905.537.8815 FSCO No. 10420
Banks and "A" Lenders pay us for your residential service. EXCEPT bad credit mortgages, some self employed mortgages from "B Lenders", private mortgages or multi-use and commercial loans - broker fees are payable by clients. Lenders change their products and interest rates without notice.
..... follow me to get mortgage updates ... Marie Copeland @AxcessMortgage
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.
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 16 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.
If you don't qualify for mortgage under the residential rental program 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.
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 or private 2nd mortgages usually carry interest only payments. This keeps your payments low giving you a chance to adjust your investment plans.
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 Canada can also be useful sources of bridge financing
as an investment property mortgage in the following ways:
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
Private mortgage lenders can be more flexible in approving rental property mortgage when banks or alternative lenders said NO.
Refinancing home mortgage can be a good strategy to get a down payment to buy a rental property.
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.
Call 905.308.8063 for rental property loans from private lenders, or