If you’re trying to locate hard money loans in Toronto, then you are effectively seeking out private money lending sources.
The term hard money is interchangeable with private mortgage financing for the most part and has become a term that is less frequently used these days, but effectively still has the same meaning and place in the mortgage financing market.
For our part, we are Toronto private mortgage brokers who arrange hard money or private mortgage loans to our clients.
These loans are secured by a mortgage against real estate which can be in first, second, or third position, depending on the specifics of the lending request and the equity available in the security being offered.
Most hard money lending terms are for a period of one year.
At the end of the one year term, the loan needs to be repaid in full unless the lender agrees to extend or renew the private mortgage commitment.
Toronto has abundant sources of hard money due to the strength of the real estate market and protection the market affords to individuals that choose to invest in private mortgages.
One of the hardest aspects of hard money is finding it when you need it.
Most hard money lenders do not source their own deals or have any sort of retail or street presence.
Instead, they choose to work through private mortgage brokers who are able to locate and qualify real estate property deals that meet the lenders requirements.
And while most mortgage brokers will claim to have direct access to hard money lenders, the relationship can be one or two degrees of separation away, adding complexity and potential delays to the funding process.
The best way to secure a hard money loan is to work with an experienced hard money broker that places private mortgages on a regular basis and has a track record of satisfied customers.
Because hard money loans are effectively equity based mortgages, the process for getting a loan in place from time of application to funding is typically two weeks or less.
If you are in need of a Toronto hard money loan right now, I suggest that you give me a call so I can quickly go over your requirements and provide some funding options for your immediate consideration.