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