“Ottawa Private Mortgage Financing is Available For a Number of Different Applications”
An Ottawa private mortgage can be utilized for a number of different purposes. While many people would think that a private mortgage is a loan of last resort or a form of hard money, there are several instances where a private mortgage loan is a preferred form of mortgage financing.
Here are some examples.
Fast Mortgage Closing. In certain cases, a mortgage has to be put into place for a deal to close. This may involve the purchase of the real estate property being secured or use of a residential or commercial property to provide funds for some other purpose. Regardless of the reason, money is required in a hurry and the source of the funding needs to come from real estate.
This is where an Ottawa private mortgage loan may be your best, and perhaps only, option as bank or institutional mortgage lenders typically cannot process an application and get in closed in a number of days.
Construction financing. Believe it or not, most construction projects, especially smaller commercial and residential builds, are financed with private mortgage construction loans.
Why?
Because banks have a long list of requirements to qualify for construction loans including the need to be qualified for the take out mortgage as well prior to the start of construction. With a private mortgage construction loan, the borrower has the time to shop around in the market for the best take out mortgage deal and is not locked into a long term financing package before construction even starts.
Construction Bridge Financing. Its not uncommon for construction projects to go over budget for one reason or another and if additional capital is required quickly to get the work completed, a construction bridge loan provide through a private mortgage is likely going to be the best and fastest option available to the owner or builder.
There are many other potential uses for a private mortgage including situations where the borrower cannot qualify for traditional financing due to weaker credit or repayment history.
Regardless of the need, if you are seeking an Ottawa private mortgage loan, I suggest you give me a call so I can quickly assess your needs and provide relevant private mortgage options for your consideration.
Click Here To Speak With Mortgage Broker Joe Walsh.
