Ontario Private Mortgage Financing
“How To Locate and Secure Ontario Private Mortgage Financing”
First of all, if you’re in search of Ontario private mortgage financing, are you sure you have exhausted all the institutional or bank related mortgage financing options? If you have more time to locate financing, you may be surprised at some of the options that could still work for you that would be more cost effective than private money. There are hundreds of mortgage programs out there, each with their own focus area in the market, which can provide options you may not be aware of.
If you definitely need a private mortgage for a residential or commercial property, then here are some things to keep in mind.
First, in order to secure the best deal, its going to be important to focus you efforts more on the local market where the subject property is located. Private mortgage lenders are very regional for the most part. So the more comfortable a lender is with a property, the more likely they are to approve financing and provide better rates as their comfort level in the property as security will be higher and perceived risk of loss lower.
Second, make sure that you’re working with a mortgage broker that has private money sources in your area. There are a couple of reasons for this. First, private lenders in most cases do not access the market directly themselves and tend to work through brokers either through a network or an exclusive arrangement. Second, a well established broker is more likely to connect you with a private mortgage lender that is reputable due to the fact that the mortgage broker has a reputation to maintain and doesn’t want you to have a bad experience.
Third, make sure that the terms of the private mortgage are going to work with your long term financing plan. For instance, if a private mortgage lender offers you a one year interest term, is that going to be enough time for you to get alternative financing in place to pay the private lender back? Alternatively, if the private mortgage loan is only required for a few months, can you get the private lender to provide you with an open interest term after so many months have passed?
If you need private mortgage financing in southwestern Ontario, give me a call so I can quickly assess your requirements and provide you with private mortgage lending options that are relevant to your needs.
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