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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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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!

Davin Mills

There are a lot of mortgage brokers in toronto to choose from, I was a bit intimidated by that. Don't regret I picked CMB, they took the lead and made sure to cover all the bases

Tracy Wilhoite

I was renting an apartment for a long time and finally decided to take a big step - get a mortgage instead. Team at certified Mortgage Brokers laid out various options for me. The actual process went smooth and quick, happy with my new home.

Ryder Turcotte

My wife and I decided to refinance our mortgage and started looking for a mortgage broker in Toronto. There were so many options, so you can imagine how overwhelmed we got! After talking to Leon we decided to proceed with Certified, didn't regret that decision once. They always gave useful recommendations, were attentive, and constantly in touch. And most importantly (for us) they helped us to save some money!!

Lucy Zimmerman

Vita was great. Helped my son with all the paperwork and got him very good interest rate. On the closing date called to follow up if everything went fine. Quite a pleasant experience. I would recommend this firm for anyone who is looking a mortgage broker.

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