- AMOUNT OF LOAN – $575,000
- PROPERTY VALUE – $1,330,000
- TYPE OF PROPERTY – CUSTOM SINGLE FAMILY RESIDENTIAL
- OBJECTIVE – PAYOUT EXISTING LENDER & EQUITY TAKE OUT TO SUPPLEMENT INCOME
- OBSTACLE – INCOME DOES NOT SUPPORT BANK FINANCING & PROPERTY IS ACTIVELY LISTED.
- EXIT STRATEGY – SELL PROPERTY WITHIN 1 YEAR.
- AMOUNT OF LOAN – $95,000
- PRIORITY MORTGAGES – $1,675,000
- PROPERTY VALUE – $2,950,000
- TYPE OF PROPERTY – RESIDENTIAL SINGLE FAMILY DETACHED WITH 3 ADDITIONAL LEGAL SUITES
- OBJECTIVE – EQUITY TAKE OUT FOR ADDITIONS TO THE PROPERTY.
- OBSTACLE – DO NOT QUALIFY AT THE BANK AT THIS TIME
- EXIT STRATEGY – LOOKING TO REFINANCE WITHIN 1 YEAR
1ST MORTGAGE IN EDMONTON, AB
- AMOUNT OF LOAN – $197,000
- PROPERTY VALUE – $270,000
- TYPE OF PROPERTY – RESIDENTIAL SEMI-DETACHED BUNGALOW (BOTH SIDES)
- OBJECTIVE – REFINANCE TO PAYOUT AND REMOVE JOINT VENTURE PARTNER
- OBSTACLE – UNABLE TO SECURE BANK FINANCING DUE TO DSCR RATIOS
- EXIT STRATEGY – LOOKING TO REFINANCE IN 1-2 YEARS
1ST MORTGAGE IN PORT ALICE, BC
- AMOUNT OF LOAN – $168,000
- PROPERTY VALUE – $547,000
- TYPE OF PROPERTY – 2 SINGLE FAMILY DETACHED HOMES (1 OWNER OCCUPIED & 1 VACANT)
- OBJECTIVE – REFINANCE EXISTING MORTGAGES
- OBSTACLE – PROPERTY IN THE MIDST OF FINAL IMPROVEMENTS
EXIT STRATEGY – SELL PROPERTY VACANT PROPERTY WITHIN 1 YEAR OR REFINANCE ONCE FINAL IMPROVEMENTS COMPLETED; WHICHEVER OCCURS FIRST
2ND MORTGAGE IN SASKATOON, SK (Brokers For Life Inc.)
- AMOUNT OF LOAN – $290,000
- 1ST MORTGAGE – $194,000
- PROPERTY VALUE – $900,000
- TYPE OF PROPERTY – RESIDENTIAL SINGLE FAMILY DETACHED (DOUBLE LOT)
- OBJECTIVE – PAYOUT 2ND MORTGAGE LINE OF CREDIT, SOME CRA & BUSINESS OPERATIONS
- OBSTACLE – DO NOT QUALIFY FOR BANK FINANCING AT THIS TIME
- EXIT STRATEGY – SELL PROPERTY WITHIN 1 YEAR
2ND MORTGAGE IN EDMONTON, AB
- AMOUNT OF LOAN – $55,000
- 1ST MORTGAGE – $253,000
- PROPERTY VALUE – $385,000
- TYPE OF PROPERTY – RESIDENTIAL SINGLE FAMILY DETACHED
OBJECTIVE – SUPPLEMENT INCOME WHILE COMPLETING LAW SCHOOL - OBSTACLE – BANK WOULD NOT APPROVE USE OF FUNDS
- EXIT STRATEGY – – LOOKING TO REFINANCE IN 1-2 YEARS
1ST MORTGAGE IN DENMAN ISLAND, BC
- AMOUNT OF LOAN – $1,475,000
- PROPERTY VALUE – $2,950,000
- TYPE OF PROPERTY – RESIDENTIAL SINGLE FAMILY DETACHED WITH 3 ADDITIONAL LEGAL SUITES
- OBJECTIVE – REFINANCE & CONSOLIDATE 1ST, 2ND, & 3RD MORTGAGE
- OBSTACLE – DO NOT QUALIFY AT THE BANK AT THIS TIME
- EXIT STRATEGY – LOOKING TO REFINANCE IN 1-2 YEARS
2ND MORTGAGE IN EDMONTON, AB
- AMOUNT OF LOAN – $25,000
- 1ST MORTGAGE – $199,000
- PROPERTY VALUE – $275,000
TYPE OF PROPERTY – RESIDENTIAL TOWNHOUSE CONDO - OBJECTIVE – PAY FOR SURGERY
- OBSTACLE – RECENTLY DISCHARGED FROM CONSUMER PROPOSAL & TIME CRUNCH
- EXIT STRATEGY – LOOKING TO REFINANCE IN 1-2 YEARS
1ST MORTGAGE IN EDMONTON, AB
- AMOUNT OF LOAN – $334,750.00
- PROPERTY VALUE – $621,000
- TYPE OF PROPERTY – RESIDENTIAL TRIPLEX
- OBJECTIVE – PURCHASE
- OBSTACLE – BANK WOULD NOT APPROVE THE CORPORATE PURCHASE
- EXIT STRATEGY – LOOKING TO REFINANCE IN 1-2 YEARS
1ST MORTGAGE IN CALGARY, AB
- AMOUNT OF LOAN – $710,000
- PROPERTY VALUE – $1,450,000
- TYPE OF PROPERTY – SINGLE FAMILY LUXURY RESIDENTIAL
- OBJECTIVE – REFINANCE 1ST MORTGAGE
- OBSTACLE – CURRENT LENDER WOULD NOT RENEW
- EXIT STRATEGY – SELL PROPERTY WITHIN 1 YEAR
- AMOUNT OF LOAN – $190,000
- PROPERTY VALUE – $324,000
- TYPE OF PROPERTY – OWNER OCCUPIED SINGLE FAMILY DETACHED ACREAGE
- OBJECTIVE – PAYOUT EXISTING PRIVATE & PROPERTY TAXES
- OBSTACLE – CREDIT
- EXIT STRATEGY – SELL PROPERTY IN 1-2 YEARS
1ST MORTGAGE IN KELOWNA, BC (Brokers For Life Inc.)
- AMOUNT OF LOAN – $942,500
- PROPERTY VALUE – $1,450,000
- TYPE OF PROPERTY – TWO RENTAL DUPLEXES
- OBJECTIVE – REFINANCE & EQUITY TAKE OUT TO PURCHASE
ADDITIONAL REAL ESTATE - OBSTACLE – BUSINESS INCOME
- EXIT STRATEGY – LOOKING TO REFINANCE IN 1-2 YEARS
- AMOUNT OF LOAN – $210,600
- PROPERTY VALUE – $340,000
- TYPE OF PROPERTY – RENTAL DUPLEX
- OBJECTIVE – PURCHASE & IMPROVEMENT
- OBSTACLE – BUSINESS INCOME
- EXIT STRATEGY – LOOKING TO REFINANCE IN 1-2 YEARS
- AMOUNT OF LOAN – $52,000
- 1ST MORTGAGE – $313,000
- PROPERTY VALUE – $431,000
- TYPE OF PROPERTY – OWNER OCCUPIED SINGLE FAMILY RESIDENTIAL
- OBJECTIVE – EQUITY TAKE OUT & DEBT CONSOLIDATION
- OBSTACLE – CREDIT
- EXIT STRATEGY – SELL PROPERTY IN 1-2 YEARS
- AMOUNT OF LOAN – $425,000
- 1ST MORTGAGE – $684,000
- PROPERTY VALUE – $1,450,000
- TYPE OF PROPERTY – SINGLE FAMILY LUXURY RESIDENTIAL
- OBJECTIVE – PAYOUT EXISTING 2ND MORTGAGE
- OBSTACLE – CREDIT & INCOME
- EXIT STRATEGY – SELL PROPERTY WITHIN 1 YEAR
- AMOUNT OF LOAN – $395,000
- PROPERTY VALUE – $565,000
- TYPE OF PROPERTY – SINGLE FAMILY DETACHED ACREAGE WITH 160 ACRES OF FARM LAND
- OBJECTIVE – REFINANCE AND PAYOUT EXISTING MORTGAGE
- OBSTACLE – NEW EMPLOYMENT FOR 1 APPLICANT & CREDIT REPAIR
- EXIT STRATEGY – LOOKING TO REFINANCE IN 1-2 YEARS
- AMOUNT OF LOAN – $3,800,000
- EXISTING MORTGAGE BALANCES – $4,700,000
- COMBINED PROPERTY VALUE – $17,450,000
- TYPE OF PROPERTIES – INDUSTRIAL COMMERCIAL, VACATION RENTALS CONDOS & SINGLE FAMILY DETACHED HOME
- OBJECTIVE – PAYOUT EXISTING PRIVATE MORTGAGES, CRA ARREARS, STRATA ARREARS, AND BUSINESS OPERASTION
- OBSTACLE – TAX ARREARS
- EXIT STRATEGY – LOOKING TO REFINANCE IN 1-2 YEARS
1ST MORTGAGE IN PEMBERTON, BC
- AMOUNT OF LOAN – $225,000
- PROPERTY VALUE – $450,000
- TYPE OF PROPERTY – VACANT LAND
- OBJECTIVE – PURCHASE
- OBSTACLE – BANK WOULD NOT PROVIDE FINANCING ON VACANT LAND
- EXIT STRATEGY – LOOKING TO REFINANCE IN 1-2 YEARS ONCE PROPERTY IMPROVEMENTS ARE COMPLETE.
1ST MORTGAGE IN JOHNSON CREEK, BC
- AMOUNT OF LOAN – $340,000
- PROPERTY VALUE – $680,000
- TYPE OF PROPERTY – VACANT LAND
- OBJECTIVE – EQUITY TAKE OUT FOR INVESTMENTS
- OBSTACLE – BANK WOULD NOT PROVIDE FINANCING ON VACANT LAND TO CORPORATE BORROWER
- EXIT STRATEGY – PAY OFF WITH COMPANY DIVIDENDS
2ND MORTGAGE IS SASKATOON, SK (Brokers For Life Inc.)
- AMOUNT OF LOAN – $80,000
- 1ST MORTGAGE – $300,000
- PROPERTY VALUE – $457,000
- TYPE OF PROPERTY – RESIDENTIAL SINGLE FAMILY DETACHED
- OBJECTIVE – PAYOUT EXISTING 2ND MORTGAGE & PROPERTY TAXES
- OBSTACLE – BORROWER CURRENTLY IN CONSUMER PROPOSAL
- EXIT STRATEGY – LOOKING TO REFINANCE IN 2 – 3 YEARS
2ND MORTGAGE IN EDMONTON, AB
- AMOUNT OF LOAN – $126,000
- 1ST MORTGAGE – $243,000
- PROPERTY VALUE – $440,000
- TYPE OF PROPERTY – RESIDENTIAL SINGLE FAMILY DETACHED
- OBJECTIVE – PAYOUT EXISTING 2ND MORTGAGE & PROPERTY TAXES
- OBSTACLE – DOES NOT QUALIFY FOR BANK FINANCING
- EXIT STRATEGY – SELL PROPERTY WITHIN 12 MONTHS
2ND MORTGAGE IN CAMPBELL RIVER, BC
- AMOUNT OF LOAN – $230,000
- 1ST MORTGAGE – $420,000
- PROPERTY VALUE – $1.065M
- TYPE OF PROPERTY – RESIDENTIAL SINGLE FAMILY DETACHED 2-STOREY
- OBJECTIVE – PAYOUT EXISTING PRIVATE MORGAGE AND DEBT CONSOLIDATION
- OBSTACLE – TAX ARREARS AND DEBTS MAXED OUT DUE TO COVID SHUTDOWNS
- EXIT STRATEGY – LOOKING TO REFINANCE IN 1-2 YEARS
- AMOUNT OF LOAN – $35,000
- 1ST MORTGAGE – $202,000
- PROPERTY VALUE – $300,000
- TYPE OF PROPERTY – RESIDENTIAL SINGLE FAMILY DETACHED MANUFACTURED HOME
- OBJECTIVE – PAYOUT EXISTING 2ND MORTGAGE & CRA TAX ARREARS
- OBSTACLE – IN CONSUMER PROPOSAL & TAX ARREARS
- EXIT STRATEGY – LOOKING TO REFINANCE IN 2-3 YEARS
2ND MORTGAGE IN DENMAN ISLAND, BC
- AMOUNT OF LOAN – $700,000
- 1ST MORTGAGE – $560,000
- PROPERTY VALUE – $2,500,000
- TYPE OF PROPERTY – OCEANFRONT DETACHED 2 STOREY WITH 3 ADDITIONAL LIVING SUITES
- OBJECTIVE – PAYOUT EXISTNG 2ND MORTGAGE
OBSTACLE – INCOME - EXIT STRATEGY – LOOKING TO REFINANCE IN 1-2 YEARS
- AMOUNT OF LOAN – $160,000
- 1ST MORTGAGE – $398,000
- PROPERTY VALUE – $660,000
- TYPE OF PROPERTY – RAISED BUNGALOW DUPLEX
- OBJECTIVE – PAYDOWN MORTGAGE ON ANOTHER PROPERTY, PAYDOWN DEBT
- OBSTACLE – CREDIT
- EXIT STRATEGY – LOOKING TO REFINANCE IN 1-2 YEARS
1ST MORTGAGE IN REGINA, SK (Brokers For Life Inc.)
- AMOUNT OF LOAN – $337,500
- PROPERTY VALUE – $451,000
- TYPE OF PROPERTY – SINGLE FAMILY DETACHED 2-STOREY
- OBJECTIVE – REFINANCE
- OBSTACLE – BANK WAS FORECLOSING. FELL BEHIND ON PAYMENTS DUE TO MEDICAL ISSUES.
- EXIT STRATEGY – LOOKING TO REFINANCE IN 1-2 YEARS
1ST MORTGAGE IN QUESNEL, BC
- AMOUNT OF LOAN – $350,000
- PROPERTY VALUE – $500,000
- TYPE OF PROPERTY – SINGLE FAMILY DETACHED RESIDENTIAL ACREAGE
- OBJECTIVE – REFINANCE & CONSOLIDATE DEBTS
- OBSTACLE – NEW EMPLOYMENT
- EXIT STRATEGY – REFINANCE IN 1-2 YEARS WITH NON-PRIVATE LENDER
1ST MORTGAGE IN VANDERHOOF, BC
- AMOUNT OF LOAN – $285,000
- PROPERTY VALUE – $355,000
- TYPE OF PROPERTY – SINGLE FAMILY DETACHED RESIDENTIAL
- OBJECTIVE – REFINANCE
- OBSTACLE – BANK WOULD NOT RENEW
- EXIT STRATEGY – REFINANCE IN 1-2 YEARS WITH NON-PRIVATE LENDER
1ST MORTGAGE IN EDMONTON, AB
- AMOUNT OF LOAN – $533,975
- PROPERTY VALUE – $880,000
- TYPE OF PROPERTY – SINGLE FAMILY DETACHED RESIDENTIAL
- OBJECTIVE – PURCHASE
- OBSTACLE – STATED UNDECLARED INCOME
- EXIT STRATEGY – REFINANCE IN 1-2 YEARS WITH NON-PRIVATE LENDER
2ND MORTGAGE IN EDMONTON, AB
- AMOUNT OF LOAN – $125,000
- 1ST MORTGAGE – $533,975
- PROPERTY VALUE – $880,000
- TYPE OF PROPERTY – SINGLE FAMILY DETACHED RESIDENTIAL
- OBJECTIVE – PURCHASE
- OBSTACLE – STATED UNDECLARED INCOME
- EXIT STRATEGY – REFINANCE IN 1-2 YEARS WITH NON-PRIVATE LENDER
1ST MORTGAGE IN SWIFT CURRENT, SK (Brokers For Life Inc.)
- AMOUNT OF LOAN – $109,000
- PROPERTY VALUE – $165,000
- TYPE OF PROPERTY – SINGLE FAMILY DETACHED RESIDENTIAL
- OBJECTIVE – REFINANCE & REMOVE FORMER SPOUSE
- OBSTACLE – CREDIT
- EXIT STRATEGY – REFINANCE IN 1-2 YEARS WITH NON-PRIVATE LENDER
1ST MORTGAGE IN ST. LOUIS, SK (Brokers For Life Inc.)
- AMOUNT OF LOAN – $55,000
- PROPERTY VALUE – $130,000
- TYPE OF PROPERTY – SINGLE FAMILY DETACHED RESIDENTIAL
- OBJECTIVE – REFINANCE
- OBSTACLE – CRA TAX ARREARS
- EXIT STRATEGY – LOOKING TO SELL IN 1-2 YEARS
2ND MORTGAGE IN WOODLANDS COUNTY, AB
- AMOUNT OF LOAN – $46,000
- PROPERTY VALUE – $173,000
- TYPE OF PROPERTY – SINGLE FAMILY DETACHED RESIDENTIAL
- OBJECTIVE – REFINANCE
- OBSTACLE – CURRENTLY IN AN ORDERLY PAYMENT OF DEBT PROGRAM
- EXIT STRATEGY – REFINANCE IN 1-2 YEARS WITH NON-PRIVATE LENDER
2ND MORTGAGE IN OTTAWA, ON (Brokers For Life Inc.)
- AMOUNT OF LOAN – $120,000
- PROPERTY VALUE – $850,000
- TYPE OF PROPERTY – SINGLE FAMILY DETACHED RESIDENTIAL
- OBJECTIVE – EQUITY TAKE OUT
- OBSTACLE – DEBT SERVICE RATIO DOESN’T MEET BANK REQUIREMENTS
- EXIT STRATEGY – REFINANCE IN 1-2 YEARS WITH NON-PRIVATE LENDER
1ST MORTGAGE IN KELOWNA, BC
- AMOUNT OF LOAN – $1,850,000
- PROPERTY VALUE – $3,200,000
- TYPE OF PROPERTY – SINGLE FAMILY LUXURY WATERFRONT RESIDENTIAL
- OBJECTIVE – REFINANCE
- OBSTACLE – INCOME VERIFICATION
- EXIT STRATEGY – REFINANCE IN 1-2 YEARS WITH NON-PRIVATE LENDER