“We Provide Toronto Private Second Mortgages On Residential And Commercial Property”
A Toronto private second mortgage can be secured in fairly short order from one of our private lending investors that have a focus on the Toronto market.
Private 2nd mortgage financing requests are the most common form of private mortgage financing we see as they relate to many different applications including debt consolidation, construction financing, equity take out, bridge financing, and bad credit mortgage financing.
For most private second mortgage applications, we can provide funding options in a matter of hours with a formal proposal for financing provided in writing within 24 to 48 hours.
Most of our Toronto private second mortgage placements get completed in a two week period from the time of application to funding. If you need something in place faster than two weeks, it is possible to get a private 2nd in place in two to five business days, provided that you have everything in order and your lawyer is able to act quickly on your behalf to complete the transaction.
The key to any Toronto private second mortgage request is the equity that exists in the property.
The majority of private lenders that will fund private seconds in Toronto will go up to a total loan to value of 85% with the odd one going as high as 90% loan to value.
Because Toronto is such a strong real estate market, there could be a number of private lenders that would be interested in any particular deal.
This level of competition will reward those with good properties and lower loan to value ratios with lower interest rates and better mortgage terms overall.
While not typically critical to any private mortgage deal, the credit profile of the applicant may still be reviewed by a private lender to get a better indication of whether or not the potential borrower meets their financial obligations on a regular basis.
If your credit is very bad and you have a near term credit history that shows late payments, missed payments, and/or debt write offs or write downs, the cost of financing will likely go up as the application will fall to only the private lenders that work with poor repayment histories.
The best way to find out what your Toronto private second mortgage options are is to give me a call so we can go over your requirements on the phone together and discuss different solutions that may be available to you in the market.
As I mentioned earlier, we can typically tell right away if we can help you or not, and if we can’t, we’ll also tell you as soon as possible so that neither of our time is being wasted.
Click Here To Speak With Private Mortgage Broker Joe Walsh For A Free Assessment Of Your Toronto Private Second Mortgage Options
