Charlotte Town Private Mortgage Financing
“Quickly Determine Your Charlotte Town Private Mortgage Financing Options”
Charlotte Town private mortgage financing can be arranged on a wide variety of commercial and residential real estate property types in Charlotte Town and in the immediately surrounding area. Private mortgage lenders tend to be regionally focused with more of an emphasis in urban areas where there exists an active resellers market for similar or like properties. Once you get into more rural real estate holdings, the private lending options can be significantly fewer and farther between.
Private mortgages or hard money loans are they are also referred to, are predominantly used for short term financing, typically no greater than one year. An while many people would consider a private mortgage as financing of last resort, there are many situations where securing a Charlotte Town private mortgage makes more sense than trying to get a comparable amount of financing from a bank or institutional lender. That being said, the majority of situations where a private mortgage is provided has some element of poor or bad credit and a need to access capital quickly to keep the walls from closing in.
Private lenders finance against the equity amount that can be easily identified in a piece of real estate. The mortgage itself may be in either a first or second security position on the property and the total amount of financing that can be advanced will typically not exceed 65% of the fair market value of the property under consideration with the valuation based on short term liquidation.
Charlotte private mortgage lenders tend to work through mortgage brokers in order to access the market. While some private lenders will advertise their own funds for investment in mortgages, most will opt for utilizing the existing marketing channels of mortgage brokers instead. Therefore, going through a mortgage broker may be the only way to access specific private lenders that would be interested in financing your property.
Therefore, the best way to get access to a Charlotte Town private mortgage is to work with an experienced mortgage broker who has direct access to private mortgage lending sources as well as a track record of successfully placing private funds.
If you are in need of a Charlotte private mortgage or would like to better understand your options, please give me a call so we can quickly go through your requirements and provide private mortgage funding scenarios for your immediate consideration.
About the Author Joe Walsh
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