Ontario Tax Sale Property

Tax Sale Guide Home

Private Lenders

Chapter: GENERAL QUESTIONS

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Cris

Does anyone here act as/deal with private lenders?  If so, what has been your general experience as/dealing with a private lender?  Generally what are you/they looking for?  How do you find them/they find you, generally?  Thanks,



gap

Yes, I have had some experience with private lenders.  They work when nothing else will.  They have higher interest rates, but they're a lot more reasonable and easy to reach.  They can do for you what you can't do for yourself.  I have found them in the paper (Toronto Star in the mortgage/financing/lending area) and sometimes through brokers.   You have to watch for the desperate in you which might agree to completely exhorbitant 'fees', but sometimes it works regardless.   You can also find them from your local lawyer's office - they always have investors in their clientele.



Condos

pjwlk

I recently saw two ads for condominiums up for tender.  Does the winning tender claim the same rights to the original condo owner and does the winner take over ownership of the actual condo or just a portion of the common property?



Rob

The claimer would own the unit and share in the common elements.  The claimer would have the same rights and the same responsibilites of the previous condo owner including monthly fees as well.