The Mortgage Exchange 9.99% Second Mortgages with 48 hour approvals. 905 469 0200
Your Questions Answered
Below is a series of frequently asked questions brokers and agents are looking for.
If you want more information you can download our Underwriting Brochure Here or if have an other question don't hesitate to call
or email us at any time: 904 469 0200 firstname.lastname@example.org.
How Long Does It take to Get an Approval?
We’ll approve or decline your request within 48 hours, make it easy for you to assist your client to satisfy conditions, and fund on a deadline. When your request is approved, you will receive an acceptance letter and conditional commitment offer that you’ll have 72 business hours to consider with your client. We suggest that the borrower gets advice from you and their legal counsel prior to accepting our offer. Once the commitment is accepted, your client will have 5 business days to satisfy conditions, and closing will take place within 10 business days of having all conditions satisfied.
What Types of Properties Will Magnetic Lend Against?
When Magnetic investors lend against real estate, they have to consider the worst case scenario, which is that the borrower fails to make his/her payments. If that happens, the lender would be forced to liquidate the property in order to recover their investment. With that in mind, it's easy to understand why the two most important things to us when evaluating a property are it's value and it's marketability. In other words, how much is the property worth (value), and is the property desirable to potential buyers (marketability)? At Magnetic, we are a little different than most private lenders in that we will consider lending on any type of property in any location (In Ontario) so long as we can affirm both the value and marketability of the property. We use third party appraisals, property walkthroughs, and comparative market analysis to establish value and marketability of the subject property. We conduct our analysis efficiently, and based on up-to-date data so we can provide you with answers quickly and accurately.
What is the Maximum Loan to Value Magnetic Will Fund?
We fund private second mortgages wherein the loan to value ratio is 80% or less. Our underwriting is heavily weighted on the value and marketability of the subject property. As long as the property is located in Ontario, and we can establish that there is a market for the property should we ever have to liquidate it, we’ll consider lending up to 80% of the value in any position.
What fees does Magnetic Charge?
Our rates are standard and unchanging. Each private second mortgage at The Mortgage Exchange is priced at a rate of 9.99%. We do not charge premiums. Our lenders charge an “All Inclusive” fee of 5.00% that covers their lender fee, our broker fee and all fees related to the Administration of the mortgage for the lender.
How Do I Get Paid?
At The Mortgage Exchange you decide how much you get paid. We make it easy for you get paid for your hard work. You decide how much to charge your client, and simply let us know. We’ll deduct your fee from the proceeds of the loan and direct that fee to your brokerage immediately on closing.