Burlington Private Second Mortgage
“Burlington Private Second Mortgages Available On A Wide Range Of Property Types”
We provide Burlington private second mortgages through our private lending partners.
Collectively, out private money lending sources can provide Burlington private second mortgages on a wide variety of residential, commercial, and industrial property.
Because each private lender has his or her own lending and funding criteria, its important to be working with a large enough pool of lenders to meet the majority of financing requirements of our clients.
With Burlington being a strong real estate market, anchored within the borders of the Greater Toronto Area, most of our GTA based lenders will consider deals from Burlington, increase the available supply we have for Burlington private second mortgage requests.
In other areas more removed from the GTA, private lenders can be very localized making it hard at times to locate 2nd mortgage financing on different property types.
But the Burlington are provides us with a number of choices to draw from, greatly increasing the chances of a funding being available for a private second.
Regardless of the capital requirement of the borrower or applicant, there is typically a need to get the deal completed in as short a time period as possible.
Our average turn around time on Burlington private second mortgages is ten business days.
That being said, it is possible to get a private 2nd mortgage in place in between two and five business days, provided that the applicant has everything in order and is working with a lawyer who can provide on demand attention to the mortgage process.
Most of our private mortgage lenders will consider loan to value ratios up to eighty percent. There may be options for higher leverage, but that will be very much deal and lender specific.
The rates for a private second will also depend on the real estate offered for security and the lender as well as the ending loan to value for all mortgage registrations against the property.
But for a general rule of thumb or guideline, a private second mortgage interest rate is going to be, on average, at least two percentage points higher than a private first mortgage on the same property.
Our goal as mortgage brokers is to locate a source of financing as quickly as possible that meets your borrowing requirements and then to work closely with yourself and the lender to get the deal closed and funded.
If you are in need of a Burlington private second mortgage, I suggest that you give me a call right away so I can quickly review your requirements and provide private second mortgage financing 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