Do you have a real estate deal that threatening to fall apart due to your inability to locate and secure the required mortgage financing?
Do you have a financing need that hinges on leveraging a piece of real estate property to secure a short term mortgage?
Are you involved in a construction project that has run out of money and needs some additional capital to complete the work?
In all these scenarios and many others, a Toronto bridge mortgage may very well be the solution you require.
Remember that a bridge mortgage by definition is for a short period of time that has a defined beginning and end date and a solid exit strategy for repayment. When these conditions exist, a bridge mortgage may be able to be arranged in very short order.
In some respects, most private mortgages are bridge loans in that they are typically only issued for a term of one year or less. There are exceptions to this, but for the most part private mortgages are very short term in nature.
The keys to being able to secure a bridge mortgage in Toronto is to work with a mortgage broker that has a focus on bridge financing requests and works with lending sources that provide bridge mortgages in your immediate area.
This is key for a number of reasons.
First, by working through a well established mortgage broker, the lending sources you are exposed to are likely going to be legitimate private lenders that have been pre-qualified by the mortgage broker and with which the broker has an ongoing relationship. There are all sorts of real estate lending scams out there, so you want to make sure you’re avoiding potential sources of financing that will do more harm than good.
Second, private money is very regional in nature, so unless you’re working with a local source of financing, its unlikely you’re going to be successful securing financing in the time required.
Third, different sources of bridge mortgages in Toronto will focus on different types of financing requests. By working with an experienced mortgage broker, you will end up talking to relevant sources of bridge mortgage financing sooner which will get your financing in place that much faster.
Bridge mortgages in Toronto will cost more than a bank mortgage, but the added cost is for speed and a certain amount of application flexibility that you may not get working with a bank or institutional lender.
If you require a bridge mortgage in Toronto, I suggest you give me a call today so I can quickly assess your requirements and provide relevant local options in as little as a few hours.
I'm a Toronto Mortgage Broker that arranges mortgage solutions on residential and commercial real estate property. With over 30 years of mortgage financing experience, I'm able to quickly assess your financing requirements and provide relevant solutions for your immediate consideration. Joe Walsh Google+ YouTube Channel