Recently Funded Private Mortgage Loans - Amansad Direct Lending Group

BLANKET MORTGAGE PURCHASE IN RED DEER & NORTHERN LIGHTS, AB

AMOUNT OF LOAN – $50,000
TYPE OF PROPERTY – SINGLE FAMILY DETACHED ACREAGE
EQUITY REMAINING AFTER MORTGAGE(S) – 49% (51% LTV)
OBJECTIVE – PURCHASE NEW HOME
OBSTACLE – CREDIT & NO DOWN PAYMENT ON PURCHASE
ADDITIONAL SECURITY REQUIRED – YES. USED EXISTING PROPERTY AS COLLATERAL TO ELIMINATE THE NEED FOR A DOWN PAYMENT
EXIT STRATEGY – PAY OFF AT THE END OF THE TERM
ADDITIONAL PERKS – NO PAYMENTS FOR 6 MONTHS

1ST MORTGAGE FORECLOSURE REFINANCE IN LETHBRIDGE, AB

AMOUNT OF LOAN – $110,000
TYPE OF PROPERTY – SINGLE FAMILY DETACHED SINGLE FAMILY HOME
EQUITY REMAINING AFTER MORTGAGE(S) – 46% (54% LTV)
OBJECTIVE – PAYOUT EXISTING LENDER THAT WAS FORECLOSING
OBSTACLE – BRUISED CREDIT AND COLLECTIONS
ADDITIONAL SECURITY REQUIRED – NO
EXIT STRATEGY – REFINANCE WITH A NON-PRIVATE LENDER BEFORE THE END OF THE TERM
ADDITIONAL PERKS – NO PAYMENTS FOR THE TERM

1ST MORTGAGE – RTM CONSTRUCTION IN LAC STE ANNE, AB

AMOUNT OF LOAN – $69,000
TYPE OF PROPERTY – PRE-CONSTRUCTED SINGLE FAMILY BUNGALOW
EQUITY REMAINING AFTER MORTGAGE(S) – 72%(28% LTV)
OBJECTIVE – MOVE PAID FOR RTM ONTO SERVICED LAND
OBSTACLE – OWED $29K TO CANADA REVENUE AGENCY
ADDITIONAL SECURITY REQUIRED – NO
EXIT STRATEGY – REFINANCE WITH NON-PRIVATE LENDER IN 6 MONTHS
ADDITIONAL PERKS – NO PAYMENTS FOR THE TERM. PROVIDED HOLDBACK FUNDS TO PAY OFF CANADA REVENUE ONCE RTM IS PERMANENTLY AFFIXED AND THE OCCUPANCY PERMIT HAS BEEN ISSUED

1ST MORTGAGE FORECLOSURE REFINANCE – LEDUC, AB

AMOUNT OF LOAN – $359,100
TYPE OF PROPERTY – COMMERCIAL COFFEE SHOP, TOY STORE
EQUITY REMAINING AFTER MORTGAGE(S) – 61% (59%)
OBJECTIVE – PAYOUT EXISTING MORTGAGE THAT WAS FORECLOSING
OBSTACLE – DOESN’T MEET BANK REQUIREMENTS
ADDITIONAL SECURITY REQUIRED – YES. SINGLE FAMILY DETACHED PROPERTY IN LEDUC AB
EXIT STRATEGY – REFINANCE IN 12 MONTHS

1ST MORTGAGE REFINANCE – WETASKIWIN AB

AMOUNT OF LOAN – $258,000
TYPE OF PROPERTY – SINGLE FAMILY DETACHED HOME
EQUITY REMAINING AFTER MORTGAGE(S) – 37% (63%)
OBJECTIVE – REFINANCE EXISTING PRIVATE MORTGAGE
OBSTACLE – INCOME INSUFFICIENT
ADDITIONAL SECURITY REQUIRED – YES. RENTAL PROPERTY
EXIT STRATEGY – SELL RENTAL

2ND MORTGAGE REFINANCE – ST.THOMAS, ONTARIO

AMOUNT OF LOAN – $70,000
TYPE OF PROPERTY – SINGLE FAMILY DETACHED HOME
EQUITY REMAINING AFTER MORTGAGE(S) – 31% (69% LTV)
OBJECTIVE – REFINANCE AND PAYOFF 2ND MORTGAGE THAT WAS NOT IN POSITION TO RENEW
OBSTACLE – REQUIRED PAYDOWN & POSTPONEMENT OF SOLAR COMPANY REGISTERED ON TITLE
ADDITIONAL SECURITY REQUIRED – NO
EXIT STRATEGY – TO REFINANCE 1ST MORTGAGE & 2ND MORTGAGE WHEN 1ST MORTGAGE MATURES
ADDITIONAL PERKS – NO PAYMENTS FOR FIRST 6 MONTHS.

1ST MORTGAGE REFINANCE – SASKATOON, SK

AMOUNT OF LOAN – $188,000
TYPE OF PROPERTY – SINGLE FAMILY DETACHED
EQUITY REMAINING AFTER MORTGAGE(S) – 25% (75% LTV)
OBJECTIVE – REFINANCE EXISTING PRIVATE MORTGAGE
OBSTACLE – DOESN’T MEET BANK REQUIREMENTS
ADDITIONAL SECURITY REQUIRED – NO
EXIT STRATEGY – REFINANCE IN 12 MONTHS
ADDITIONAL PERKS – NO PAYMENTS FOR 3 MONTHS.

2ND MORTGAGE REFINANCE – AMARANTH, ONTARIO (TORONTO, GTA)

AMOUNT OF LOAN – $300,000
TYPE OF PROPERTY – SINGLE FAMILY DETACHED HOME
EQUITY REMAINING AFTER MORTGAGE(S) – 48% (62 LTV)
OBJECTIVE – PAYOUT EXISTING 2ND MORTGAGE THAT WAS NOT RENEWING
OBSTACLE – DOESN’T MEET BANK REQUIREMENTS
ADDITIONAL SECURITY REQUIRED – NO
EXIT STRATEGY – IMPROVE CREDIT AND REFINANCE IN 12 MONTHS
ADDITIONAL PERKS – NO PAYMENTS FOR THE ENTIRE TERM.

1ST MORTGAGE REFINANCE – CAMROSE COUNTY, AB

AMOUNT OF LOAN – $70,000
TYPE OF PROPERTY – SINGLE FAMILY HOME ON 5 ACRES
EQUITY REMAINING AFTER MORTGAGE(S) – 72% (28% LTV)
OBJECTIVE – PAY OFF CANADA REVENUE AGENCY & DEBT CONSOLIDATION
OBSTACLE – INCOME NOT VERIFIABLE
ADDITIONAL SECURITY REQUIRED – NO
EXIT STRATEGY – REFINANCE YEAR
ADDITIONAL PERKS – NO PAYMENTS FOR THE ENTIRE TERM.

1ST MORTGAGE PURCHASE – TORONTO, ON

AMOUNT OF LOAN – $120,000
TYPE OF PROPERTY – COMMERCIAL CONDO
EQUITY REMAINING AFTER MORTGAGE(S) – 20% (80% LTV)
OBJECTIVE – PURCHASE & RENOVATE COMMERCIAL UNIT FOR BUSINESS
OBSTACLE – NON-TRADITIONAL INCOME VERIFICATION
ADDITIONAL SECURITY REQUIRED – YES. RENTAL DUPLEX IN WINDSOR, ONTARIO
EXIT STRATEGY – REFINANCE IN 12 MONTHS
ADDITIONAL PERKS – NO PAYMENTS FOR 3 MONTHS.

1ST MORTGAGE REFINANCE & EQUITY TAKE OUT – SOOKE, BC

AMOUNT OF LOAN – $70,000
TYPE OF PROPERTY – SINGLE FAMILY DETACHED IN MHP
EQUITY REMAINING AFTER MORTGAGE(S) – 62% (38% LTV)
OBJECTIVE – PAYOUT EXISTING MORTGAGE, AND EXTRA FUNDS TO ADD TO EMERGENCY FUNDS
OBSTACLE – DOESN’T MEET BANK REQUIREMENTS
EXIT STRATEGY – TO BE DETERMINED. INTENDS TO PAY DOWN AT EACH MATURITY DATE

1ST MORTGAGE REFINANCE – MONAGHAN, ON

AMOUNT OF LOAN – $193,050
TYPE OF PROPERTY – SINGLE FAMILY DWELLING – VACATION COTTAGE
EQUITY REMAINING AFTER MORTGAGE(S) – 35% (65% LTV)
OBJECTIVE – REFINANCE AND PAYOUT EXISTING MORTGAGE LENDER THAT WANTED TO BE PAID OUT.
OBSTACLE – DOESN’T MEET BANK REQUIREMENTS
ADDITIONAL SECURITY REQUIRED – NO
EXIT STRATEGY – REFINANCE WITH BANK LENDER IN 12-24 MONTHS

2ND MORTGAGE EQUITY TAKE OUT – BRAMPTON, ONTARIO

AMOUNT OF LOAN – $275,000
TYPE OF PROPERTY – SINGLE FAMILY RESIDENTIAL
EQUITY REMAINING AFTER MORTGAGE(S) – 23% (77% LTV)
OBJECTIVE – TAKE OUT EQUITY TO BE USED TO APPLY TOWARDS REFINANCE ANOTHER PROPERTY
OBSTACLE – DOESN’T MEET BANK REQUIREMENTS
ADDITIONAL SECURITY REQUIRED – NO
EXIT STRATEGY – DEVELOPMENT PROJECT SALES

2ND MORTGAGE EQUITY TAKE OUT IN SASKATOON, SK

AMOUNT OF LOAN – $100.000
TYPE OF PROPERTY – SINGLE FAMILY DETACHED RENTAL
EQUITY REMAINING AFTER MORTGAGE(S) – 33% (67% LTV)
OBJECTIVE – FUNDS NEEDED TO RENOVATE A DIFFERENT PROPERTY IN INVESTMENT PORTFOLIO
OBSTACLE – TAXES HAVE NOT BEEN FILED IN 2 YEARS
EXIT STRATEGY – SELL A DIFFERENT INVESTMENT PROPERTY AND USE FUNDS TO PAY OFF THIS LOAN

1st MORTGAGE REFINANCE & EQUITY TAKE-OUT IN RUSSELL, ON (OTTAWA)

AMOUNT OF LOAN – $157,500
TYPE OF PROPERTY – SINGLE FAMILY DETACHED
EQUITY REMAINING AFTER MORTGAGE(S) – 25% (75% LTV)
OBJECTIVE – PAYOUT EXISTING PRIVATE MORTGAGE & FUNDS FOR RENOVATIONS
OBSTACLE – INCOME WITH CREDIT SCORE DOESN’T MEET BANK REQUIREMENTS
EXIT STRATEGY – IMPROVE CREDIT TO REFINANCE WITH A TRADITIONAL LENDER IN A YEAR

1ST MORTGAGE REFINANCE IN FERNIE, BC

AMOUNT OF LOAN – $340,000
TYPE OF PROPERTY – SINGLE FAMILY DETACHED
EQUITY REMAINING AFTER MORTGAGE(S) – 40% (60% LTV)
OBJECTIVE – AVOID FORECLOSURE, AND EQUITY TAKE OUT FOR CONSUMER DEBTS
OBSTACLE – FACING FORECLOSURE WITH BAD CREDIT AND COLLECTIONS
EXIT STRATEGY – IMPROVE CREDIT TO REFINANCE WITH TRADITIONAL LENDER IN A YEAR
ADDITIONAL PERKS – NO PAYMENTS FOR THE TERM

2ND MORTGAGE EQUITY TAKE OUT IN REGINA, SK

AMOUNT OF LOAN – $30,000
TYPE OF PROPERTY – SINGLE FAMILY DETACHED
EQUITY REMAINING AFTER MORTGAGE(S) – 27% (63% LTV)
OBJECTIVE – TAKE OUT SOME EQUITY TO COMPLETE MINOR RENOVATIONS & CLEAR SOME CREDIT CARD DEBTS
OBSTACLE – NOT ABLE TO REFINANCE WITH A NON-PRIVATE LENDER. WOULD BE TOO COSTLY TO REFINANCE AND PAY PENALTIES ON 1ST MORTGAGE.
ADDITIONAL SECURITY REQUIRED – NO
EXIT STRATEGY – REFINANCE WHEN THE FIRST MORTGAGE COMES UP FOR MATURITY

1ST MORTGAGE FORECLOSURE REFINANCE IN KELOWNA, BC

AMOUNT OF LOAN – $210,000
TYPE OF PROPERTY – SINGLE FAMILY DETACHED BUNGALOW
EQUITY REMAINING AFTER MORTGAGE(S) – 23% (77% LTV)
OBJECTIVE – PAYOUT 1ST, 2ND, & 3RD MORTGAGE
OBSTACLE – ON LONG TERM DISABILITY WITH CREDIT BLEMISHES
ADDITIONAL SECURITY REQUIRED – NO
EXIT STRATEGY – PLANS TO SELL THE PROPERTY NEXT YEAR

3RD POSITION EQUITY TAKE OUT IN BURNABY, BC

AMOUNT OF LOAN – $300,000
TYPE OF PROPERTY – COMMERCIAL INDUSTRIAL
EQUITY REMAINING AFTER MORTGAGE(S) – 55% (45% LTV)
OBJECTIVE – EQUITY TAKE OUT FOR BUSINESS
OBSTACLE – INCOME AND CREDIT DON’T MEET BANK REQUIREMENTS TO REFINANCE THE ENTIRE PROPERTY
ADDITIONAL SECURITY REQUIRED – NO
EXIT STRATEGY – IMPROVE CREDIT TO REFINANCE BY MATURITY

EQUITY TAKE 2ND MORTGAGE OUT REFINANCE IN CALGARY, AB

AMOUNT OF LOAN – $200.000
TYPE OF PROPERTY – SINGLE FAMILY DETACHED
EQUITY REMAINING AFTER MORTGAGE(S) – 37% (63% LTV)
OBJECTIVE – PAYOUT SECURED 2ND MORTGAGE MERCHANT LOAN REGISTERED AGAINST PROPERTY AND OBTAIN ADDITIONAL FUNDS FOR BUSINESS UNTIL HOUSE SELLS.
OBSTACLE – INCOME NOT VERIFIABLE. TAXES NOT CURRENT. BEING SELF-EMPLOYED, SICKNESS IS PREVENTING THE PROPERTY OWNER FROM WORKING AT FULL CAPACITY WHICH IS HURTING THE BOTTOM LINE.
EXIT STRATEGY – PROPERTY IS LISTED WITH A SIGNIFICANT PRICE REDUCTION FOR A QUICK SALE
ADDITIONAL PERKS – NO PAYMENTS FOR 11 MONTHS. CUSTOMER RECEIVED ABOUT $90K CASH IN HAND AFTER ALL COSTS.

EQUITY TAKE 2ND MORTGAGE OUT REFINANCE IN RICHMOND HILL, ON

AMOUNT OF LOAN – $480,000
TYPE OF PROPERTY – SINGLE FAMILY DETACHED
EQUITY REMAINING AFTER MORTGAGE(S) – 27% (73% LTV)
OBJECTIVE – PAYOUT PRIVATE 2ND MORTGAGE THAT WASN’T IN POSITION TO RENEW, AND PAYOUT ACCOUNTANT BILL
OBSTACLE – CAN’T REFINANCE UNTIL SPOUSAL TAXES ARE COMPLETED. WAITING ON A LUMP SUM SETTLEMENT.
EXIT STRATEGY – REFINANCE WITH NON-PRIVATE LENDER WITHIN 12 MONTHS
ADDITIONAL PERKS – NO PAYMENTS FOR 11 MONTHS. CUSTOMER RECEIVED ABOUT $23K CASH IN HAND AFTER ALL COSTS.

BRIDGE 1ST MORTGAGE PURCHASE IN BUCKHORN, ON

AMOUNT OF LOAN – $308,750
TYPE OF PROPERTY – SINGLE FAMILY DETACHED
EQUITY REMAINING AFTER MORTGAGE(S) – 35% (65% LTV)
OBJECTIVE – PURCHASE NEW HOME DUE TO WORK RELOCATION
OBSTACLE – EXISTING HOME IN EDMONTON NOT SOLD, AND BANK WOULD NOT PROVIDE BRIDGE FINANCING OR SEPARATE FINANCING ON PURCHASE
ADDITIONAL SECURITY REQUIRED – YES. EDMONTON PROPERTY THAT IS CURRENTLY LISTED.
EXIT STRATEGY – UPON SALE OF EDMONTON HOME, A PORTION OF THE FUNDS WILL BE USED TO PAY DOWN THE MORTGAGE, FOLLOWED BY REFINANCING WITH A NON-PRIVATE LENDER

2ND MORTGAGE EQUITY TAKE OUT IN GRAY, SK (JUST OUTSIDE REGINA)

AMOUNT OF LOAN – $35,000
TYPE OF PROPERTY – SINGLE FAMILY DETACHED ACREAGE
EQUITY REMAINING AFTER MORTGAGE(S) – 32% (68% LTV)
OBJECTIVE – DEBT CONSOLIDATION
OBSTACLE – PROPERTY OWNER HAS LAID OFF EARLIER IN THE YEAR BY LONG TIME EMPLOYER, AND IT TOOK SOME TIME TO FIND NEW EMPLOYMENT. THEY HAD TO DEPEND ON CREDIT CARDS AND LINE OF CREDIT TO MAKE ENDS MEET. THEIR 1ST MORTGAGE LENDER WOULD NOT PROVIDE ADDITIONAL FUNDS DUE TO EMPLOYMENT SITUATION AND LOW CREDIT SCORE.
EXIT STRATEGY – ONCE CREDIT AND INCOME LONGEVITY MEETS BANK REQUIREMENTS, THE PLAN IS TO REFINANCE 1ST & 2ND MORTGAGE.
ADDITIONAL PERKS – 24 MONTH TERM

2nd MORTGAGE EQUITY TAKEOUT REFINANCE ON DENMAN ISLAND, BC

AMOUNT OF LOAN – $216,000
TYPE OF PROPERTY – SINGLE FAMILY DETACHED
EQUITY REMAINING AFTER MORTGAGE(S) – 55% (45% LTV)
OBJECTIVE – PAYOUT EXISTING 2ND MORTGAGE, CANADA REVENUE TAX ARREARS, AND FUNDS TO RENOVATE HOME
OBSTACLE – INCOME NOT VERIFIABLE, AND TAX ARREARS
EXIT STRATEGY – TO REFINANCE 1ST & 2ND MORTGAGE ONCE INCOME IS VERIFIABLE AND RENOVATIONS ARE COMPLETED
ADDITIONAL PERKS – NO MORTGAGE PAYMENTS FOR FIRST 10 MONTHS

1ST MORTGAGE REFINANCE ON 2 PROPERTIES IN PORT ALICE, BC

AMOUNT OF LOAN – $145,000
TYPE OF PROPERTY – 2 SINGLE FAMILY DETACHED BUNGALOWS
EQUITY REMAINING AFTER MORTGAGE(S) – 36% (63% LTV)
OBJECTIVE – PAYOUT BANK MORTGAGE TO STOP FORECLOSURE SALE & PAYOUT JUDGEMENT ON PROPERTY
OBSTACLE – MORTGAGE IN ARREARS, CREDIT SCORE UNDER 490, AND MULTIPLE CLOSED ACCOUNTS
ADDITIONAL SECURITY REQUIRED – YES.
EXIT STRATEGY – SELL 2ND PROPERTY & PAYOUT THE MORTGAGE BEFORE THE END OF THE TERM

1ST MORTGAGE REFINANCE ON 2 QUARTER SECTION OF LAND NEAR LLOYDMINSTER, AB

AMOUNT OF LOAN – $540,000
TYPE OF PROPERTY – FARMLAND
EQUITY REMAINING AFTER MORTGAGE(S) – 45% (55% LTV)
OBJECTIVE – PAYOUT EXISTING PRIVATE LENDER, PROPERTY TAX ARREARS, & TAKE OUT ADDITIONAL EQUITY FOR BUSINESS OPERATIONS
OBSTACLE – CREDIT DOESN’T MEET BANK OR FARM CREDIT REFINANCING
ADDITIONAL SECURITY REQUIRED – 2 ADDITIONAL QUARTER SECTIONS OF LAND & PRIMARY RESIDENCE
EXIT STRATEGY – FAMILY MEMBER INTENDS TO PURCHASE 2 QUARTER SECTIONS IN 6-10 MONTHS
ADDITIONAL PERKS – MORTGAGE IS PREPAID FOR 10 MONTHS – NO PAYMENTS FOR 10 MONTHS

1ST MORTGAGE REFINANCE IN ALBERTA BEACH, AB

AMOUNT OF LOAN – $143,000
TYPE OF PROPERTY – SINGLE FAMILY DETACHED
EQUITY REMAINING AFTER MORTGAGE(S) – 38% (63% LTV)
OBJECTIVE – PAYOUT EXISTING PRIVATE MORTGAGE THAT WAS NOT WILLING TO RENEW
OBSTACLE – CREDIT DOES NOT MEET BANK REQUIREMENTS
EXIT STRATEGY – REPAIR CREDIT AND REFINANCE IN 12 MONTHS WITH TRADITIONAL BANK

INVESTOR PURCHASE REFINANCE (RENT-TO-OWN REFINANCE) IN FORT ERIE, ON

AMOUNT OF PURCHASE PRICE – $380,000
TYPE OF PROPERTY – SINGLE FAMILY DETACHED
EQUITY REMAINING AFTER PURCHASE & CLEARING DEBTS – 10%
OBJECTIVE – AVOID POWER OF SALE
OBSTACLE – LENDERS HAD INITIATED POWER OF SALE ACTION, CANADA REVENUE TAX ARREARS
EXIT STRATEGY – REBUILD CREDIT WITH THE OPTION TO PURCHASE HOME BACK AT THE END OF THE RENT-TO-OWN TERM

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

Sharing Tools:

Related Articles

Receive Our Newsletter!

Amansad Financial

Services

Resources

Financial Calculators: