Hard Money Loans In Charlotte Town
“Here Are The Charlotte Town Hard Money Loan and Lending Basics”
First of all, a Charlotte Town hard money loan and Charlotte town private mortgage financing are basically the same thing.
There are varying degrees of private mortgage financing, but essentially they are all equity based to a large extent which is why they are also referred to as hard money. From a lender’s point of view, the strength of the lending decision is based on the current value of the property, the amount of an equity buffer that will exist after a mortgage is placed, and the degree of difficulty to sell the property into the market place if required.
The term hard money comes from the hard way the lender has to look at the deal in terms of rate, security value, and repayment ability. Should there be any default in payments, private lenders will on average take a very hard approach to either getting the payments caught up, or taking action within their legal rights to foreclose on the property and get their money back.
Regardless of what you want to call it, private mortgage financing or hard money loans provide a very important roll in the real estate financing market. And since 2008 and the related recessionary impacts on the financial market, more and more financing scenarios are being filled by private mortgage lenders due to bank and institutional lenders taking a far more cautious approach as we climb out of the recession.
Primarily placed for bad credit debt consolidation scenarios, Charlotte town hard money loans can be utilized for a number of different bridge financing applications including construction financing, real estate flips, and quick close property purchase scenarios where there isn’t enough time to secure a bank mortgage even though the applicant would likely qualify for one.
Because most private lenders choose to work through licensed Canadian mortgage brokers to gain access to potential deals, its going to be important to work with an experienced private mortgage broker who already has direct access to private lenders that can meet your needs as well as a track record for placing hard money loans and mortgages.
If you need a Charlotte town hard money loan from a private mortgage lender, I recommend that you give me a call so I can go over your requirements quickly and provide 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