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.
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