Meet Marie Copeland
Here to work for you not the big banks. Getting you bank or alternative financing for home purchase or refinancing a home mortgage is more than a job. It's a passion to help families and small business owners realize their real estate financing dreams.
- Welcome to Axcess Mortgage
- Alternative mortgage financing
- Home equity mortgage
- Loans From Private Lenders
Rental Property Loans From Private Lenders
Note: Private lenders providing rental property loans rely heavily on the quality of your property and the area. They will not lend in small towns under 35,000 people, run down neighborhoods with nearby commercial areas and property values under about $300,000. No central Hamilton areas below the mountain - East and West Hamilton OK. How much money you'll get depends on your credit, income and property. Maximum 65% of property value in rural areas with well and septic.
Loans from private lenders when everyone else said no
Rental property loans from private lenders are a fit when you can't get bank or alternative mortgage financing. This may be due to credit problems or because you own more than 8 doors/units including the primary residence -- maximum four units per property.
After that, your rental properties are considered commercial mortgage real estate. Now you'll need to rely on either commercial lending or go down the easier but a bit more expensive route with private mortgages Ontario.
Loans from private lenders for residential rental properties.Private lenders are more creative, flexible
If you don't qualify for mortgage under the residential rental lending then private lenders could be a good options for rental property loans. Private mortgage lenders can be more creative and flexible - their main focus is on the value of the property and your ability to make payments on the mortgage.
Interest only private second mortgage
Reader to our website asks: can I get an interest only mortgage rental property - The short answer is YES you can get a private equity loan from private mortgage lenders.
First and private 2nd mortgages usually carry interest only payments. This keeps your payments low giving you a chance to adjust your investment plans. But for longer term strategy, principal and interest payments can be arranged.
For example, rental property loans from private lenders can kick in when you have a low 1st mortgage and need to top it up with rental property loans from 2nd mortgage lenders Ontario.
In situations where you may need money for rental property renovations, interest only mortgage loan can be secured if there is enough equity remaining in the property for a private second mortgage.
RENTAL PROPERTY LOANS FROM PRIVATE LENDERS AS BRIDGE FINANCING
Private mortgages in Ontario can also be useful sources of bridge financing
as an investment property mortgage in the following ways:
- Private mortgage can act as a bridge loan to achieve a fast closing on a purchase. For properties where the borrower is putting down 25% to 50%, the closing can take place in a matter of days. This allows you to be more aggressive on deals as you know financing will be there to close on time. Once the private mortgage bridge loan is in place, you will have time to locate optimal longer term financing if it’s your intention to retain the property into the future.
- For buyers who what to buy and flip, with or without improvements, a private bridge loan will again allow for a quicker and potentially higher leverage for the short period of time the funds will be needed.
Investment properties loans
Rental property loans from private lenders are more costly than institutional, but the speed of closing and short term interest only repayment options may pay for themselves in getting deals closed, without putting stress on your cash flow.
Because you are using this money to invest -- you can expense your rental property mortgage interest and reduce your personal taxes.
If you need more expensive or private mortgage lenders financing - mortgage interest and closing costs on your rental property loans qualify as an investment expense on your tax returns.
Marie Copeland FSU, Hamilton Mortgage Broker Ontario, Private mortgages Ontario
Top to rental property loans from private lenders
If you’re buying and selling rental properties then give me a call any time you require investment property mortgage financing.
I will work with you to get the deal closed.
*Lenders change their products and interest rates regularly and without notice. Check with us for updates.
1 (905) 537-8815
Banks and AAA lenders pay us for your service. Some alternative mortgage financing and all private mortgage broker fees are payable by clients.