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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