Hard Money Lenders in Canada are private companies or individuals who lend out money to fund real estate deals. They are called “Hard Money Loans” or “Private Money Loans” can be a significant source of financing for Canadian Professional real estate investors needing short-term access to funds.Hard Money Lenders in Canada are private Canadian mortgage investors who will lend their private funds based upon the value of the property instead of your credit and income.
Hard Money Lenders in Canada have a variety of different rates, fees, and terms that you will need to become fully acquainted with. Rates and fees are typically much higher than conventional mortgages. When taking out Hard Money Lenders in Canada you will usually pay a fee ranging between 3 and 10 % of the loan amount; this fee is also known as paying “points.”
Hard Money Lenders in Canada typically lend for only very short terms, usually between 3 and 6 months. Hard Money Lenders in Canada should never be used in place of a regular mortgage.
When should you use a Hard Money Lenders in Canada?
Canadian Professional real estate investors are great for beginner Canadian Professional real estate investors who may not have money or for those who have bad credit and cannot qualify. Canadian Professional real estate investors also use hard money when they need to purchase quickly. Typically a Canadian conventional mortgage can take 15-30 days or more.
Using Canadian Professional real estate investors is also a creative way to finance a property. Most like to call it “Nothing Down”. If you can borrow enough money to buy the property, fix it up and then sell it under market value for a profit, then you’ve just made money without any of your own money. Sure it will cost you money to borrow that money, but the rewards out way the expense.
How can you find Hard Money Lenders in Canada?
There are few Hard Money Lenders in Canada waiting to lend you money. It could be your next door neighbor. The best way to find hard money lenders is to talk to a Canadian real estate investors club like preigCanada.com. Another way is search online for Hard Money Lenders in Canada.
Who needs Hard Money Lenders in Canada?
People and Canadian Professional real estate investors who have spotty credit and urgent financing needs regarding real estate are the ones who usually make use of Hard Money Lenders in Canada. They have many to choose from – hard money loans include rehab loans, asset based loans, transactional funding, commercial hard money loans, and bridge loans.
The circumstances that create situations ideal for these private money loans are varied and often differ from person to person, and Hard Money Lenders in Canada can give them the option of loans tailor-fit to their ability to pay. The one characteristic of the loans are its accessibility when banks cannot be taken because of the time factor and requirements involved.
Hard money lending is for “hard” considerations – property is always the preferred collateral. If you think you can risk a loan to pay up a mortgage, or repair your house prior to selling it, but don’t have funds or proof of funds needed for a bank, hard money loans can be useful. Hard Money Lenders in Canada can be part of an entire deal involving several loans and closures. Often, the deal needs to be pushed through within a 2-10 day period.
In the event of missed payments, a 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.
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