Toronto Private Second Mortgage
“We Place Toronto Private Second Mortgages on Both Residential, Commercial, and Industrial Properties”
A Toronto private second mortgage is most commonly required for debt consolidation where the borrower would like to consolidate credit card debts and other loans against a second mortgage that is secured by the equity in the home. Typically, the applicant does not want to disturb the first mortgage due to a favorable rate and potential prepayment penalties that may need to be incurred to refinance everything into a larger first mortgage.
And while debt consolidation is the most common need for a Toronto private second mortgage, its far from the only one. Some of the more common scenarios where a private second mortgage is quite common place is a construction loan, fast close mortgage, and bridge financing.
Many residential construction or renovation loans are secured by a private second mortgage against the property where construction is taking place. At the end of the construction project, all amounts registered and owing against the property are consolidated into a long term property mortgage or take out mortgage.
A fast close mortgage is typically a situation where a property transaction needs to close in a matter of days and there isn’t enough time to secure a conventional mortgage facility before time runs out. When we’re speaking of fast, a private second mortgage can potentially be sourced and funded in two to five business days. In the mortgage world, that’s about as fast as it gets.
A bridge financing mortgage can be for any number of reasons. The underlying theme is that someone requires capital rather quickly and has ownership of a property or properties with enough equity to secure a private second. The other typical criteria for any bridge loan is that there is a clear beginning and ending to the funding process with a well defined event and timing to pay out the loan in typically less than one year from the time the funds are originally disbursed.
The key to getting a private second mortgage in place in the time you have to work with is to work with an experienced Toronto mortgage broker that has direct access to private funds and has a solid track record of getting deals closed.
If you require a Toronto private second mortgage, I suggest that you give me a call so I can quickly assess your requirements and provide private second mortgage financing options for your immediate consideration.
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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