St. Catharines Private Mortgage
“St. Catharines Private Mortgage Solutions For Commercial and Residential Real Estate”
A St. Catharines private mortgage loan can be both a primary and secondary lending choice depending on the situation. Many people view a private real estate loan as more of a last resort form of financing, but again, depending on the financing scenario, the private mortgage can be a preferred mortgage financing option.
This is very true in the world of construction financing where the majority of construction loans for single family dwelling builds come from private mortgage sources. There are a lot of different reasons for this that can again very from borrower to borrower, but for the most part the key decision making criteria is speed and convenience versus the cheaper, but slower moving, and more administratively intensive bank mortgage.
St. Catharines private mortgages can be put into place for a variety of purposes aside from construction including real estate acquisition, refinancing, and debt consolidation.
Most private mortgages are located and secured through mortgage brokers that have a focus towards private lenders and have established relationships with private mortgage sources that service the area. This is due to the fact that most private lenders do not directly source their own deals and prefer to work with individual mortgage brokers or through a mortgage broker network.
As a result, it’s important to be working with a private mortgage broker that can source and close the type of private mortgage funding you’re looking for.
And getting back to the type of private property loan offers potentially available, you may be surprised in what we can come up with. Like any type of financing, the higher the risk, the higher the interest rate and related fees. So in distressed situations where debt consolidation is required and there still isn’t a strong future cash flow in place to repay the debt, private mortgage rates are going to be fairly high.
But on lower risk deals, especially commercial property, where the funds are only required for one or two years, the interest rates associated with these types of commercial mortgages can be very close to institutional rates in some cases.
If you need a St. Catharines private mortgage for a residential or commercial real estate property, regardless of the purpose, I suggest that you give me a call so I can quickly assess your situation and provide relevant private mortgage options 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