July Deal Snapshot

The Property:

  • Rural location on South Shore NS
  • Some upgrades needed
  • Motivated seller
  • Buyer on a fixed income

The financing:

  • 7 year amortization on less than $20k and 60% LTV
  • substantial down payment from borrower
  • New Mortgage payment is lower than previous rent payment
  • Additional amount secured by mortgage to facilitate additional advance for future improvements without triggering additional legal costs for the client
  • Closed on schedule one day after Borrower discharged from BK