Private Mortgages

Applications for private mortgages are becoming more favorable by our clients who don’t meet the bank’s criteria for a loan because of their circumstances. In this case, a private mortgage is financed by an investor or business and is based on the property itself instead of the borrower. Payments cover the interest only and the loan itself is over a short term of 1-3 years. A down payment isn’t required. Approval time is quick and can be less than 24 hours.

Commercial Mortgages

We have experience obtaining flexible commercial mortgages to benefit your business. Whether you want a short or long term commercial mortgage, we have the expertise to ensure that you get the best rates, terms and repayment options.

Residential Mortgages

When considering a residential mortgage there’s many reasons as to why to apply for one including purchasing residential property to live in or rent out, refinancing or restructuring debts.

Types of Mortgages:

1. Low Rate –Down payment is 20% of the property’s value;

2. High Rate – Down payment is less than 20% with mortgage default insurance as a requirement.

3. Open mortgage – No penalization for repayment at any time over a short or long period.

4. Closed mortgage – No flexibility to repay the mortgage or otherwise unless stated in the terms.

5. Fixed rate – The interest rate is locked in until the mortgage is paid off. Different prepayment options may be written in.

6. Variable and adjustable rate mortgages – The interest rate is current & may be adjusted over the duration of this mortgage as the bank rates change.

Agricultural Mortgages and Subordinated Debt or Mezzanine Financing

We have completed applications that included up to 100% financing for the purchase of land with the purpose of farming or greenhouse operations. Your mortgage terms may be written to be paid in increments for specific services such as greenhouse or blueberry farms.

Should more money be needed to complete an agricultural mortgage, a mezzanine loan is an option that benefits the lender and the borrower. The borrower gets lower rates & tax deductions and the lender gets more money back. In the case of bankruptcy, the lender becomes operator of the business as appointed by the courts.

Construction Mortgages

Payments on a construction mortgage are made in 4 installments as a housing project is progressing towards completion, usually in 4 draws at 35%, 60%, 80% and 100%. An appraiser will make the progress reports.

A Progress Draw has 3 stages which must be upheld.

1. Rough in (roof is on, etc.) – 35% complete

2. Intermediate/Lock up (drywall, heat installation, etc. is complete) – 65% complete

3. Final Occupancy/Completion – 97% complete and ready to be lived in