However, traditional financing can be hard to secure. Banks and lenders often have very strict criteria and requirements when it comes both to the loanee and the investment itself. If either of those falls short, does it mean you no longer have any recourse to finance your project? Of course not! As a savvy businessman and someone who looks past challenges, there are always options available.
One way in which you can secure financing without going through the traditional means is via a private commercial mortgage.

Private Commercial Mortgage - What is it?

A private commercial mortgage is a loan that is secured against real estate just like a conventional loan or mortgage. However, instead of this loan being provided by a financial institution, it’s provided by a private individual or group of individuals.
As you can imagine, through the years banks and other financial institutions have drafted strict regulations and guidelines for both the loanee and the property or investments they want to secure a loan for. This means that there is a large portion of the population that will be rejected out of hand because they don’t meet some of these requirements.

In steps private commercial lenders to save the day! These lenders can either come up with their own requirements and guidelines or just evaluate every opportunity as it comes along based on its own merits. Because of less stringent checks, fewer applications, and a less bureaucracy, the process can often be expedited and completed much sooner than traditional financing.
They are much more flexible as they have fluid qualifying criteria, much shorter terms, and quicker access to the money. However, they generally have higher interest rates and the lenders will expect higher returns on their investment.

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When might a Private Commercial Mortgage be the best option for you?

Some of the difference between private and conventional financing should already be apparent to you from this short explanation. However, if you are still wondering whether a private mortgage is for you it’s worth asking yourself if the following conditions apply to you:

  • 1. You need to secure commercial financing fast. Going through traditional lenders or bankers can take up to months to finalize.
  • 2. Your venture or investment is generally considered too risky for conventional lenders to finance.
  • 3. You want to secure financing over a much shorter term than the general 5 to 30-year terms that are associated with most financial institutions.
  • 4. You might not adhere to all the strict requirements of traditional financing institutions.

Although traditional loans and mortgages generally offer the lowest rates, the longest terms, and provide a safety net with their strict guidelines, they certainly aren’t for all occasions or all borrowers. Private commercial mortgages are a valid option and worth your attention.

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Henry Wright

Was looking for a mortgage broker in Toronto. Heard about Leon and his team from a co worker and decided to give them a call. after some time on the phone talking about mortgages and what would work best for me I was VERY impressed. They were polite and most importantly they knew what they were talking about. We then scheduled an appointment and I got my mortgage with a great rate. Definitely recommend.

Gina Carroll

Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.

Wilton Marble

A little while back my wife and I finally decided to stop renting and get a place of our own. After some searching we found a condo we both liked and that was in our price range. The next step was a mortgage, but honestly, neither of us knew too much of what we were getting into. We found Leon and his team after a quick search on google and have had a wonderful experience. Leon and his team of mortgage brokers are VERY knowledgable, polite, work fast and just all around very professional. They answered all our questions and we got a great rate.

Afton Jaskolski

Getting a private mortgage was not easy to be honest, but at least with Mr. Leon it was doable. Thank you for your help!

Wendy Langdon

Going through with this company was my best decision. These Burlington mortgage brokers are real professionals. They helped me to save thousands of dollars, I'm not sure I'd find such a good offer myself.

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