If you need money, but you just can’t find the right lender, hard money lending can help you. You’ll be able to get the money you need to buy a home; navigating the tricky waters of Canadian hard money lending can be difficult, and that’s why you’ll want Toronto mortgage brokers like us on your side. We’ll be able to help you find the right lender that fits with what you need. Remember, just because you have less than perfect credit doesn’t mean you can’t get a great deal on your next mortgage!
What is Hard Money lending?
Hard money lending is basically a short term private loan. They’re meant to be repaid quickly, and they’ll lend to anyone who has an income and a house (like the one you’re buying). You’ll want to make sure you have a smart Toronto mortgage broker on your side to ensure that you’re getting the best possible loan terms. While interest rates are important (the lower the better), you’ll also want to know that you have enough time to repay your loan. There are so many things that can go wrong with this kind of mortgage, so you will want someone on your side that can help you make sure it’s the right type of loan for you.
Can You Benefit from Hard Money Lending?
Almost anyone can, but you’re going to want to make sure that you have no other kind solution. It’s called the lending of last resort for a very good reason; while you can get good terms that will help you bu the home you want, you could end up paying big over the next ten years when you don’t have to. This is why it’s just so important to have a good Toronto mortgage broker like us on your side to help you make sure that this is the right option for you. Hard money lending is there for people who can’t get any other kind of financing; just because you have bad credit doesn’t mean you have to get a raw deal on your mortgage.
Who Offers These Types of Loans?
The main providers of these types of loans are private mortgage lenders. In Canada, they can account for anywhere between 17% and 35% of total lending; they’re the same as any other type of mortgage lender, but you’ll want to make sure that you work only with a reputable private mortgage lender that has a well-known track record. Many private mortgage lenders are hard to find, and when you work with Toronto mortgage brokers like us you’ll have a smart entre into the world of private lending.
It’s important to make sure that you’re getting a great deal! We work for you helping you get a great interest rate and loan terms you can live with; we’ll also make sure that you avoid any lenders that are new or ill-suited for your needs. This will help you make sure that you get a great mortgage at a great rate, hard money lender or else.