Private mortgages are generally short- term, interest-only loans secured against residential or commercial property, usually issued in terms ranging from 1 to 3 years, although other variations are possible, subject to the needs of the parties. These loans secure real property where the lender (or group of lenders) is not a mainstream or alternative institutional lender (such as a banks or credit unions) but private persons or corporations.
Despite their convenience, private mortgages may carry serious potential risks for both borrowers and lenders, and parties should not enter into a private mortgage without first retaining experienced legal counsel to review the legal implications of the loan. The legal team at the McLaughlin Law Office have significant experience advising borrowers, lenders and their mortgage brokers about the risks associated with specific private mortgage loan transactions. We provide excellent rates, first-rate service, and quick responses to each individual inquiry regarding private mortgage finacing.
If you or your client are interested in borrowing to purchase or refinance residential, commercial, industrial property or vacant land, and are facing challenges in obtaining institutional financing we are here to help. Our strong relationships and legal expertise ensure that the mortgage financing and closing is completed quickly and smoothly. Our unique approach and personal attention to each and every transaction has earned us a reputation among mortgage brokers as a trusted source for arranging private mortgage financing throughout the Province of Ontario.
If you are thinking of investing or borrowing by way a private mortgage, protect yourself and get the best advice by consulting a trusted legal professional. Our real estate lawyers have experience helping property owners and investors successfully negotiate private mortgage transactions.
For a confidential consultation with a member of our legal team, please email us at info@jrmlaw.ca or call us at 416.400.6167.
