Oakville Private Second Mortgage
“Oakville Private Second Mortgage Financing Options From Private Mortgage Lenders”
We provide Oakville private second mortgages to our customers requiring subordinate mortgage financing against their residential, commercial, or industrial property.
An Oakville private second mortgage can be arranged for a number of different requirements including debt consolidation, construction or renovation, second mortgage refinancing, and non specific capital requirements.
The private lenders that provide these types of mortgages are interested in the amount of equity in the property, the property’s condition, and the strength of the resale market for similar pieces of real estate in the same area.
While an Oakville private second mortgage may be required due to distress credit on the part of the borrower, it may also be put into place due to the speed in which it can be put into place compared to a conventional mortgage from a bank or institutional lender.
In many cases, from the time of application to funding, we can get an Oakville private second mortgage in place in five business days or less with the overall average to complete the process coming in at ten business days.
We also arrange a considerable amount of construction financing where the construction mortgage is arranged in second position against the property where construction is taking place.
Using private mortgage financing for construction has gained in popularity due to the speed in which the financing can be put into place and the more predictability for the most part with the draw management process followed by the private lender.
Construction financing can be arranged for the primary construction mortgage, even if its registered in second position, which is one of the benefits of an Oakville private second mortgage in that most banks and institutional lenders will require a first mortgage position for a construction loan. This can be very inconvenient if you have a good first mortgage in place with a solid rate, especially if you’re doing a home renovation loan or addition where the construction loan amount is relatively small.
We also provide construction financing in the form of a construction bridge loan where at the end of the project a small amount of funds is still required to complete the work outstanding, but cannot be drawn from the existing construction loan which is at its approved limit.
Regardless of the requirement, an Oakville private second mortgage is something that can be put into place quickly, allowing you to draw against your existing equity in your property.
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