If you’re trying to locate and secure a private mortgage in Toronto or in some other part of the Greater Toronto Area, then the best approach you can take is to select a Toronto private mortgage broker to work with.
A private mortgage broker has the same qualifications as any other licensed mortgage broker. The key difference is that they have developed relationships with private mortgage lenders in the local area for different real estate property mortgage applications.
Most mortgage brokers only work with bank or institutional mortgage sources and if they do have access to a private lender, it may only be one individual which will limit the scope of what they can help you with.
Mortgage brokers that spend time to develop private lending sources will have greater access to this market and will be able to provide you with options much quicker than through a broker that doesn’t have a private money focus.
The private mortgage broker route is also important for another couple of reasons.
First, it can be hard to locate a relevant source of private mortgage financing without a knowledgeable broker as many private lenders only work through broker networks.
Second, by working through a mortgage broker that has an existing relationship with a private lender, its more likely that you’re going to be dealing with a reputable lending source versus an individual lender that may be difficult to work with.
Third, private mortgage rates can vary from deal to deal and its more likely you’re going to get closer to the best available deal at a given point of time working through a private mortgage broker that knows the market versus doing it yourself or working with a broker that does not have a focus placing this type of mortgage.
Fourth, while most private mortgages are only for one year, if you have a need for a longer period of time, there are privates that will consider multiple year terms, but they can be hard to find, and harder to find still without the right Toronto private mortgage broker working with you.
I'm a Toronto Mortgage Broker that arranges mortgage solutions on residential and commercial real estate property. With over 30 years of mortgage financing experience, I'm able to quickly assess your financing requirements and provide relevant solutions for your immediate consideration. Joe Walsh Google+ YouTube Channel