1ST MORTGAGE IN BETHANY, ON
- AMOUNT OF LOAN – $125,000
- TYPE OF PROPERTY – RESIDENTIAL SINGLE FAMILY DETACHED
- EQUITY REMAINING AFTER MORTGAGE(S) – 49% (51% LTV)
- OBJECTIVE – REFINANCE PROPERTY INTO THE NAME OF THE ESTATE OF DECEASED
- OBSTACLE – BENEFICIARY DOES NOT QUALIFY WITH THEIR BANK. PROPERTY IN BELOW AVERAGE CONDITION; HOWEVER LAND VALUE WAS VERY GOOD. DECISION WAS BASED PRIMARILY ON LAND VALUE.
- EXIT STRATEGY – IMPROVE CREDIT SO THAT BENEFICIARY CAN REFINANCE WITH A NON-PRIVATE LENDER
2ND MORTGAGE IN CALGARY, AB
- AMOUNT OF LOAN – $220,000
- TYPE OF PROPERTY – RESIDENTIAL SINGLE FAMILY DETACHED
- EQUITY REMAINING AFTER MORTGAGE(S) – 34% (66% LTV)
- OBJECTIVE – PAYOUT CRA BUSINESS AND PERSONAL TAX DEBT, AND SOME FUNDS TO BE USED TO GET HOME READY FOR SALE
- OBSTACLE – FAIR CREDIT, BUT DID NOT QUALIFY WITH THE BANK DUE TO CRA TAX ARREARS.
- ADDITIONAL PERKS – NO PAYMENTS FOR 6 MONTHS
- EXIT STRATEGY – SELL THE PROPERTY
2ND MORTGAGE IN EDMONTON, AB
- AMOUNT OF LOAN – $118,000
- TYPE OF PROPERTY – RESIDENTIAL SINGLE FAMILY DETACHED
- EQUITY REMAINING AFTER MORTGAGE(S) – 17% (83% LTV)
- OBJECTIVE – PAYOUT BANKRUPTCY BALANCE AND CONSUMER DEBT ACCUMULATED DURING THE PANDEMIC
- OBSTACLE – UNPAID BANKRUPTCY AND SOME COLLECTIONS.
- EXIT STRATEGY – SELL THE PROPERTY IN 1-2 YEARS. DOWNSIZING NOW THAT ADULT CHILDREN ARE OUT OF THE HOME.
BLANKET 2ND MORTGAGE IN VANCOUVER, BC
- AMOUNT OF LOAN – $150,000
- TYPE OF PROPERTY – RESIDENTIAL APARTMENT CONDO
- EQUITY REMAINING AFTER MORTGAGE(S) – 25% (75% LTV)
- OBJECTIVE – EQUITY TAKE FOR INVESTMENT IN OTHER REAL ESTATE
- OBSTACLE – COULD NOT QUALIFY WITH THEIR BANK
- ADDITIONAL SECURITY REQUIRED – YES. PRIMARY RESIDENCE IN ALBERTA, AND A RESIDENTIAL LOT
- EXIT STRATEGY – REFINANCE WITH A NON-PRIVATE LENDER IN 6 MONTHS UPON ACQUISITION
BLANKET 1ST MORTGAGE IN SCARBOROUGH, ON
- AMOUNT OF LOAN – $175,000
- TYPE OF PROPERTY – COMMERCIAL INDUSTRIAL CONDO
- EQUITY REMAINING AFTER MORTGAGES – 25% (75% LTV)
- OBJECTIVE – REFINANCE & PAYOUT EXISTING PRIVATE MORTGAGE THAT WAS NOT RENEWING
- OBSTACLE – BUSINESS OPERATIONS ARE NEW. REQUIRE MORE STABILITY.
- ADDITIONAL SECURITY – YES. RENTAL DUPLEX IN WINDSOR, ON
- EXIT STRATEGY – ESTABLISH BUSINESS INCOME TO MEET BANK REQUIREMENTS
2ND MORTGAGE – DENMAN ISLAND, BC
- AMOUNT OF LOAN – $450,000
- TYPE OF PROPERTY – SINGLE FAMILY DETACHED LUXURY HOME WITH SEPARATE RENTAL SUITES
- EQUITY REMAINING AFTER MORTGAGE(S) – 46% 54% LTV)
- OBJECTIVE – REFINANCE AND PAYOUT PRIVATE 2ND MORTGAGE
- OBSTACLE – NOT QUALIFYING AT THE BANK
- EXIT STRATEGY – WILL SELL IF UNABLE TO REFINANCE WITH BANK
- ADDITIONAL PERKS – NO PAYMENTS FOR 6 MONTHS
1ST MORTGAGE FORECLOSURE REFINANCE – ST. LAURENT, MB
- AMOUNT OF LOAN – $200,000
- TYPE OF PROPERTY – INDUSTRIAL COMMERCIAL
- EQUITY REMAINING AFTER MORTGAGE(S) – 50% (50% LTV)
- OBJECTIVE – PAYOUT EXISTING LENDER THAT WAS FORECLOSING
- OBSTACLE – BRUISED CREDIT AND COLLECTIONS
- EXIT STRATEGY – SELLING THE PROPERTY
- ADDITIONAL PERKS – NO PAYMENTS FOR THE TERM
2ND MORTGAGE – SASKATOON, SK
- AMOUNT OF LOAN – $46,500
- TYPE OF PROPERTY – SINGLE FAMILY DETACHED
- EQUITY REMAINING AFTER MORTGAGE(S) – 24%(76% LTV)
- OBJECTIVE – PAYOUT EXISTING PRIVATE MORTGAGE THAT WAS FORECLOSING
- OBSTACLE – UNABLE TO REFINANCE WITH BANK DUE TO CREDIT & FORECLOSURE ACTIONS
- EXIT STRATEGY – 1ST & 2ND MORTGAGE WITH NON-PRIVATE LENDER IN 12 MONTHS
- ADDITIONAL PERKS – NO PAYMENTS FOR THE TERM.
1ST MORTGAGE REFINANCE – FERNIE, BC
- AMOUNT OF LOAN – $400,000
- TYPE OF PROPERTY – SINGLE FAMILY DETACHED
- EQUITY REMAINING AFTER MORTGAGE(S) – 31% (69% LTV)
- OBJECTIVE – PAYOUT EXISTING MORTGAGE THAT WAS NOT RENEWING & GET PROPERTY READY FOR LISTING
- OBSTACLE – NOT EMPLOYED AND POOR CREDIT
- EXIT STRATEGY – SELLING THE PROPERTY
1ST/2ND COMBO MORTGAGE PURCHASE – KELOWNA, BC
- AMOUNT OF LOAN(S) – $1,550,000 & $450,000
- TYPE OF PROPERTY – LAKEFRONT SINGLE FAMILY HOME
- EQUITY REMAINING AFTER MORTGAGE(S) – 25% (75% LTV)
- OBJECTIVE – PURCHASE
- OBSTACLE – GOOD CREDIT, BUT NOT MEETING BANK INCOME REQUIREMENTS FOR SELF-EMPLOYED
- ADDITIONAL SECURITY REQUIRED – YES. 2ND HOME IN SHERWOOD PARK, AB
- EXIT STRATEGY – REFINANCE WITH BANK ONCE 2 YEAR HISTORY INCOME ESTABLISHED
1ST/2ND COMBO MORTGAGE PURCHASE – SASKATOON, SK
- AMOUNT OF LOAN(S) – $300,000 & $20,000
- TYPE OF PROPERTY – SINGLE FAMILY DETACHED
- EQUITY REMAINING AFTER MORTGAGE(S) – 25% (75% LTV)
- OBJECTIVE – PURCHASE
- OBSTACLE – GOOD CREDIT, BUT NOT MEETING BANK INCOME REQUIREMENTS FOR CONTRACT WORKERS
- EXIT STRATEGY – REFINANCE WITH SEMI-TRADITIONAL NON-PRIVATE LENDER IN 12 MONTHS
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