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.
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