Hamilton Private Second Mortgage
“Get A Hamilton Private Second Mortgage on Commercial Or Residential Property”
A Hamilton private second mortgage is most typically required on residential real estate property with the purpose of the funding to consolidate debt. This is in effect an equity take out loan against the equity of the property whereby the private mortgage lender is more concerned with the fair value of the property and the market resale dynamics than with the credit or repayment ability of the borrower.
Private 2nd’s can also be placed on other classifications of real estate property including industrial and commercial properties. The key to any Hamilton private second mortgage is going to be the amount of security offered to the lender and the private mortgage lender’s assessment of that security. As a result, most private second mortgages are placed with local or regional money that has a working knowledge of the market in the subject property area and may be inclined to perform their own lender inspections of the property to get a first hand view of things.
A private second mortgage, because it is subordinate or behind a first mortgage, is going to come at a higher rate of interest than the first mortgage due to the higher potential risk of loss to the lender. In very general terms, private second mortgage interest rates on single family dwellings can range from 10% to 14% in the Hamilton and surrounding area. Most private seconds are for a one year interest term with some providing an option for renewal at the end of the term provided that all interest payments have been made in a timely fashion.
Because private mortgages come from more localized sources, its important to be working with a mortgage broker who has direct access to private mortgage lenders that place second mortgages in the area of consideration. Working with private sources that don’t have a focus in Hamilton may result in application declines and higher rates of interest than what could be acquired from more localized sources. And because most private lenders choose to work through mortgage brokers to access the market, the best available options may not be readily available to you unless you are working with an experienced mortgage broker that places these types of deals in and around Hamilton.
If you require a Hamilton private second mortgage, please give me a call so I can go over your situation and quickly provide private 2nd 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