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2ND MORTGAGE REFINANCE IN KELOWNA, BC

  • AMOUNT OF LOAN – $240000
  • TYPE OF PROPERTY – SPLIT LEVEL SINGLE FAMILY DETACHED
  • EQUITY REMAINING AFTER MORTGAGE(S) – 24% (76% LTV)
  • OBJECTIVE – FUNDS REQUIRED TO PAYOUT EXISTING 2ND MTG, HOME EQUITY LINE OF CREDIT, & CANADA REVENUE TAX ARREARS.
  • OBSTACLE – OUTSTANDING CONSUMER PROPOSAL BALANCE, CANADA REVENUE TAX ARREARS, & LOW CREDIT SCORE
  • EXIT STRATEGY – REFINANCE MORTGAGES AFTER PAYING DOWN THE MORTGAGE USING THE PROCEEDS FROM THE SALE OF AN ESTATE FAMILY HOME

1ST MORTGAGE PURCHASE ON NEW BUILD IN EDMONTON, AB

  • AMOUNT OF LOAN – $349500
  • TYPE OF PROPERTY –2 STOREY SINGLE FAMILY DETACHED
  • EQUITY REMAINING AFTER MORTGAGE(S) – 25% (75% LTV)
  • OBJECTIVE – PURCHASE NEW HOME THAT WAS MORE FUNCTIONAL FOR DISABLED CHILD
  • OBSTACLE – INCOME VERIFIABLE, BUT WOULD NOT BE IN EFFECT UNTIL SEPTEMBER 2019. DOWN PAYMENT COMING FROM PARTIAL FUND RELEASE OF AN UPCOMING INJURY SETTLEMENT.
  • EXIT STRATEGY – ONCE BACK TO WORK, AND SETTLEMENT FINALIZED, BORROWER INTENDS TO REFINANCE WITH THE BANK. 

1ST MORTGAGE REFINANCE IN SPRUCE GROVE, AB

  • AMOUNT OF LOAN – $121000
  • TYPE OF PROPERTY – ROW TOWNHOUSE CONDO
  • EQUITY REMAINING AFTER MORTGAGE(S) – 18% (82% LTV)
  • OBJECTIVE – PAYOUT EXISTING PRIVATE MORTGAGE & CAVEATS
  • OBSTACLE – LITTLE RE-ESTABLISHED CREDIT. PROPERTY VALUE DROP OF $25K IN 2YRS.
  • EXIT STRATEGY – REBUILD CREDIT & REFINANCE OR SELL THE PROPERTY 

2ND MORTGAGE REFINANCE IN ST.ALBERT, AB

  • AMOUNT OF LOAN – $50000
  • TYPE OF PROPERTY – SINGLE FAMILY DETACHED
  • EQUITY REMAINING AFTER MORTGAGE(S) – 21% (79% LTV)
  • OBJECTIVE – PAYOUT PROPERTY TAX ARREARS & CONSUMER CREDIT CARDS, LOANS
  • OBSTACLE – 1ST MORTGAGE LENDER REGISTERED A TAX NOTIFICATION AGAINST THE PROPERTY FOR THE PROPERTY TAX ARREARS
  • ADDITIONAL PERKS – MORTGAGE CAN BE PAID OFF IN FULL AFTER 6 MONTHS WITHOUT PENALTY
  • EXIT STRATEGY – REFINANCE 1ST & 2ND MORTGAGE BEFORE THE END OF THE TERM

1ST MORTGAGE PURCHASE IN EDMONTON, AB

  • AMOUNT OF LOAN – $254000
  • TYPE OF PROPERTY – NEW BUILD TOWNHOUSE CONDO
  • EQUITY REMAINING AFTER MORTGAGE(S) – 21% (79% LTV)
  • OBJECTIVE – BUY NEW HOME AFTER SEPARATION
  • OBSTACLE – NEWER EMPLOYMENT.  
  • ADDITIONAL PERKS – MORTGAGE CAN BE PAID OFF IN FULL AFTER 4 MONTHS WITHOUT PENALTY
  • EXIT STRATEGY – REFINANCE WITH THE BANK IN 4-12 MONTHS

2ND MORTGAGE EQUITY TAKE OUT IN SASKATOON, SK

  • AMOUNT OF LOAN – $50000
  • TYPE OF PROPERTY – 4-PLEX
  • EQUITY REMAINING AFTER MORTGAGE(S) – 18% (82% LTV)
  • OBJECTIVE – FUNDS REQUIRED TO INVEST IN 2ND PROPERTY.
  • OBSTACLE – PERSONAL TAXES NOT CURRENT & SELF-EMPLOYED
  • ADDITIONAL PERKS – MORTGAGE CAN BE PAID OFF IN FULL DURING 2ND HALF OF TERM WITHOUT PENALTY
  • EXIT STRATEGY – REFINANCE WITH THE BANK IN 12-24 MONTHS

2ND MORTGAGE REFINANCE IN EDMONTON, AB

  • AMOUNT OF LOAN $80000
  • TYPE OF PROPERTY – SINGLE FAMILY DETACHED
  • EQUITY REMAINING AFTER MORTGAGE(S) 23% (77% LTV)
  • OBJECTIVE – PAY OFF AN EXISTING PRIVATE MORTGAGE & CANADA REVENUE TAX ARREARS
  • OBSTACLE – 582 & R(REJECT) CREDIT
  • EXIT STRATEGY – IMPROVE CREDIT & ATTEMPT TO REFINANCE 1ST & 2ND MORTGAGE INTO A SINGLE PAYMENT
  • ADDITIONAL PERKS – 24 MONTH TERM. MORTGAGE CAN BE PAID OFF AFTER 6 MONTHS WITH NO PENALTY

1ST MORTGAGE PURCHASE IN EDMONTON, AB

  • AMOUNT OF LOAN – $240000
  • TYPE OF PROPERTY – RESIDENTIAL LAND
  • EQUITY REMAINING AFTER MORTGAGE(S) – 40% (60% LTV)
  • OBJECTIVE – LAND ACQUISITION FOR FUTURE CONSTRUCTION
  • OBSTACLE – NEWLY SELF-EMPLOYED. 626 & R(REJECT) CREDIT
  • EXIT STRATEGY – PLANS TO PAY OFF IN 6 MONTHS. BUSINESS IS THRIVING.
  • MORTGAGE CAN BE PAID OFF AFTER 6 MONTHS WITH NO PENALTY

2nd MORTGAGE REFINANCE IN VICTORIA, BC

  • AMOUNT OF LOAN – $178000
  • TYPE OF PROPERTY – SINGLE FAMILY DETACHED
  • EQUITY REMAINING AFTER MORTGAGE(S) – 31% (69% LTV)
  • OBJECTIVE – PAYOUT EXISTING PRIVATE MORTGAGE THAT WAS LOOKING TO PLACE FUNDS ELSEWHERE
  • OBSTACLE – N/A
  • ADDITIONAL SECURITY REQUIRED  – NO
  • EXIT STRATEGY – REFINANCE 1ST MORTGAGE & THIS NEW 2ND MORTGAGE WHEN THE 1ST MORTGAGE MATURES
  • ADDITIONAL PERKS – NO PREPAYMENT PENALTY AFTER 6 MONTHS

1ST MORTGAGE BLANKET PURCHASE IN EDMONTON, AB

  • AMOUNT OF LOAN – $400000
  • TYPE OF PROPERTY – SINGLE FAMILY DETACHED NEW SHOWHOME
  • EQUITY REMAINING AFTER MORTGAGE(S) – 49% (51% LTV)
  • OBJECTIVE – NEW BUILD PURCHASE
  • OBSTACLE – N/A
  • ADDITIONAL SECURITY REQUIRED – YES
  • EXIT STRATEGY – SELL 2 FREE AND CLEAR RURAL PROPERTIES AND USE PROCEEDS TO CLEAR MORTGAGE DEBTS
  • ADDITIONAL PERKS – NO PREPAYMENT PENALTY AFTER 6 MONTHS

1ST MORTGAGE REFINANCE IN SASKATOON, SK

  • AMOUNT OF LOAN – $150000
  • TYPE OF PROPERTY – SINGLE FAMILY DETACHED
  • EQUITY REMAINING AFTER MORTGAGE(S) – 42% (58% LTV)
  • OBJECTIVE – REWRITE EXISTING PRIVATE MORTGAGE
  • OBSTACLE – CREDIT DOESN’T SATISFY BANK REQUIREMENTS
  • ADDITIONAL SECURITY REQUIRED – NO
  • EXIT STRATEGY – PLAN TO SELL PROPERTY WITHIN 12 MONTHS
  • ADDITIONAL PERKS – STANDARD FILE 

2nd MORTGAGE REFINANCE IN RICHMOND, ON

  • AMOUNT OF LOAN – $357,500
  • TYPE OF PROPERTY – SINGLE FAMILY DETACHED
  • EQUITY REMAINING AFTER MORTGAGE(S) – 36% (64% LTV)
  • OBJECTIVE – PAYOUT EXISTING PRIVATE MORTGAGE THAT WAS NOT IN POSITION TO RENEW
  • OBSTACLE – PERSONAL TAXES BEING REASSESSED FOR SELF-EMPLOYED BORROWER. TAXES NOT CURRENT FOR OTHER EMPLOYEE BORROWER.
  • ADDITIONAL SECURITY REQUIRED – NO
  • EXIT STRATEGY – COMPLETE TAXES AND REFINANCE, BUT ALSO CONSIDERING DOWNSIZING
  • ADDITIONAL PERKS – NO MORTGAGE PAYMENTS FOR THE TERM. 

1ST MORTGAGE FORECLOSURE REFINANCE IN RED DEER, AB

  • AMOUNT OF LOAN – $1.25M
  • TYPE OF PROPERTY – SINGLE FAMILY DETACHED HOME ON ACRES OF PRIME FUTURE DEVELOPMENT LAND
  • EQUITY REMAINING AFTER MORTGAGE(S) – 48% (52% LTV)
  • OBJECTIVE – PAYOUT 1ST, 2ND, 3RD MORTGAGES. PAY OFF WRIT ON TITLE.
  • OBSTACLE – 2ND & 3RD MORTGAGES IN ARREARS. WRIT ON TITLE TO BE PAID.
  • ADDITIONAL SECURITY REQUIRED – NO
  • REPAYMENT STRATEGY – SALE OF PROPERTY.
  • ADDITIONAL PERKS – NO PAYMENTS FOR THE FULL TERM.

2ND MORTGAGE EQUITY TAKE OUT MORTGAGE IN WETASKIWIN, AB

  • AMOUNT OF LOAN – $200000
  • TYPE OF PROPERTY – SINGLE FAMILY DETACHED HOME
  • EQUITY REMAINING AFTER MORTGAGE(S) – 40% (60% LTV)
  • OBJECTIVE – CLEAR PERSONAL DEBTS, AND REMOVE WRIT ON PROPERTY
  • OBSTACLE – SELF EMPLOYED & NOT CLAIMING ENOUGH INCOME. DENIED AT THEIR BANK.
  • ADDITIONAL SECURITY REQUIRED – YES. 2ND OWNED PROPERTY IN BEAVER COUNTY, AB
  • REPAYMENT STRATEGY – SELL ONE OF THEIR PROPERTIES
  • ADDITIONAL PERKS – PAYMENT CUT IN HALF WITH PREPAID INTEREST

2ND MORTGAGE EQUITY TAKE OUT MORTGAGE IN EDMONTON, AB

  • AMOUNT OF LOAN – $760000
  • TYPE OF PROPERTY – LUXURIOUS $1.8M SINGLE FAMILY HOME
  • EQUITY REMAINING AFTER MORTGAGE(S) – 30% (70% LTV)
  • OBJECTIVE – DOWN PAYMENT FOR NEW HOME PURCHASE IN KELOWNA BC, AND TO CLEAR SOME PERSONAL DEBTS
  • OBSTACLE – INCOME INSUFFICIENT FOR REQUEST.
  • ADDITIONAL SECURITY REQUIRED – YES. SECOND HOME IN VERNON, BC.
  • REPAYMENT STRATEGY – SALE OF PROPERTY
  • ADDITIONAL PERKS – NO PAYMENTS ON THIS MORTGAGE FOR 1 YEAR

2ND MORTGAGE EQUITY TAKE OUT IN BURNABY. BC

  • AMOUNT OF LOAN – $550000
  • EQUITY REMAINING AFTER MORTGAGE(S) – 56% (44% LTV)
  • OBJECTIVE – BUSINESS CAPITAL REQUIREMENTS, PROPERTY TAX ARREARS, CANADA REVENUE AGENCY, AND PAY 1ST MORTGAGE HOLDER CURRENT
  • OBSTACLE – TAX ARREARS & INSUFFICIENT INCOME
  • ADDITIONAL SECURITY REQUIRED – NO
  • REPAYMENT STRATEGY – PAY OFF BEFORE END OF THE TERM
  • ADDITIONAL PERKS – NO PAYMENTS FOR 6 MONTHS

1ST MORTGAGE REFINANCE IN HINES CREEK, AB

  • AMOUNT OF LOAN – $185000
  • TYPE OF PROPERTY – SINGLE FAMILY HOME
  • EQUITY REMAINING AFTER MORTGAGE(S) – 49% (61% LTV)
  • OBJECTIVE – PAYOUT EXISTING MORTGAGES
  • OBSTACLE – CREDIT NEEDS IMPROVEMENT
  • ADDITIONAL SECURITY REQUIRED – NO
  • REPAYMENT STRATEGY – IMPROVE CREDIT AND REFINANCE BEFORE THE END OF THE TERM

2ND MORTGAGE EQUITY TAKE OUT IN NEW WESTMINSTER, BC

  • AMOUNT OF LOAN – $260000
  • TYPE OF PROPERTY – HIGH END LUXURY CONDO
  • EQUITY REMAINING AFTER MORTGAGE(S) – 24% (76% LTV)
  • OBJECTIVE – PAY OFF EXISTING 2ND MORTGAGE, 1ST MORTGAGE ARREARS, PROPERTY TAX ARREARS, & CONDO ARREARS
  • OBSTACLE – CREDIT & NOT FULLY EMPLOYED
  • ADDITIONAL SECURITY REQUIRED – NO
  • REPAYMENT STRATEGY – SALE OF PROPERTY OR PAY OFF WITH INCOMING SETTLEMENT
  • ADDITIONAL PERKS – NO PAYMENTS FOR THE YEAR, AND CASH BACK AS AN EMERGENCY FUND

1ST MORTGAGE REFINANCE IN CALGARY, AB

  • AMOUNT OF LOAN – $245000
  • TYPE OF PROPERTY – SINGLE FAMILY RENTAL
  • EQUITY REMAINING AFTER MORTGAGE(S) – 28% (72% LTV)
  • OBJECTIVE – PAY OFF EXISTING CREDIT UNION, 2ND MORTGAGE, AND PROPERTY TAX ARREARS
  • OBSTACLE – INCOME
  • ADDITIONAL SECURITY REQUIRED – NA
  • REPAYMENT STRATEGY – SALE OF PROPERTY
  • ADDITIONAL PERKS – PAYMENTS REDUCED BY 50% WITH PREPAID INTEREST

1ST MORTGAGE REFINANCE IN EDMONTON, AB

  • AMOUNT OF LOAN – $220000
  • TYPE OF PROPERTY – SINGLE FAMILY DETACHED
  • EQUITY REMAINING AFTER MORTGAGE(S) – 45% (55% LTV)
  • OBJECTIVE – PAY OFF EXISTING 1ST MORTGAGE THAT WOULD NOT RENEW.
  • OBSTACLE – TAXES ARE NOT COMPLETED TO CURRENT YEAR, AND CREDIT
  • ADDITIONAL SECURITY REQUIRED – NO
  • REPAYMENT STRATEGY – FINISH TAXES, THEN REFINANCE WITH A CONVENTIONAL BANK IN 6 TO 9 MONTHS

1ST MORTGAGE REFINANCE IN ALIDA, SK

  • AMOUNT OF LOAN – $150000
  • TYPE OF PROPERTY – SINGLE FAMILY DETACHED ON ACREAGE
  • EQUITY REMAINING AFTER MORTGAGE(S) – 35% (65% LTV)
  • OBJECTIVE – PAY OFF EXISTING LENDER THAT WOULD NOT OFFER A RENEWAL
  • OBSTACLE – CREDIT IMPROVEMENT REQUIRED
  • ADDITIONAL SECURITY REQUIRED – NO
  • REPAYMENT STRATEGY – SALE OF HOME OR IMPROVE CREDIT TO REFINANCE WITH A CONVENTIONAL LENDER

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Daniel K. Akowuah | Mortgage Professional / DLG Underwriter
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