Richmond Hill Private Mortgage
“Richmond Hill Private Mortgage Financing Is Available Through Our Private Lending Partners”
A Richmond Hill private mortgage is something that can be put in place through one of the private lenders that I deal directly with.
Our private lenders will consider financing a wide variety of real estate property types including, residential, commercial, and industrial properties.
Being that a private mortgage is an equity loan for the most part, the focus of the private lender is going to primarily on the equity you have or will have in the real estate, and secondarily on cash flow, credit, and your exit strategy to repay the mortgage at the end of the term.
Most Richmond Hill private mortgages that we place are for a period of one year, but a period of more than one year may also be possible, depending on the specific lender.
The application of funds can include but are not limited to property acquisition, mortgage refinancing, debt consolidation, or construction financing. In most cases, while a private lender will be interested in knowing what the use of funds are, it rarely becomes an issue with respect to whether the deal is funded or not.
A Richmond Hill private mortgage can be issued as a first, second, or even third mortgage in some cases.
In cases of debt consolidation, a private second mortgage is very common when there is an institutional first mortgage in place that is in good standing.
If you have a piece of commercial real estate that you’d like to finance, recent environmental audits and/or commercial property appraisals may be sufficient to the lender versus having to get everything brought up to date before a final lending decision can be made.
Interest rates will vary according to the risk associated with a given property and can range considerably from one application to another. Just keep in mind that the stronger the market value of the property and the lower the loan to value requested, the lower the available interest rates will be.
If you need to get a private mortgage in place quickly for a Richmond Hill property, a fast mortgage closing can be completed from application to funding within two to five business days provided that everything is in order.
In general terms, the private mortgage process from application to funding takes approximately ten business days.
If you’re in need of a Richmond Hill private mortgage, or would like to better understand your options, I suggest that you give me a call so that we can quickly go over your requirements together and discuss private mortgage financing alternative that can meet your needs.