Ontario Private Second Mortgage
“Ontario Private Second Mortgage Financing Can Be A Great Short Term Financing Option”
Ontario private second mortgage financing options can be one of the best short term funding options you have available to you.
I say short term in that almost all Ontario private second mortgages that we work with are for a period of one year.
So if you have equity in real estate and are in short term cash crunch, or are looking to paying down higher sources of credit such as credit cards, then a private second may be something that fits your requirements.
One of the main reasons that individuals consider private 2nd mortgages in the first place is because they have a good first mortgage in place with a good rate and they don’t want to disturb it through a mortgage refinancing process. This is especially true in situations where credit is bad and would not support a refinancing of the existing first at comparable rates.
While a private second is going to come at a higher rate than a bank first mortgage, the amount is typically going to be considerably smaller, so the weighted average cost of financing can still be quite reasonable, especially if you are using the mortgage funds secured to pay down credit cards or other forms of high interest rate debt.
In the majority of cases an Ontario private second mortgage can be put into place within ten to fifteen business days from the time of application to the time of funding. That being said, it is possible to complete the entire process in two to five business days provided that everything is in order.
Our private lending network is looking for private second mortgage opportunities that do not exceed 85% loan to value on residential property and 75% loan to value on commercial property.
The process for assessing funding starts with a phone call and in many cases we can get a verbal commitment from a lender in a matter of hours.
If you are in need of an Ontario private second mortgage, please give me a call so I can quickly assess your requirements and provide private second mortgage options for your immediate consideration.
Click Here To Speak With Toronto Private Mortgage Lender Joe Walsh