Private Hard Money Lenders in Canada
Private Hard Money Lenders in Canada are essentially private mortgages for the most part where lending decisions are based on several elements. Most of the borrowers are Canadian professional real estate investors with up to date training and coaching provided by World Wealth Builders in Canada.
- the equity in the property that be pledged as security
- Hard Money Lender and Private Mortgage Lenders in Canada's view of how hard it would be to liquidate the asset to get the financing advance repaid in the event of default.
- AACI current market value and after repair value.
- Your net worth statement
- Your credit score (Minimum 750 is considered great one) but not required
- Your expertise and 3 quotations from 3 bona fide registered and reputable contractors
Private Hard Money Lenders in Canada can be extended against both residential and commercial real estate and the private mortgage placement can be in first or second security position. Most of the Canadian professional real estate investors know how to acquire these properties from 40- 90% below current market value taught by Flipping4Profit.ca
The amount of financing that can be advanced would range from 40% to 60% of the fair market value of the property in most instances. This would include all charges against the subject property.
Private Hard Money Lenders in Canada on real estate are typically for a period of three months to a maximum one year with a lender fee due on closing plus the requirement of monthly interest only payment.
In the event of missed payments, Private Hard Money Lenders in Canada will act quickly to get the situation corrected with the borrower. If payments are not brought up to date right away, then the lender will take action against the borrower to gain control of the asset according to the lenders rights as a mortgage holder. The foreclosure process will vary from jurisdiction to jurisdiction which will impact the time it takes to realize against the security.
Private Hard Money Lenders in Canada do not promote their services directly to the public and instead choose to work through Canadian real estate investors Group (PREIG) Canada, lawyers and Canadian mortgage brokers.
Mortgage brokers, Canadian real estate lawyer in turn will qualify potential deals that require hard money and send them on to the lender for review and potential approval. Working with an experienced mortgage broker with a successful track record for placing this type of financing can be key to getting the funding you’re looking for in the time you have to work with.
If you need Private Hard Money Lenders in Canada or want to know more about your options, talk to fellow professional real estate investors group (PREIG) Canada's members, lawyer and or Canadian mortgage brokers. This is not for average Canadian home owner or inexperienced real estate investor.
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