The Hard Money Loan Contract serves as a crucial legal instrument in Canadian private lending, particularly in situations requiring rapid financing secured by real estate assets. This document is typically used when conventional financing options are not suitable due to timing constraints, property condition, or borrower circumstances. The agreement must comply with Canadian federal regulations, including the Interest Act and Criminal Code interest rate provisions, as well as provincial property and security laws. The contract details loan terms, collateral requirements, default provisions, and enforcement mechanisms, while incorporating necessary consumer protection elements. Hard money loans are commonly utilized in real estate investment, construction projects, or business opportunities requiring quick capital deployment, making this document essential for private lenders, real estate investors, and developers operating in the Canadian market.
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1. Parties: Identifies and defines the Lender and Borrower with their complete legal names and addresses
2. Background: Explains the context of the loan agreement and the parties' intentions
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Purpose: Specifies the principal amount being borrowed and its intended use
5. Interest Rate and Calculations: Details the interest rate, calculation method, and compounding frequency
6. Term and Repayment: Specifies the loan duration and repayment schedule
7. Security and Collateral: Describes the property or assets securing the loan
8. Representations and Warranties: Statements of fact by the borrower about their legal capacity and the collateral
9. Covenants: Ongoing obligations of the borrower during the loan term
10. Events of Default: Defines circumstances constituting default and the lender's remedies
11. Enforcement Rights: Details the lender's rights and remedies upon default
12. Fees and Expenses: Lists all applicable fees, charges, and cost responsibilities
13. Notices: Specifies how formal communications between parties should be made
14. General Provisions: Standard contract clauses including governing law, assignment, and amendments
1. Guarantor Provisions: Required when a third party is guaranteeing the loan
2. Insurance Requirements: Detailed when specific insurance coverage is required for the collateral
3. Prepayment Terms: Include when early repayment is allowed with specific conditions or penalties
4. Construction Draw Provisions: Required when the loan is for construction purposes with staged disbursements
5. Cross-Collateralization: Include when multiple properties or assets secure the loan
6. Environmental Indemnity: Required when the collateral includes commercial real estate
7. Property Management: Include when specific requirements exist for managing the collateral property
8. Secondary Financing: Required when addressing whether additional financing is permitted
1. Schedule A - Property Description: Detailed legal description of the collateral property
2. Schedule B - Payment Schedule: Detailed amortization and payment schedule
3. Schedule C - Fee Schedule: Comprehensive list of all fees and charges
4. Schedule D - Required Insurance: Specific insurance requirements and coverage amounts
5. Schedule E - Permitted Encumbrances: List of allowed liens or encumbrances on the collateral
6. Appendix 1 - Loan Application: Copy of the borrower's loan application and supporting documents
7. Appendix 2 - Property Appraisal: Professional appraisal report of the collateral property
8. Appendix 3 - Title Report: Current title report or certificate for the collateral property
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Private Lending
Construction
Property Development
Commercial Real Estate
Residential Real Estate
Financial Services
Investment Management
Mortgage Banking
Alternative Lending
Relevant Teams
Legal
Credit Risk
Underwriting
Compliance
Real Estate Operations
Investment Management
Loan Administration
Portfolio Management
Property Management
Business Development
Relevant Roles
Private Lender
Mortgage Broker
Real Estate Investor
Property Developer
Legal Counsel
Loan Officer
Credit Risk Manager
Real Estate Attorney
Investment Manager
Portfolio Manager
Underwriter
Compliance Officer
Real Estate Agent
Property Manager
Construction Manager
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