assessment into the resale speed of the market.
For residential mortgage needs, we work with a number of different private mortgage lenders in the Toronto area that provide fast closing loan services. Failure to focus on these specific types of private lenders may cause you to waste the valuable time you have and potentially miss your deadline.
If you have a residential mortgage that needs to get closed in less than a week in Toronto or in the Greater Toronto Areas, I suggest that you give me a call so we can quickly assess your requirements and get you working with a private mortgage lender that is capable of getting the job done in the time period required. At the same time, if we are unable to help you, we’ll tell you right away so you don’t waste any valuable time. In most situations, we can provide suitable options within a few hours of being contacted.
Markham Private Mortgage
“We’ve Got Markham Private Mortgage Loan Financing Available for Residential, Commercial, and Construction Property Financing Requirements”
If you’re in need of a Markham private mortgage financing on real estate you presently own or are looking to acquire, we certainly would like to help.
We place Markham private mortgage loans with our clients in Markham and through out the rest of the Greater Toronto Area as well as the rest of Southwestern Ontario.
Similar to bank or institutional mortgage lenders, private mortgage lenders each have their own areas of focus and geographic areas of coverage. For any given project, its going to be important to focus in on the private mortgage lenders that going to be able to fund your project and stay away from the one’s that most likely can’t, or will at above market rates and fees.
This can be challenging to accomplish as most private mortgage lenders do not have a direct street front or retail function of their own and primarily utilize mortgage brokers to place their funds.
The challenge with working through a mortgage broker is that it can be hard to tell if a mortgage broker has direct assess to a private mortgage lender that is well suited to your requirements, or if they are working through a number of other brokers just to get access to a private lender that may or may not be of any use to you.
We are fortunate to work directly with a number of private mortgage lenders that provide mortgage funding for a number of different private loan requirements in the Markham and surrounding area. For example, we place private mortgages for residential property refinancing, commercial property acquisition, construction financing and construction bridge loans, fast close mortgages, land acquisition, and land development loans to name a few.
One of the great things about the private mortgage market these days is there are more and more lenders coming into the market all the time due to the higher security and predictability private mortgage returns provide versus the stock market. The key is to be able to efficiently access what you need and get it in place when you need it.
If you have a Markham private mortgage funding requirement, please give me a call so I can quickly assess your requirements and providing you with relevant private mortgage financing options for your consideration.
Click Here To Speak to Markham Private Mortgage Lender Joe Walsh
Mississauga Commercial Mortgage Financing
“Mississauga Commercial Mortgage Financing Can Cover a Lot of Different Real Estate Property Applications”
Mississauga commercial mortgage financing basically covers off all types of real estate mortgage lending that does not involve residential occupancy of less than 5 unit facilities.
So while residential real estate mortgages are by far the largest in sheer numbers, the different types of commercial mortgage applications is almost limitless as there are so many different types of structures that fall into this catchall category.
Add to the property diversity the lender diversity and you can have a fairly complex landscape to try and navigate.
Let me explain.
Because commercial properties can contain somewhat unique characteristics to their use, it can be hard to find commercial lenders that can fund the deal, at least not for the terms and conditions you may be interested in.
The other side of the equation is that commercial lenders also tend to be niche focused, so each category of commercial property can have different mortgage lending programs and even different Mississauga commercial mortgage lenders to consider.
Taking it one step further, you also will have to consider bank or institutional commercial property lenders versus private mortgage lenders.
On the surface, a commercial mortgage issued by a bank will provide a cheaper rate so in most cases would be preferred as everyone wants the lowest cost form of money. But the cheaper money is not always the best fit, especially if you’re in a hurry or have had any near term financing challenges in your business.
And one of the great benefits of Mississauga commercial mortgage financing is that there is a good presence of both institutional and private mortgage lenders in the area, which can provide several different types of options for most property types.
Lower cost sources of commercial mortgage loans will require more third party verification of financial statements, property values, and property conditions, which does add to the all in cost of financing.
Commercial mortgages issued by private lenders may end up costing a bit more and have a shorter term, but they are more ideal for managing acquisition time lines or bridge financing scenarios.
Regardless of the size or type of the Mississauga commercial mortgage financing you require, your best approach is going to be to work with a commercial mortgage broker that has strong lender relationship with both bank and institutional lenders in the Mississauga area.
Click Here To Speak Directly With Mississauga Commercial Mortgage Broker Joe Walsh
Commercial Real Estate Mortgage Financing Dilemma
“When You Have Two Potential Commercial Real Estate Mortgage Offers, Which One Do You Choose?”
The dilemma with commercial real estate mortgage financing is which lender to pick and which offer to go with, assuming you have more than one offer for commercial mortgage financing to consider.
Or if you have an offer in hand, do you try and locate a better offer before making a commitment?
I say that this is a dilemma in that assuming you have a decent piece of property to finance and an even ok financing profile, there are going to be lenders who are going to be interested in providing you with mortgage financing.
The challenge is not getting someone interested. The challenge is getting the deal funded and funded in the time you have to work with.
What most business owners don’t realize is that no matter how large the lender, or how well the application process has gone so far, or how good the term sheet or even commitment contract sounds, the financing process isn’t over until its over.
Its hardly uncommon for deals to fall apart after all the commitment documents have been signed, when the finish line is already in sight. This type of result can be devastating in a number of ways, most of which are financial.
So when trying to decide on which option to pick here are some things to consider.
First, identify an acceptable range of rates and terms. If anything falls within the range, then it needs to be seriously considered.
Second, if you’re starting to get pressed for time, and have an option in the acceptable range, you need to seriously be considering accepting it, especially if its well along in the due diligence process. Many times, the best deal is the deal that can get funded in the time you have, provided it falls within your acceptable range.
Third, lender reputation for getting a certain type of deal in terms of size, location, and industry funded can carry a lot of weight and should be strongly factored into the decision making process versus being overly fixated on the lowest cost offer from a commercial loan provider who hasn’t placed a similar deal in several years or ever.
The best way to not only pick the best commercial real estate financing option, but make sure that the process to funding is well managed, is to work with an experienced commercial mortgage broker.
Commercial Mortgage Refinancing
“Toronto Commercial Mortgage Refinancing Can Be More Challenging Than You Think”
Unlike residential mortgage refinancing scenarios, Toronto commercial mortgage refinancing situations are not as subject to automatic or near automatic renewals and in fact, its not unusual for commercial lenders to pull in and out of markets according to a number of different factors including the strength of the overall economy, strength of the specific industry paying the bills, and strength of their portfolio.
Plus commercial property mortgages come with more strings including operating statement covenants that if broached can lead to a timely demand for mortgage repayment at renewal time.
Even if you never missed a payment during the interest period, stayed completely on side with your covenants, and were an upstanding borrower all the way through, you still could be served with a payout statement a few months before your mortgage term comes due.
This may not be all bad in that you could end up with an even better mortgage in terms of rates and fees with another commercial mortgage lender. But the grief that you may need to go through to get the mortgage relocated can be considerable. If you are offside with some of the mortgage conditions, then it may be that much more difficult to move to another lender without having to pay a higher rate of interest,
The larger the commercial funding amount, the more stringent the requirements are going to be with a new lender. Things like environmental regulations are constantly evolving. What was acceptable on your site at the time the current mortgage was issued may not be accept now. The environmental standard being applied at a given time can also vary from one bank or institutional lender to another.
There are two things you can do to increase the probability that your long term property financing needs don’t get derailed expectantly.
First, assume nothing and start early. Make sure that all the information you will be expected to provide for the existing mortgage holder, or an alternative, is up to date 6 months before the end of the mortgage term so that all your potential options can be considered.
Second, work with a commercial mortgage broker that can provide you with the market insight that can be hard to come by when you’re not at least knee deep in the Toronto mortgage refinancing market on a daily basis.
Click Here to Speak With Toronto Commercial Mortgage Broker Joe Walsh
Vaughan Private Mortgage Broker
“Using a Vaughan Area Private Mortgage Broker Can Save You Time and Money”
If you’re looking for a Vaughan private mortgage broker, then you’ve come to the right place. Located just south of Vaughan’s city limits, we supply private mortgage placements to area clients.
One of the keys to successfully locating and placing private mortgages in Vaughan is working with someone who has local funding sources as private lenders tend to stick to more localized geographic areas compared to many of the bank or institutional lenders.
We are fortunate to have very strong private lending sources that service the Vaughan area as well as neighboring areas in the Greater Toronto Area. These private lenders will provide private mortgages for both residential and commercial projects as well as a large variety of real estate types within these categories.
Because we maintain ongoing relationships with our private lending sources, we have a very solid grasp on what their looking for in a mortgage deal which allows us to match up borrower requests with the right lending source. This is not a trivial issue as borrower/lender fit can be very important, especially when you’re looking at a construction financing project or large commercial or industrial complex.
Because most private mortgage lenders work through mortgage brokers to source their deals, its practically a necessity to work with a mortgage broker if you expect to get the best rates and terms available for a given real estate property and/or project.
And right now, the market can be quite competitive on certain deals, so it’s likely going to be in your best interest to utilize the services of an experienced mortgage broker with private lender connections to source the private mortgage you’re looking for.
In situations where mortgage financing is required in a very short period of time, private mortgages can also provide fast mortgage closings which can take place in as little as 2 to 3 days, provided you’re working with a mortgage broker and private lender that have a focus on fast or quick close mortgage requests.
If you’re trying to locate and secure a private mortgage, then you should definitely consider working with a Vaughan private mortgage broker in order to get the best results in the least amount of time.
Give us a call if you have a private mortgage financing need you’d like to discuss.
Click Here To Speak To Vaughan Area Private Mortgage Broker Joe Walsh
Brampton Private Mortgage Lenders
“To Locate Brampton Private Mortgage Lenders, Give Us a Call Today For Immediate Assistance”
Brampton private mortgage lenders are made up of individuals or small lending corporations in Brampton or the surrounding area.
Private mortgages can be acquired for residential and commercial real estate property purchase, refinance, debt consolidation, or construction.
While some private lending groups have direct access to the public, most work through mortgage brokers to place their funds into the market place.
As a result, it makes a great deal of sense to work with a mortgage broker that works with private lenders that service your area in order to locate and secure the best available options.
Like all mortgage lenders, private mortgage lenders have their own focus areas within a given geographic area. They will also have different pricing and different tolerances to risk. So from one property and financing profile to the next, there can be a significant difference in the private lenders that will be interested in the deal, even within the same geographic area.
Brampton private mortgage lenders, similar to privates in other areas, are basically broken down into two groups. The first group is what we would call a more traditional private mortgage lender where the lending decision is primarily on the property and the lender is more than prepared to take over the property if necessary on a payment default in order to recoup the mortgage principal.
The second group, while similar to the first, act more like a bank in their assessment process and do not tend to do deals where the exit strategy projected to be in place to pay back the proposed private mortgage isn’t very strong. While a foreclosure scenario is still a higher risk for any private lender, this second group would prefer to only focus on lower risk private mortgage lending opportunities.
One of the many benefits that private mortgage financing provides is a much similar and faster decision making process than a bank with mortgage funding also capable of being completed in a matter of days compared to the 2 week requirement most banks and institutional lenders tend to go by.
If you’re trying to locate Brampton private mortgage lenders, I suggest that you give me a call so I can quickly assess your mortgage requirements and provide relevant private mortgage options for your consideration.