First rank Private Mortgage rates?

[Joel]

Hello,



What are acceptable interest rates on a first rank private mortgage?

 

[Thomas Beyer]

What is an acceptable price for a car ?

 

[Joel]

What are the average rates out in the private lending market?

 

[Joel]

Better phrased: What are the average rates out in the private lending market?

 

[Thomas Beyer]

Assuming you wish to exclude banks that loan at 2.4% to 3.5%, private loans are anywhere from 4% to 30% depending on collateral, creditworthiness of borrower, loan-to-value, asset location, asset quality, state of repair, .. so to repeat, to get betetr answers than "it depends" your need to specify more details, such as this rephrased question:



What is the price of a 4 cylinder 2012 5 passenger sedan of average quality with no more than 30,000 km ?

 

[Joel]

Hope now you'll understand.



First rank Mortgage in one of the top 10 cities in Canada, 70 to 80% LTV. I assume the rates are between 8 and 12%, I just would like to confirm it.

 

[Thomas Beyer]

Depends on you. You can get lower. Many MICs have loads of cash. Ask a good mortgage broker that evaluates you and the asset.



How much is that car btw ?

 

[Joel]

Depends, between $200 and $4,500,000

 

[Thomas Beyer]

That is incorrect Joel, as I gave you specifics on the car. I'd say between $13,000 and $25,000.

 

[Joel]

You are right Thomas, I was joking only