Category Archives for Private Mortgage Lender
Fredericton Private Mortgage Loans
“Private Mortgage Property Loans In Fredericton New Brunswick”
For private mortgage financing in Fredericton, N.B., the process for securing funding is typically arranged through a mortgage broker.
Regardless of the type of property, or the use of the funds, most Fredericton private mortgage lending sources access the market through the licensed mortgage broker network.
And while most private mortgage lenders tend to be local to the market, there are a number of private sources from outside of Fredericton or even the Maritime provinces in general, that will provide funding for private mortgages against residential and commercial real estate properties. Furthermore, due to the fact that most private lenders don’t self advertise or directly promote their mortgage financing services, the only sure way to get access to a private mortgage for a Fredericton property is to work with an experienced mortgage broker who has a track record of placing private mortgage financing in the area, and as direct access to lenders that provide mortgage funding for the type of property you own.
Keep in mind that private loans, or hard money as some refer to them, are primarily based on the equity of the property and the lender’s view of how difficult or easy it will be for them to resell the property in the event of a mortgage default to get the funds advanced and any arrears repaid. Private mortgages are typically for one year terms and if the lender chooses to provide an extension, there is likely going to be a renewal fee required.
Fredericton private mortgages are available for first mortgage position and second mortgage position scenarios. Keep in mind that for a private second mortgage requirement, the amount of funding a lender will be substantially less than if a first mortgage position was being offered. As a general rule, private lenders will finance up to 65% of the value of the property. There are exceptions to this rule on both sides whereby on certain properties a private lender may not be prepared to go higher than 50% loan to real estate value, while on others the funding amount can be considerably higher than 65%.
In most cases, the process for applying, getting approved, and having funds advanced is substantially faster than what you would experience with a bank or traditional lender application.
If you require a Fredericton private mortgage, I suggest that you give me a call so I can quickly assess your situation and provide private mortgage options for your immediate consideration.
Private Mortgage Lenders Halifax
“Here’s How To Locate Private Mortgage Lenders in Halifax”
Private Mortgage Lenders in Halifax are primarily going to be individuals that place their own funds into private mortgages, syndicates of private lenders where a group of individuals each invest in part of a mortgage, or mortgage investment corporations that take investor money and place it for them into private mortgage loans in the Halifax area.
While the more investment corporations do have some direct to market advertising showing you who they are and how to get a hold of them, most private mortgage lenders rely on mortgage brokers and the mortgage broker network at large to provide them with private mortgage financing opportunities to consider.
As a result, if you are looking for a Halifax private mortgage lender yourself, they may be difficult to find without the assistance of a mortgage broker that places private mortgages in the area. There are many benefits from working with a mortgage broker in addition to getting access to private lenders.
First of all, for each type of real estate property and funding applicant there can be considerable differences in interest from one private lender to the next. Most mortgage lenders, whether banks or privates, are going to have different areas of focus and even if they look at a broad cross section of mortgage financing opportunities, they are still going to have programs or parameters for different types of properties, amounts, mortgage positions, and so on. So for each private mortgage request, one of the key benefits of working with an experienced mortgage broker is getting connected to the most relevant private mortgage lender for Halifax related properties as quickly as possible.
In many instances there can be a time pressure for getting access to money so the private mortgage may need to be arranged quickly. So its important to be applying with private lenders that have a high potential for funding your request versus wasting time with less interested parties. An experienced private mortgage broker with a track record of placing private property loans is going to increase your chances of not only meeting your time requirements, but also getting the best available deal in the time you have to work with.
Which leads into the second major benefit of working with a mortgage broker that knows what they’re doing and that’s getting the deal closed and funded. Its one thing to find a relevant lender, but helping get the deal approved and funded on time can be an entirely different matter. Utilizing a mortgage broker’s expertise throughout the process can make all the difference when seeking private loans.
If you’re looking for private mortgage lenders in Halifax, I suggest that you give me a call so I can quickly assess your situation and provide you with relevant private mortgage options for your immediate consideration.
Halifax Private Mortgage Financing
“Halifax Private Mortgage Financing For Residential And Commercial Real Estate Properties”
A Halifax private mortgage is available through our private mortgage lending sources that service Halifax and the surrounding area.
A Halifax private mortgage can be acquired for a number of different purposes including land acquisition, mortgage refinancing, debt consolidation or construction financing. Of these four applications, consolidating debt is the most common. With a private mortgage, debts such as credit cards, trade payables, government arrears, term loans, etc are consolidated into a new mortgage to be registered against a real estate property. If there is an existing first mortgage in place, it may need to be included in the debt consolidation process. But at the same time, it is also possible to get a Halifax private second mortgage arranged as well where the first mortgage is not impacted. The debt consolidation strategy taps into the equity available in an owned property via a private mortgage.
Halifax private mortgages can be secured to up to 65% of the value of the commercial or residential real estate. The exact amount that can be approved for any given situation and property will be determined on a case by case basis.
While most people equate private mortgages or loans with the term hard money, the reality is that private mortgages fill a need in the market that banks and other institutional lenders are either not prepared to service or are too slow to service.
For example, there are times when a Halifax private mortgage is used to purchase property even though the buyer could have qualified for a bank mortgage. The reason that the private mortgage is taken instead is most likely due to timing. If there is a small window of time available to close the deal, a private mortgage may be the only way to get the deal closed in time.
Halifax private mortgage loans are also a common source of construction financing where the funds for a building project are advanced against the current value of the property and the increase in value that takes place once phases of construction are completed.
If you require a Halifax private mortgage for any of the above applications, please give me a call so I can quickly assess your options and provide private mortgage financing solutions for your immediate consideration.
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.
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
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.
Stoney Creek Private Mortgage
“Stoney Creek Private Mortgage Financing For First or Second Mortgage Positions”
We provide Stoney Creek private mortgage financing solutions from our private mortgage lending sources that service Stoney Creek and the surrounding area.
A private real estate mortgage can be secured against both residential and commercial property. Typically, residential private mortgages are provided in a second position to consolidate debt or to provide funds for an immediate requirement. While most commercial private mortgages are in second position as well, there is a higher percentage of commercial private mortgages that get placed in a first position.
This is because there are many different types of institutional or quasi institutional residential mortgage financing programs that can provide first mortgage financing for poor credit scenarios provided the borrowers have cash flow to support the lending decision. With commercial property, this institutional sub prime market is much smaller, providing more of an opportunity for private mortgage lenders to fund first mortgage positions on commercial property.
As a tool, private mortgages are utilized to perfect the fast close mortgage where time is tight to complete a real estate transaction. If everything is in order, a private mortgage loan can be closed in two to five business days, effectively providing a source of bridge financing to complete the purchase of real estate and provide the borrower with time to either flip the property or locate and secure a long term commercial mortgage option at the rates and terms they’re looking for.
The biggest challenge with locating and securing the right private mortgage for your needs is finding the right private lenders. Most private mortgage lenders do not directly market their available funds and instead choose to go through individual mortgage brokers or part of the mortgage broker network to access the market. So for a Stoney Creek private mortgage, one of the keys to success is to work with an experienced private mortgage broker who has access to private funding sources that fund your type of deal in the local market. Private lenders can be very regional and also be focused on certain types of properties and amounts. So its important to only working with those sources of private funding that can best address your needs.
If you’re looking for a Stoney Creek private mortgage, I suggest that you give me a call so I can quickly assess your requirements and provide private mortgage funding options for your immediate consideration.
Click Here To Speak Directly With Private Mortgage Broker Joe Walsh
Dundas Private Mortgage
“Do You Require a Dundas Private Mortgage For a Commercial or Residential Property?”
A Dundas private mortgage can be arranged for a number of different purposes including property purchase, debt consolidation, mortgage refinance, construction financing, and bridge loans.
For debt consolidation, private mortgages are usually placed in a second position to an existing mortgage that may be larger in size and/or has good interest rate that the borrower does not want to loose out on.
Second position mortgages are more costly than something in a first position, but compared to the interest rates that are potentially being eliminated through debt consolidation, the additional cost will likely pale in comparison to the 20% interest rates that can be incurred from some credit card balances.
A Dundas private mortgage utilized for a real estate purchase is typically required because of the short time that’s left to the purchaser to arrange financing. The private mortgage financing will effectively be a bridge loan for either a short term resale, or a bridge that buys time for longer term mortgage funding to be arranged.
Private mortgages can provide fast mortgage closings with fast being anything between two to five days of application. Speed will always depend on the property, location, and amount to be financed. Be in general terms, a private mortgage can be put into place faster than an institutional mortgage for either commercial or residential property.
With some commercial and industrial properties, especially those with environmental issues or concerns, private mortgage financing may be the only available option to the property owner or purchaser.
Like most commercial property loans, a private mortgage on commercial real estate will run from 50% to 70% loan to value, depending on the specific property and its location.
Private loans on real estate, also referred to as hard money, can be hard to find at times as most private lenders do not have their own marketing or retail presence in the market place and instead prefer to work through individual mortgage brokers or part of the mortgage broker network at large.
Private money also tends to be very regional in nature as many private lenders will only lend money in areas where they understand the market and typically reside in it or close to it.
The best way to access a Dundas private mortgage is to work directly with a private mortgage broker that places private property loans in the Dundas and the surrounding area.
Concord Private Mortgage Financing
“Concord Private Mortgage Financing for Property Purchase, Debt Consolidation, Mortgage Refinancing, and Construction”
Concord private mortgage financing typically comes from either an individual private lender, a syndication of private lenders, or a mortgage investment corporation that places the funds of its shareholders and investors.
While many people only associate private mortgage financing with the term hard money, there continues to be growing use for this type of real estate property loan in a number of different applications.
And yes, there still is a large slice of the private mortgage lending market that is devoted to providing small first or second mortgages on residential properties for those borrowers or applicants with bad credit.
But as banks and other institutions continue to take a more conservative approach post 2008 to 2010 recession, there are more and more applications for private funding that would have traditionally been filled by the banks.
A continually growing segment of private mortgage financing is in the area of construction loans. Because of the speed in which financing can be arranged, the more predictable draw schedules, and the lack of a requirement in most cases to have a take out mortgage arranged at the beginning of construction, private mortgages have grown in popularity with builders, developers, and property owners.
For real estate speculators who are trying to close quickly on a deal that won’t last long on the market, private mortgage loans can provide the necessary funds in the time required to close the deal. Even with the additional costs, many purchases are more than willing to pay more in order to not lose out on the profit potential of their purchase.
Commercial properties can also be financed via private mortgages with the majority of these types of real estate property loans being no higher than $2,000,000 in the majority of cases.
That being said, Concord private mortgage financing can be arranged for much larger amounts through lender syndication or mortgage investment corporations.
The key to any private mortgage from the lender’s point of view is the exit strategy that is provided to state how the mortgage will be repaid when in matures which is typically in one or two years.
If you are in need of a Concord private mortgage, I suggest that you give me a call so I can quickly assess your options and provide relevant private mortgage financing options for your consideration.
Barrie Private Mortgages
“We Provide Barrie Private Mortgages For Both Residential and Commercial Real Estate Applications”
Barrie private mortgages can come from either an individual private lender or a mortgage investment corporation of some sort that places the funds provided to them by their investors.
The main difference between the two type of private lenders is that the mortgage investment corporations actively retail their services to the public where the individual private mortgage lender tends to access the market through a single broker or the mortgage broker network.
Mortgage investment corps also tend to be more structured in their approach to mortgage financing while many individual private lenders make lending decisions on a more subjective and fluid basis from deal to deal.
Barrie private mortgages are most commonly placed for residential second mortgages, construction loans, and small commercial property financing applications under $2,000,000. That being said, private mortgage financing can be secured for much larger projects either on an individual lender basis or through some type of lender syndicate or partnership.
Most private mortgages come with a one year interest term where the mortgage is required to be repaid at the end of the term. If the mortgage is renewed for an additional term, there will likely be a renewal fee required. At the same time, it is possible in some situations to get private mortgage financing for longer periods and even to have amortized repayment as most private mortgage loans are interest only.
The main key to being able to locate and secure the private mortgage funding you require is to work with an experienced mortgage broker that actively funds similar deals in Barrie area or immediately surrounding area as private money tends to have geographic restrictions. Mortgage brokers with direct access to private lenders will also be more effective in delivering the results you’re looking for as indirect access through one or more additional brokers can not only take up additional time that you may not have, but could also end up putting the deal in front of a lender that is not a good fit for your requirements.
If you’re trying to locate and secure Barrie private mortgages, I suggest that you give me a call so I can quickly assess your requirements and provide relevant private mortgage financing options for your immediate consideration.
Cambridge Private Mortgage Financing
“Cambridge Private Mortgage Financing Available For A Wide Variety of Real Estate Applications”
Cambridge private mortgages can be secured on many different types of real estate property holdings including bare land, residential single family dwellings, and commercial buildings, and construction projects.
Most private mortgages are under $2,000,000 in total value with the majority being less than $500,000. Larger projects can be financed through Cambridge private mortgage sources, but there will likely be only a handful of lenders prepared to handle the larger financing exposure connected to these larger mortgage amounts.
Cambridge private mortgage financing is going to be more focused on the value of the real estate today and the lenders opinion of the resale or liquidation value of the property in the future. While most private lending applications are the result of some financial distress or higher leverage that will not allow a conventional mortgage to be secured, there are a growing number of residential and commercial applications that are based on a growth versus distress.
Private mortgage loans can be a valuable tool for getting mortgage financing in place quickly to facilitate closing a transaction, or to simply provide an almost immediate access to money for a number of different applications.
One of the main benefits of private mortgage financing is the ability to get a mortgage in place in a matter of two to five days provided that all the relevant information is in order. This speed to capital can easily offset the higher cost of financing if a profitable deal gets saved or some form of costs are avoided by funds being available by a certain time.
The key to locating and securing a Cambridge private mortgage in the time you have to work with, for the rates and terms you’re looking for, is to work with an experienced private mortgage broker that can help you quickly zero in on the most relevant lenders so that no time is wasted in the process. Most private lenders work through mortgage brokers so access to the available market is greatly increased through the broker network.
If you need a Cambridge private mortgage, I suggest that you give me a call so I can quickly assess your requirements and provide private mortgage financing options for your immediate consideration. If I can’t help you out, I’ll tell you right away so time is lost you search for property financing.
London Private Mortgage
“Let Us Help You With Your London Private Mortgage Needs”
We have London private mortgage lenders that are both individuals and larger corporations focused on placing private mortgage financing into the local market place.
Our focus for private mortgage lending is in the Southwestern Ontario area in order to make sure that we have sufficient sources to cover whatever needs our clients may have.
London private mortgage lending, like in most other areas, is going to be somewhat dependent on the amount of financing required, the type of property, and the exit strategy for repaying the private lender at the end of the loan term.
The primary applications for private mortgage loans are construction financing, bridge financing, and distress situations. Like bank mortgage financing, the interest rate is related to risk and as the risk level of a potential financing application goes up so does the cost of borrowing.
Most private mortgages are for a one year interest term, although lenders will look at two or more terms and some will even consider an amortization repayment schedule to allow you to pay down the principal.
London private mortgages are also getting more popular with solid commercial property opportunities where the potential borrowers do not want to risk running out of time closing a real estate purchase or missing an important deadline requiring a cash trying to close a commercial mortgage deal through the conventional banking system.
One of the keys to successfully locating and securing a private mortgage in the time you have to work with and the rates and fees you’re after is to work with an experienced commercial mortgage broker who can get you working with a relevant private lender that is not only interested in your deal, but can provide funds that meet your target requirements.
While there are more and more mortgage investment corporations that you can work with directly, private mortgage lending is still mostly provided by individual lenders that access the market through mortgage brokers. And even though most mortgage brokers will claim to have access to private funding, they may only be working with one lender or mortgage corp, or working through another mortgage broker.
In either event, the chances of getting a good lender match in the time available is going to be low.
If you need a London private mortgage, I suggest that you give me a call so I can quickly assess your situation and review relevant private mortgage financing options for your immediate consideration.