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Calling All Private Lenders
Kormans LLP
March 4, 2021
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Whether you are a novice or experienced private lender, we understand your need for expedient and competent legal representation on your transactions. At Kormans LLP, our lawyers are experienced with handling all variety of residential and commercial private mortgage transactions for individuals and corporations. Whether you are arranging for a standard, blanket, construction, or any other type of mortgage, we can help.
We don’t take your investment lightly. Our thorough approach to due diligence helps you assess and navigate risk, and ensures the security and protection of your investment (see our post “Due Diligence: Private Lending” for more detail).
Private lenders often need to make funds available to their borrowers swiftly. As such, closings are facilitated in a short period of time.
If you are in the process of drafting a mortgage commitment or agreement, it is important that you have it reviewed by a lawyer before signing. Every transaction is unique, and the commitment should be tailored accordingly. There are also many laws affecting the private lending arena which you should be made privy to, prior to finalizing your deal (see our post “Caution to Lenders: The Effect of Section 8 of the Interest Act on Interest Rates and Mortgage Default Penalties” for an example of such laws regulating lending).
If you have an upcoming private lending transaction, or have general inquiries, contact us at (905) 270-6660, or email us at info@kormans.ca for trustworthy and reliable advice.
Happy and safe investing!
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Discover how Limited Liability Partnerships (LLPs) in Ontario protect professionals like lawyers, accountants, and architects while allowing collaboration, resource-sharing, and individual liability protection.
In this blog post, we will cover in further detail some of the other key items that are important to consider when accepting HST indemnity from the Buyer for the HST self-remittance.
There is an all-too-common misconception by some Buyers and even by some Buyers’ professional, licenced realtors that the time period for the delivery of a Deposit pursuant to a resale Agreement of Purchase and Sale (APS) effectively provides the Buyer with a cooling-off period. The mistaken belief is that the Buyer has until the time and date specified in the APS for the delivery of the Deposit to have Buyer’s remorse for whatever reason and therefore elect to terminate the APS by not delivering the Deposit.
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