While most private lenders in the market are individuals, when it comes to private commercial mortgages, only a small percentage of the individual lenders will put their money into commercial property.
And for those that are interested in commercial property mortgage investing, the majority of private commercial mortgage lenders in Ontario will be interested in deals under $2,000,000.
That being said, for larger deals, there is still private money available in the market for Ontario private commercial mortgage deals…its just that the actual potential lending group will be much smaller than for other private money financing requirements.
But even with the smaller commercial property financing requirements, being able to match up a private lender to a commercial mortgage request can still be a hit and miss proposition due to the fact that there are so many different types of commercial property out there, each with their own unique borrower back story to lend against.
The key to success is getting in contact with the right private commercial lender as early on in the process so there is no time wasted going from one lender to another in very much a hit or miss type fashion.
Just because private mortgage lenders tend to move faster than banks or other institutional lenders, you still don’t want to waste your time talking to individuals or groups who either aren’t going to be able to help you or have a very low probability of being able to move forward and approve and fund a deal.
Getting access to private commercial mortgage lenders in Ontario that can fund the request you have, and achieving a strong lender match in terms of what you want and what a particular private commercial mortgage lender can provide, are going to be the keys to private commercial property financing.
The best way to improve your probability of locating and securing the private commercial mortgage you’re looking for, as well as getting rates and terms that you are prepared to access, is to work with an experienced private mortgage broker who has both private commercial mortgage lender connections in Ontario as well as a track record for successfully placing deals.
If you’re trying to locate suitable Ontario private commercial mortgage lenders for your business or investment property, then I recommend that you give me a call so we can go through your requirements together and discuss potential lender options that can meet your requirements.