Private Mortgages Lawyer Toronto
Committed to Closing Every Deal
Your Private Mortgages Lawyer in Toronto
Private lending in Canada has grown in the past couple of years. This is because oftentimes individuals are turned down by a traditional lender or they need a mortgage option customized for their specific circumstances. A mortgage is a considered to be a “private” mortgage if the lender is not a bank, registered loan or trust company, a licensed insurer, or a subsidiary of any of them; pension fund; or any other entity that lends money in the ordinary course of its business. The amount you can borrow will depend on your specific personal circumstances including the type, value of the property and your income. There is no minimum equity stake requirement needed in the property for private mortgages. A private loan normally has a processing time of 1-3 weeks including the release of funds for the applicant.
Private Mortgages
Private mortgages could benefit some buyers especially if they no longer qualify for financing through traditional bank. The downside of a private mortgage is a higher interest rate and various fees associated. However, even the additional financial obligation may be more beneficial than for example defaulting on an agreement of purchase and sale due to lack of financing.
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How we can help?
There are important steps that should be considered before getting a private mortgage. The terms of the contract should be reviewed carefully to understand the deal and risks involved before signing the contract. Having a lawyer review the terms of the contract will minimize the risks involved and help you make an informed decision. It is important to understand the costs structure and other financial terms before signing the contract. It is also important to understand your future plan once the private lending term is over. Private lending contracts are usually short term with an average term of 1-2 years. A lawyer can help you in recommending a future plan and how to obtain lower interest rates. You must also review and understand the prepayment penalties if you opt-out of the contract before.
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