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.
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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.
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