concord private seconds
“Concord Private Second Mortgages For All Property Types”
Concord private second mortgages are most commonly placed against residential real estate for the purposes of debt consolidation. For these types of private 2nd mortgages, the total loan amounts outstanding typically cannot exceed 65% to 80% of the fair value of the property, depending on the property, the borrower profile, and the lender ,preferences. Because most of the sources for private seconds are local or regional in nature, the private lender can make financing decisions very quickly and close deals in short order if required.
While not all private second mortgages required fast closing, most have a preference in getting the financing in place as soon as possible due to some type of refinancing or pay out press from an existing creditor.
While residential private second mortgages for debt consolidation are the most popular in this mortgage category, there are many other uses of funding from private seconds that can be financed against both residential and commercial properties.
Another very common application for a 2nd mortgage is a construction loan where there is an existing mortgage in place for either the acquisition of property where the construction will take place or for a building that is going to be added to or renovated. The construction loan is secured by a second mortgage position against the property and the amount of construction financing will be dictated by equity in the property at the time of construction as well as the estimated increase in value at each completed phase or draw stage.
The third most common form of Concord private second mortgages is for short term loans or bridge financing requirements. There are almost endless possible uses for this type of short term loan. The common link is that the funds are required for a period of less than one year with a clear and well defined exit strategy or repayment plan for the funds being borrowed.
The key to locating and securing a Concord private second mortgage is to work with an experienced mortgage broker with a track record for placing these types of loans. Mortgage brokers with direct private lender relationships will be more likely to not only provide you with a fast turnaround, but also match you up quickly with private lenders that meet your requirements.
If you’re in need of a Concord private second mortgage, give me a call today so I can quickly assess your requirements and provide relevant private 2nd mortgage 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