All posts by Joe Walsh
Commercial Land Lending
“Here’s How To Locate And Secure Commercial Land Lending in The Greater Toronto and Surrounding Area”
Toronto commercial land lending can fall under a number of categories. There can be the acquisition of bare land for development or speculation; land with existing buildings that are going to be removed for new construction, or land that has already had some site development that is being provided in a semi prepared state for sale to other builders or developers.
In all cases, the objective is to secure commercial land, or land that is zoned for a commercial use now or in the future.
One of the key factors in any Toronto commercial land lending is the prior use of the property. Previous commercial or industrial use could have created environmental liability that will need to be understood through third party environmental assessments before a mortgage lender of virtually and type will consider issuing a commitment to finance. The less previous use that could generate environmental contamination, the more likely that commercial land lending can be perfected.
Another key factor for Toronto commercial land lending is the local market where the property resides. The market value and ongoing market activity for related properties in the area will have a direct impact on lender interest, mortgage rates, and mortgage loan to property value ratios.
Both of these factors will be considered together to determine commercial lending interest. For instance, a bare land property that was previously used for agricultural purposes will likely have no environmental liability concerns, but if the property is not located in or immediately adjacent to an active commercial development, the market resale value for the commercial land will not likely be very strong.
Both institutional and private mortgage lenders can provide commercial land lending to their clients. For bank or institutional mortgage lenders, there will be more of a focus on where the source of loan repayment is going to be coming from. For non bank mortgage lenders, there will be a greater focus on the exit strategy to pay back the mortgage at the end of the interest term.
Toronto commercial land lending mortgages can range from 50% of the appraised market value to as high as 75%, depending on the property and its market area location.
If you require a commercial land lending facility in or around the Greater Toronto Area, please give me a call so I can quickly assess your situation and provide relevant commercial land lending options for your consideration.
Commercial Real Estate Financing
“Toronto Commercial Real Estate Financing Can Come In Many Different Forms”
The Toronto commercial real estate financing market is becoming more and more interesting these days in a number of ways.
First, there is tremendous competition among banks and institutional lenders for what we can “A” deals with the strongest getting access to some incredible rates.
At the same time, its also not hard for a pretty good deal (or at least one that would be considered as such just a few years ago) to fall into the secondary bank and term lender financing rate categories. These are still great rates in the current market, but typically one or two percentage points above the very best rates out there.
What’s probably most surprising in Toronto commercial real estate financing these days is the amount of private mortgage money floating around and the types of rates being offered. In many cases, private lenders are competing directly with secondary banks and term lenders for commercial real estate mortgage financing deals.
On larger deals, private mortgage financing can get as low as 6% per year which is a rate level that has rarely been seen if ever in recent history on private money.
Part of the reason for some of the lower rates available through private lenders is that many privates are being more cautious about where they put there money these days. The stock market has not inspired much confidence in over a decade and the residential mortgage market for sub prime lending is still viewed to be pretty risky.
So many privates that have available money are looking to sink it into good solid commercial properties where the loan to value ratios are no higher than 60%.
And because of the more conservative approach being taken in lending in general by banks and institutional lenders, there are more of these types of deals available for private lenders to consider as well.
Keep in mind to that its not all about interest rate. Many business owners and property owners have seen less than stellar operating results during the last two years and as a result they may not qualify for conventional bank financing. With private mortgages also offering short terms with open buyouts, there isn’t much of a drop off when forced to go down market.
The bottom line here is that, depending on your location and the nature of a piece of Toronto commercial real estate property, there can be several different options to consider.
Toronto Commercial Mortgage
“We provide Toronto Commercial Mortgage Financing For a Wide Variety of Projects and Funding Amounts”
A Toronto commercial mortgage can be required for an extremely broad spectrum of real estate property applications.
Even though there are far fewer commercial real estate loans issued each year compared to residential mortgage, the number of different types of commercial mortgage requests covers a lot of ground.
Some of the more common commercial mortgage financing applications include:
- Multi Family Unit buildings
- Apartment Building Financing
- Strip Mall Financing
- Mixed Use Building and Property Financing
- Condo Development Financing
- Construction Financing
- Warehouse Mortgage Financing
- Townhouse Development
- Subdivision Mortgage Financing
- Self Storage Commercial Mortgage Financing
- Income Property Mortgage Financing
- Office Building Financing
- Land Acquisition Mortgage
- Land Servicing Financing
- Bridge Loan Financing
Put another way, anything that is not a residential property by definition is basically a commercial property requiring commercial mortgage financing.
The main difference between residential mortgage programs and commercial mortgage programs is the risk associated to each by a Toronto commercial mortgage lender.
For commercial property loans, can be increased over residential for a number of factors including size of loan, location, and the resale market for the subject property in question.
While residential properties can be sold fairly quickly, commercial properties can be on the market months and even years before they can be liquidated. For a commercial mortgage lender that is in a foreclosure position, it can take a long time to recover the outstanding mortgage principal and can have significant operating costs involved in getting to a final sale.
In order to manage commercial mortgage risk, mortgage programs tend to focus on very narrow slices of the market so internal expertise can be developed on a particular type of property. As a result, there are numerous commercial mortgage programs on the market, many within the same company, each geared towards the requirements of a specific type of commercial real estate.
To locate and secure the right Toronto commercial mortgage lender that best fits your requirements at a given point of time can be daunting task. The best way to zero in on the most relevant sources and spend your time trying to secure mortgage programs that will best serve your needs is to work through an experienced Toronto mortgage broker who understands the local Toronto market and has well established relationships will a broad cross section of lenders.
If you have a Toronto commercial mortgage financing requirement, I recommend that you give me a call so we can go over your requirements together and discuss potential commercial mortgage options that would best meet your business needs.
Click Here To Speak Directly To Toronto Commercial Mortgage Broker Joe Walsh
Excessive Home Mortgage Shopping
“When It Comes To Home Mortgage Shopping, It Can Quickly Be Taken Too Far”
It’s an accepted practice to shop around for the best mortgage rages and terms. Lenders are used to having to compete for business and the process can provide benefits that you would not otherwise be able to uncover.
But shopping can easily be taken too far when someone starts to work with several brokers at the same time. The borrower’s theory is that this will likely yield an even better result, but this isn’t necessarily the case.
Here’s why.
First, the more applications you have on the go, the more times you credit report is going to be accessed which isn’t going to help your credit score.
Second, the more brokers you’re working with, the more likely the same deal is going to get on the same lender’s desk. If there’s too much confusion as to who you’re dealing with, an otherwise good mortgage opportunity may pass you by when the lender backs away from the deal.
Third, despite what you think, mortgage brokers aren’t completely clueless to this type of maneuver. It can become pretty clear when someone is shopping around a deal excessively, so in order to take you out of the market, you may get promised things that can’t be delivered by the more aggressive brokers, leaving you without the type of house mortgage you’re looking for, in the time its required.
Fourth, unnecessarily taking up the time of several people that you don’t have any intention to work with is frankly bad form and is not something that anyone appreciates.
I have no problem with people spending time with a broker to determine who they want to work with. But at some point, the individual needs to make a decision and choose who will represent them versus having a number of people working on the same deal for nothing and potentially screwing up good potential options in the process.
There are more negatives here than positives. If you want to shop the market, there is a right way and a wrong way to do it.
I welcome the opportunity to help you in any way I can with your home mortgage needs.
But if you plan on getting other brokers to do the same thing without disclosing your true intentions to all those involved, please don’t call as I’m not interested in this sort of run around that frankly isn’t likely going to help you anyway.
Variable Versus Fixed Mortgage Rates
“How Do You Decide On a Variable Mortgage Rate Versus a Fixed Mortgage Rate?”
If you look over the last 5 years, its hard not to argue why variable mortgage rates should be preferred over fixed mortgage rates. For instance, the variable rates have been lower and because they’re variable, interest rate drops provide an instant benefit. And because they’re open for repayment, you don’t have any penalties associated with early repayment.
But this is also the benefit of hindsight. Yes, people who have stuck to variable rates in recent history have saved themselves some money. But will this trend continue into the future?
Fixed mortgage rates provide cash flow stability for the period of time (1 to 5 years) you lock the rate in for. You’re not going to be able to take advantage of interest rate drops but you’re also protected against the rate spiking up. And even though prepayment penalties tend to exist on all fixed rate mortgages, some programs offer very generous prepayment privileges such as paying up to 20% of the original mortgage amount down each year above and beyond your required mortgage payments.
The financial future speaks to capital market instability and the threat of continuing rate increases. And while we haven’t seen much of this yet, the threat of rising rates that stay up remains.
So choosing variable mortgage rates versus fixed mortgage rates for a residential mortgage has very much to do with your personal preference and personal risk assessment of the future.
From a cash flow point of view, a variable rate right now saves you money versus the longer term fixed rates. But if you’re cash flow depends on the current variable rate to pay your mortgage each month, what happens if rates spike up? Can you afford to be living on the edge with a variable rate?
From a future financial planning point of view, are you expecting to earn significantly more money in the coming years or come into additional funds that could be used to pay down your mortgage? If this is the case, a variable rate likely makes more sense than a fixed rate.
So besides your preferences and financial planning, the other side of the coin is can you afford the risk of the interest rate significantly moving against you? If you can’t pay your mortgage at a higher rate, you could lose your house or fall into higher cost personal debt trying to make the cash flow work.
Right now, you could argue both ways which is better, variable or fixed, and in both cases the argument can be sound.
It comes down to a personal choice as to your own opinion of where you think the market is going and what you’re personal cash flow is going to look like over the next 5 years.
The best way to figure out what is the best fit for you at any point in time is to discuss your current requirements and preferences with a licensed mortgage broker so you can better evaluate the pros and cons of different variable mortgage rate programs and fixed mortgage rate programs.
Residential Mortgage Application Process
“Here’s The Basic Residential Mortgage Application Process That Applies To All Mortgage Applications”
One of the best ways to make the residential mortgage process go as smoothly as possible is to be prepared for what you’re likely going be asked by various mortgage lenders.
The basic residential mortgage process can be broken down into these three steps:
First, you’re going to be asked to complete a personal profile or application form. Some of the information required will vary from lender to lender, but all will require you to provide at least the following:
- Your full and proper name, current address of residence, date of birth, and social insurance number.
- The name of your present employer, the time you’ve worked there, and your current salary or wage.
- A personal networth statement listing out all the assets you own and all the debts you owe including credit cards, lines of credit, loans, and mortgages.
The last part of the application form will include an authorization statement that allows the lender to access your personal credit report as part of the application process. By signing and dating the application form you are confirming that the information provided is accurate and that you are providing your consent for the mortgage provider to access your personal credit profile.
The second part of the application process is to confirm your income, down payment, and property value. Here are the most common verification steps:
- Employment verification. This can be done via an employment letter from your employer and/or a copy of your of your most recent pay stubs. In addition you may be asked to provide a copy of your last years T4 slip and/or a copy of the last notice of assessment you received from CRA. For self employed individuals, the last three notices of assessment are typically required and potentially the financial statements of the business.
- For a real estate purchase, a copy of the purchase and sale agreement along with any available real estate listing information will be required to validate the transaction. If you’re also selling your existing home at the same time, then a copy of the sale agreement would also need to be provided along with the statement of mortgage if a home mortgage is outstanding.
- Down payment. The amount of the down payment will need to be verified via bank statements. If the down payment is coming out of your savings, then the last 3 months of bank statements will be required to verify the build up of funds. Any gifts or donations will have to be supported by the provider indicating that the funds are not required to be repaid.
- For real estate purchases where at least 20% of the purchase price is paid in cash, a real estate appraisal will be required as these mortgages will not be covered by mortgage insurance.
Once all the documentation has been received and verified, the last step in the residential mortgage application process is the mortgage approval. The mortgage lender will provide a written mortgage approval for you to review and sign. In addition to signing off on the mortgage approval, you will also have to provide a void cheque for setting up a preauthorization payment, and the contact information of your lawyer.
The lawyer will receive all the legal documents and mortgage instructions which he or she will review with you prior to your execution of the legal documents that will complete the mortgage process.
Click Here To Speak To Toronto Mortgage Broker Joe Walsh
Mortgage Product Confusion
“Trying To Figure Out What Residential Mortgage Program Is Best For You Can Be Extremely Confusing”
The Canadian mortgage market has evolved considerably over the last decade with more information more readily available to consumers and more mortgage programs and features to try and attract your business.
Because mortgage decisions tend to be the largest individual financing decisions that most people make, there can (and should) be a great deal more scrutiny that goes into the comparison process from one mortgage option to the next.
Add to more competition and more choice is the fact that the average person tends to have more of an opinion on mortgage products, mortgage companies, and mortgage strategies. So when you’re actively seeking a mortgage for real estate purchase, construction, renewal, or consolidation, there is no shortage of information and points of view to go around, whether you want it all or not.
So, yes more information is good as everyone wants to make an informed decision in order to create the most benefit for themselves and their families.
But at the same time, you still need to wade through all the information, make sense of it, and still make a good decision.
And while many of the major banks have gotten more aggressive promoting their own mortgage products and services, the goal of much of this information overload is to try and capture your collective attention so whatever decision you choose will stay within in the confines of a major lender’s marketing funnel.
For the average person who perhaps only goes through a residential mortgage process once every 3 to 5 years, the information assimilation process can be very difficult to understand.
The best solution in my opinion is to select an experienced mortgage broker that you trust, who you believe will will work in your best interest and will invest the time necessary to answer all your questions, look at all the relevant options in the market that pertain to your situation, and help you make the best decision possible.
This has become a process where a third party guide can provide considerable value in terms of both time and money savings as well as stress reduction.
If you’re in need of a residential mortgage product, or just planning ahead, please give me a call so we can discuss your requirements, get your questions answered, and go over the most relevant mortgage financing options together.
Anatomy of a Fast Mortgage Loan
“To Get a Toronto Fast Mortgage Loan in Place, Here’s The Essential Elements That Are Required”
If you’re in need of a Toronto fast mortgage loan, then there are a number of things you’re going to require to get something in place in the time you have available to work with.
First, when we’re talking about a fast mortgage loan, we’re speaking in terms of getting a residential mortgage committed and funded in from 2 to 7 days. The typical period required from start to finish is 2 to 3 weeks.
Second, you need to have all your paper work in order so that there are no delays trying to procure documents or complete agreements. If you’re trying to purchase a property, you’re going to need a completed purchase and sale agreement or properly executed offer to purchase. While a recently completed property appraisal may not be essential, it will likely be required if you’re looking at financing more than 50% of the cost of the real estate. You will also need immediate access to any down payment that may be required.
Third, you’re going to need to be working with a private mortgage lender that makes it a practice to provide a fast turnaround on these types of residential mortgage financing requests. The private lender is likely going to have to be working in your region already in order for them to get comfortable with the subject property value in the least amount of time. The lender may need to come and do a property inspection as well, so the closer the real estate is to the private lending source the better.
Fourth, the transaction is going to have to be executed, registered, and disbursed through a lawyer that is available and prepared to bring your deal to the top of their pile.
Fifth, and perhaps most important, you will need to be working with a Toronto mortgage broker that is experienced at bringing everything together in the time required. Most private lenders work through mortgage brokers, so this is typically the best way to locate the right type of mortgage sources. Mortgage brokers that work with private mortgage lenders will also have relationships with real estate lawyers that can get the legal work completed.
If you require a Toronto fast mortgage loan, give me a call so I can quickly assess your situation and provide relevant mortgage options with a few hours. If I can’t help you, I’ll tell you right away so we’re not wasting the limited time you have available.
Toronto Construction Loans Heating Up
“As The Summer Goes on Toronto Construction Loans Can Be Harder To Find”
We are now into July.
Happy Canada Day!
And the construction season is in full swing. This also places a high demand on available construction financing sources, which are primarily provided through private lenders.
Different from bank or institutional construction mortgage lenders, private mortgage lenders have a finite lending pool available to them. So as more and more construction projects are committed in the market, the potential available pool of private mortgage construction funds can go down and go down significantly for a period of time.
This is not to say that there will actually be a shortage of private mortgage constructions loans in a market as large as Toronto, but the available sources may start providing less than optimal rates and terms based on supply and demand.
Like any market, when there is more supply than demand, the suppliers are going to increase the prices or strengthen the terms in their favor. And because construction financing is very regionally supplied and very project specific, the supply and demand balance can get out of wack for a period of time.
So if you’re planning a construction project for this summer that is going to require private mortgage construction financing, I would recommend that you get your construction financing arranged sooner or later to avoid any of these seasonal anomalies that can happen with the local money supply.
The best way to make sure you’re getting the best available deal is to work with a construction mortgage broker that places construction loans in your area for the size and type of project your undertaking or in the middle of. Mortgage brokers focused on construction will have a much broader access to construction loans in Toronto versus those that occasionally dabble in construction financing. If their sources run out of money for a period of time, they may end up redirecting you to less appealing options.
If you have a Toronto construction loan requirement for a project you’re planning or in the middle of, give me a call as soon as possible so I can quickly assess your requirements and see what construction financing options we can get locked in for your summer building schedule.
Click Here To Speak With Construction Mortgage Broker Joe Walsh
Bad Credit Mortgage Creates Good Credit
“Here’s How a Bad Credit Mortgage Can Actually Help You Get A Better Credit Score”
When you are able to secure a new mortgage even though you have bad credit and are able to consolidate some or all of your outstanding short term credit (credit cards, lines of credit, demand loans) in the process, you will likely see a positive jump in your credit score.
While there are a whole bunch of things that impact your credit score, the three most common items are 1) late payments, 2) frequent inquiries, and 3) high utilization of existing credit.
Late payments and inquiries will stay on your credit report for years. But by paying down your unsecured or on demand credit facilities, the change on your credit score is quite fast, increasing your credit score in the process.
How fast? Typically a pay down of short term credit, without impacting the total amount available, can see a positive change to your credit score in 30 to 60 days.
The amount of the change to the score will vary considerably from one person to the next and will be related to the amount of the pay down in terms of total dollars and per cent of available credit.
While every situation is unique, its not unheard of for these pay downs to net the creditor a credit score gain of 50 points or more. This can push you from the ranks of bad credit to good credit, depending on your starting point.
Once this credit score gain has been realized, keeping it there is up to you and your ongoing credit practices. This may also allow you to apply for additional credit or lower cost credit.
One major benefit would be if you used a short term private mortgage to consolidate your debt. This mortgage will likely need to be repaid in one years time, so if the consolidation process gets your credit high enough to be considered by a bank or institutional lender, you have effectively used the private mortgage to put yourself in a position to qualify for a longer term, cheaper mortgage financing solution.
If you’re in need of a bad credit mortgage for real estate purchase, mortgage refinancing, or debt consolidation, give me a call so I can quickly assess your situation and provide bad credit mortgage financing options for your consideration.
Commercial Property Financing Challenges
“Key Things To Consider When Seeking Commercial Property Financing These Days”
At the time of writing, we are in the middle of 2010 and the recent recession continues to play havoc with the capital markets.
From a commercial property financing point of view, it has produced a bit of an odd mix.
On the one hand there is hyper competition for the grade A deals as large commercial property investments will always be a sought after asset for any major lender’s portfolio.
On the other hand, commercial property mortgage financing deals that are just the slightest bit off in certain lender assessment areas are having a hard time getting bank or institutional mortgage commitments in place.
Even for the better deals, the turn around time from application to funding can be several months as lenders work hard to avoid making any financing mistakes. This has resulted in more detailed assessments, more third party verifications, more of just about everything.
The net results are 1) it can be hard to tell who will fund your deal if its not Grade A quality, and 2) its hard to know how long the funding process will take.
This has increases both the supply and demand for private mortgage or non institutional lender financing for commercial properties where borrowers are prepared to pay a little higher interest rate in order to just get the deal closed, get the old mortgage paid out, or secure additional working capital for their business.
Private mortgage financing options also tend to be short term in nature, providing the property owner with the opportunity to continue pursuing a longer term bank or institutional lender solution that will eventually pay out the private financing arrangement.
The hard reality for many commercial property owners is that the path to ideal long term mortgage financing can be a two step process where a short term private mortgage instrument is required in the near term to provide the capital and time required to figure out a longer term commercial property financing option.
This of course leads to additional costs that anyone would want to avoid. But if its either the two step or no step option, paying a bit more through multiple mortgage options in a relatively short period of time is something that has to be seriously considered, at least until the capital markets settle down and things become more predictable.
Private Lenders In Toronto
“Here’s How To Locate And Secure Private Lenders in Toronto”
When we are speaking of private lenders in Toronto, we’re talking mostly about individuals or small corporations that provide real estate mortgages for residential, commercial, and industrial purposes.
The growth of private lenders in recent years has been significant as more and more investors become disenchanted with the stock market and the lackluster returns they have gotten over the past decade or more.
The result has been a growing supply of private mortgage financing sources that more and more people are taking advantage of.
Traditionally, a private lender was considered to be a hard money loan provider that would basically only lend on bad credit cases for very high rates of interest.
But the business of private mortgage financing has evolved into the main lending stream, providing competition and real alternatives to banks and other institutional lenders.
While there’s lots more of them around, and the use of their services can be applied to a lot of different situations, they still aren’t that easy to find.
Mortgage investment corporations that are created to manage and place mortgages for private lenders do advertise and have store front locations for the public. But this represents a very small percentage of the overall Toronto private lender market.
The majority of private lenders work through mortgage brokers and allow the mortgage broker to be the front line contact with the customer, many times not wanting to be directly involved with the borrower themselves.
And while there is a well developed mortgage broker network, with most mortgage brokers having at least some direct or indirect access to private lenders, the best access to private mortgages is through Toronto mortgage brokers that maintain very active relationships with their private mortgage sources.
The reason for this is that a private lender will have their own unique way to look at a deal as well as the information they want to see and the manner in which they administer mortgage requests. Having a working relationship with a number of private lenders provides a much stronger connection to the money you’re looking for versus through a mortgage broker who knows where to refer private money requests only.
Because of my strong private lending relationships here in Toronto, I recommend that you give me a call if you have a private mortgage financing requirement or have one that you would like to discuss with a mortgage professional that specializes in this area of mortgage financing.
Ontario Cottage Mortgage Financing
“Depending on The Property Type and Location, There Can Be Considerable Differences in Cottage Mortgage Financing Across Ontario”
The diversity of Ontario’s Cottage country also can produce a diversity in mortgage program options from one location to another.
Cottage mortgage programs will also vary by type of structure, its access to water and sewer, as well as where its situated in its local market. For instance, properties that are in a more populated or filled out cottage area are going to have a stronger resale market on average than properties that may be in the same general locale, but are sitting more on the outskirts in a more remote setting.
Mortgage lenders, both institutional and private, will have differing opinions of one cottage market to the next as well. Stronger markets will command higher loan to value ratios in certain situations and greater overall lender interest.
Bank and other institutional mortgage programs also offer insured products to allow you to acquire the same sort of higher leverage, lower cost residential mortgage that you could perfect in a larger urban area.
From a private mortgage point of view, the amount of lender interest and the mortgage rates and fees are going to depend largely on the resale market for similar assets. The more remote and unconventional the cottage property is, the less likely it will able to attract any type of financing.
While not common, there are also situations where cottage loans can be secured on land that is leased. National parks and first nation’s reserves can sometimes provide long term leases to occupants which do not allow a mortgage to be registered, but due to the strength and length of the lease in place, some lenders will provide a cottage loan on the value of the building only.
The key point here is that there can be considerable variability with Ontario cottage mortgage financing from one location to another and from one cottage structure to another.
So in order to make sure you’re getting the best available deal in your neck of the woods so to speak, the best solution would be to work with a mortgage broker who can help you more effectively navigate the cottage mortgage market.
If you have an Ontario cottage mortgage financing need, I suggest that you give me a call so I can quickly assess your situation and go over the cottage mortgage options most relevant for the area and property you’re looking at.
Residential Mortgage Process
“Here Are Some General Guidelines For Getting a Residential Mortgage Commitment in Place and Funded”
I’ve been writing quite a bit lately about quick close mortgages or fast close mortgages to deal with situations where time is short and you’re running the risk of losing out on a deal or incurring some additional costs for not having mortgage financing arranged in time.
To avoid the need for a fast close mortgage in the first place, you need to have a basic understanding of the residential mortgage financing process and the related timing.
Remember that I’m only providing basic guidelines as requirements can vary considerably from one mortgage lender to another and even among offices of the same mortgage lender.
For the application process, especially if you’re going to be doing any amount of comparative rate and term shopping, you should be allowing 2 weeks to have a commitment in hand. This will allow time for the application to be processed, an appraisal to be completed, and commitment papers to be drawn up and reviewed.
Once the terms and conditions are agreed to, most mortgage companies will have a closing schedule so that they can manage their overall work flow. A typical closing schedule will be 10 business days after the commitment is in place. Mortgages can be closed much sooner, but its hard to depend on that from one mortgage company to the next. Larger organizations are typically going to be slower as they have more moving parts and people to manage the open files as well as more open files in general.
So if you’re in need of a residential mortgage for real estate purchase, mortgage refinancing, construction, or debt consolidation, make sure you’re working backwards from the date funds are required and adding 4 weeks to the process so you’re going to be starting with enough time to get things done without getting into a mad scramble, or worse yet, falling into the quick close mortgage category that I’ve been talking about in recent issues.
If you need assistance with a residential mortgage for any purpose, just give me a call and I’ll go through your situation and options with you.
Quick Close Mortgage Solutions
“Let Me Help You Locate And Secure a Toronto Quick Close Mortgage In The Next Few Days”
The process of getting a mortgage in place in the time you have to work with can be far from a perfect process.
Approvals can fall apart. Borrowers can have trouble qualifying with the mortgage lenders they are applying to. Mortgage providers take too long processing the application. The borrower does not allow enough time to get a bank or institutional mortgage in place. And so on and so on.
Regardless of the reason, the reality is that time is running out and you need a quick close mortgage solution to save a deal or avoid additional costs in some fashion.
Well I may very well have the solution for you.
First of all, how quick is quick?
If all the relevant information pertaining to a mortgage application is available, a quick close mortgage can be applied for and disbursed within 48 hours. The average turnaround time is three to four business days. If your looking for a 24 hour miracle, I’m afraid I can’t help you.
But if you have a solid residential or commercial real estate property to finance and have 3 to 5 business days to work with, then its very possible we can get a private mortgage in place in the time you have to work with.
Toronto quick close mortgage solutions are based on private money due to the speed with which a private lender can move. I also have working relationships with lawyers that can perfect a quick mortgage registration with limited advanced notice.
The key to getting these deals done in the time you have to work with is providing all required documents up front and being available to answer any questions or provide any additional documentation that may be required.
If you’re in this type of situation and want to better understand what Toronto quick close mortgage solutions may be available to you, give me a call so I can quickly assess your situation and provide you with relevant quick close options within a couple of hours. If I can’t help, I’ll tell you right away so I don’t waste the time you have to work with.