Stoney Creek Private Mortgage
“Stoney Creek Private Mortgage Financing For First or Second Mortgage Positions”
We provide Stoney Creek private mortgage financing solutions from our private mortgage lending sources that service Stoney Creek and the surrounding area.
A private real estate mortgage can be secured against both residential and commercial property. Typically, residential private mortgages are provided in a second position to consolidate debt or to provide funds for an immediate requirement. While most commercial private mortgages are in second position as well, there is a higher percentage of commercial private mortgages that get placed in a first position.
This is because there are many different types of institutional or quasi institutional residential mortgage financing programs that can provide first mortgage financing for poor credit scenarios provided the borrowers have cash flow to support the lending decision. With commercial property, this institutional sub prime market is much smaller, providing more of an opportunity for private mortgage lenders to fund first mortgage positions on commercial property.
As a tool, private mortgages are utilized to perfect the fast close mortgage where time is tight to complete a real estate transaction. If everything is in order, a private mortgage loan can be closed in two to five business days, effectively providing a source of bridge financing to complete the purchase of real estate and provide the borrower with time to either flip the property or locate and secure a long term commercial mortgage option at the rates and terms they’re looking for.
The biggest challenge with locating and securing the right private mortgage for your needs is finding the right private lenders. Most private mortgage lenders do not directly market their available funds and instead choose to go through individual mortgage brokers or part of the mortgage broker network to access the market. So for a Stoney Creek private mortgage, one of the keys to success is to work with an experienced private mortgage broker who has access to private funding sources that fund your type of deal in the local market. Private lenders can be very regional and also be focused on certain types of properties and amounts. So its important to only working with those sources of private funding that can best address your needs.
If you’re looking for a Stoney Creek private mortgage, I suggest that you give me a call so I can quickly assess your requirements and provide private mortgage funding options for your immediate consideration.
Click Here To Speak Directly With Private Mortgage Broker Joe Walsh
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