Nothing absolutely nothing is free in life. There is always a cost whether it be time or money. In this case I am talking about opportunity cost. Sometimes the cost to take advantage of an opportunity is more that other times specially if you are backed into a corner and the only financing option is a private mortgage.
Private mortgages are by default expensive. However they are sometimes necessary if an opportunity is too good to be true. People have to understand that they are just bridge or short term financing. They are meant to bridge the gap so the opportunity can be seized and give time till less expensive financing can be secured.
So while expensive it is best to focus on the intrinsic cost if the current opportunity is lost. Private mortgage are short term solutions and allow financing for client that are current not ready to get financing through the bank channel. This may be due to credit, income or even time constraints. So see them as a solution to your current problem rather than just looking at the cost of funds.
I look forward to hearing from you in regard to your mortgage needs.
p.s.s- I should tell you that I am licensed in Nova Scotia, Ontario(M18001555) & in British Columbia(BCFSA #504098).
p.s.s.s You can download my new mortgage app here