Private Mortgage Brokers
“Are Toronto Private Mortgage Brokers Different From Any Other Type Of Mortgage Broker?”
In terms of regulatory qualifications, a Toronto private mortgage broker has the same license and follows the same rules of professional practice that any other mortgage broker would have to follow.
So in this sense, any mortgage broker can declare themselves a private mortgage broker or market private mortgage financing products.
But a mortgage broker with a proficiency to place private mortgages is likely going to have a focus on this type of residential home mortgage financing and will have well established, direct relationships with a variety of private mortgage lenders.
This is an important distinction to the average consumer looking for a private mortgage or information on their private mortgage options.
Most brokers will claim to have access to private funds, but in reality they are working through a broker network of some sort where they are two or more steps removed from the actual source of money. This can create challenges in terms of the responsiveness in service and the relevance of the private mortgage lenders being contacted on your behalf.
There are many different variations in private lending which can result is a wide spectrum of offerings and interest in any particular application. The more knowledgeable the front end broker you are working with, the more likely your financing requirements will be placed in front of a source of private funding that will not only be interested in your application, but will also be providing you with a competitive offering.
Working through a series of brokers will not only slow down the process, but may also increase the broker fees being charged on the deal, adding even more cost to the process.
Toronto private mortgage brokers that have a focus on this type of lending are not only more likely to get you connected with the right source of funding sooner, but also will help you get the deal closed and funded in the time you have to work with, which can be short in many situations where private mortgages are required.
If you need a private mortgage for a Toronto or GTA property, we suggest that you give one of our Toronto private mortgage brokers a call so they can quickly assess your requirements and provide you with relevant options for your immediate consideration.