Halifax Private Mortgage Financing
“Halifax Private Mortgage Financing For Residential And Commercial Real Estate Properties”
A Halifax private mortgage is available through our private mortgage lending sources that service Halifax and the surrounding area.
Get the Flash Player to see this content.
A Halifax private mortgage can be acquired for a number of different purposes including land acquisition, mortgage refinancing, debt consolidation or construction financing. Of these four applications, consolidating debt is the most common. With a private mortgage, debts such as credit cards, trade payables, government arrears, term loans, etc are consolidated into a new mortgage to be registered against a real estate property. If there is an existing first mortgage in place, it may need to be included in the debt consolidation process. But at the same time, it is also possible to get a Halifax private second mortgage arranged as well where the first mortgage is not impacted. The debt consolidation strategy taps into the equity available in an owned property via a private mortgage.
Halifax private mortgages can be secured to up to 65% of the value of the commercial or residential real estate. The exact amount that can be approved for any given situation and property will be determined on a case by case basis.
While most people equate private mortgages or loans with the term hard money, the reality is that private mortgages fill a need in the market that banks and other institutional lenders are either not prepared to service or are too slow to service.
For example, there are times when a Halifax private mortgage is used to purchase property even though the buyer could have qualified for a bank mortgage. The reason that the private mortgage is taken instead is most likely due to timing. If there is a small window of time available to close the deal, a private mortgage may be the only way to get the deal closed in time.
Halifax private mortgage loans are also a common source of construction financing where the funds for a building project are advanced against the current value of the property and the increase in value that takes place once phases of construction are completed.
If you require a Halifax private mortgage for any of the above applications, please give me a call so I can quickly assess your options and provide private mortgage financing solutions 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