PROMO RATE UNTIL OCTOBER 31, 2019
Private lending is a popular alternative to conventional lending due to the numerous advantages offered over bank-financing arrangements. The lender and legal fee will be deducted on closing prior to advance. Appraisal fee must be paid upfront by the borrower.
CMFG is offering private second mortgages from 8-10% rate and a lending fee of 2% up to 1-year term, interest-only payment.
We will fund behind an institutional lender, Trust company or credit union up to 80% Loan to value (LTV) at the above pricing.
Any loan amount from $50,000 and above requires two lawyers for closing. We can make an exception to use one lawyer for loan amount below $50,000.
An appraisal is required on all transactions prior to closing. Appraisal must be on our list of approved appraisers and report must not be more than 60 days old.
Closing can be accomplished in 3 business days provided all conditions are fulfilled.
Properties in the GTA or an hour away. Any other location will be considered on a deal per deal basis.
Contact: Ameera@cmfg.ca or call 647-494-9885 ext 107