Halifax Hard Money Loans
“We Arrange Hard Money Loans in Halifax Through Private Mortgage Lenders”
Hard money loans in Halifax are essentially private mortgages for the most part where lending decisions are based on 1) the equity in an asset that be pledged as security and 2) the lender’s view of how hard it would be to liquidate the asset to get the financing advance repaid in the event of default.
Hard money can be extended against both residential and commercial real estate and the private mortgage placement can be in first or second security position. The amount of financing that can be advanced would range from 50% to 65% of the fair market value of the property in most instances. This would include all charges against the subject property.
Hard money loans on real estate are typically for a period of one year with a lender fee due on closing plus the requirement of monthly interest only payment. There are some private lenders that will ask for an amortized payment to further reduce their risk, but for the most part, the monthly mortgage payments are interest only.
In the event of missed payments, a hard money lender will act quickly to get the situation corrected with the borrower. If payments are not brought up to date right away, then the lender will take action against the borrower to gain control of the asset according to the lenders rights as a mortgage holder. The foreclosure process will vary from jurisdiction to jurisdiction which will impact the time it takes to realize against the security.
Most hard money lenders or Halifax private mortgage lenders do not promote their services directly to the public and instead choose to work through the licensed mortgage broker network. Mortgage brokers in turn will qualify potential deals that require hard money and send them on to the lender for review and potential approval. Working with an experienced mortgage broker with a successful track record for placing this type of financing can be key to getting the funding you’re looking for in the time you have to work with.
If you need to access a Halifax hard money loan or want to know more about your options, I recommend that you give me a call so I can quickly review your situation and provide hard money loan 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