“Here’s How To Locate And Secure Private Lenders in Toronto”
When we are speaking of private lenders in Toronto, we’re talking mostly about individuals or small corporations that provide real estate mortgages for residential, commercial, and industrial purposes.
The growth of private lenders in recent years has been significant as more and more investors become disenchanted with the stock market and the lackluster returns they have gotten over the past decade or more.
The result has been a growing supply of private mortgage financing sources that more and more people are taking advantage of.
Traditionally, a private lender was considered to be a hard money loan provider that would basically only lend on bad credit cases for very high rates of interest.
But the business of private mortgage financing has evolved into the main lending stream, providing competition and real alternatives to banks and other institutional lenders.
While there’s lots more of them around, and the use of their services can be applied to a lot of different situations, they still aren’t that easy to find.
Mortgage investment corporations that are created to manage and place mortgages for private lenders do advertise and have store front locations for the public. But this represents a very small percentage of the overall Toronto private lender market.
The majority of private lenders work through mortgage brokers and allow the mortgage broker to be the front line contact with the customer, many times not wanting to be directly involved with the borrower themselves.
And while there is a well developed mortgage broker network, with most mortgage brokers having at least some direct or indirect access to private lenders, the best access to private mortgages is through Toronto mortgage brokers that maintain very active relationships with their private mortgage sources.
The reason for this is that a private lender will have their own unique way to look at a deal as well as the information they want to see and the manner in which they administer mortgage requests. Having a working relationship with a number of private lenders provides a much stronger connection to the money you’re looking for versus through a mortgage broker who knows where to refer private money requests only.
Because of my strong private lending relationships here in Toronto, I recommend that you give me a call if you have a private mortgage financing requirement or have one that you would like to discuss with a mortgage professional that specializes in this area of mortgage financing.
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