Archive for the ‘broker news’ Category

March Deal Snapshot

The Properties:

  • Marketable home in small town Nova Scotia
  • Commercial property

The Financing:

  • Installed our second mortgage behind one of the big five banks
  • Proceeds paid down credit card debt
  • Credit score will rebound over 6 to 12 months
  • Majority of second mortgage will be repaid through refinance by First Mortgage Lender when credit is suitable.
  • If lender will not permit the reduced second mortgage to hang around on a refi, the commercial property provides suitable LTV to support the remainder as it gets repaid on a short amortization.

We ask allot of questions and find the best way to setup each deal to reduce the chance of additional fees down the road.

May Deal Snapshot

The Property:

  • Large home in a small Nova Scotia Town

The financing:

  • 1 year term on less than $40k
  • Interest only payments
  • Second Mortgage written behind Street Capital Options program on closing day
  • replaced a much more expensive CITI Financial product
  • With good payment history on the Options program, Street can refi to a more affordable product in 6 to 12 months and pay out our second Mortgage with the additional LTV capacity.
  • Any shortfall on the refi will be resolved with a short term amortization on the balance.

We help our clients find the most cost effective way to keep their home while re-establishing credit worthiness.

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