Completed Deals

Examples of Completed Mortgage Transactions Completed

2nd mortgage – $110,000 – Prince George
Single Family house – Loan to Value – 76%

Purpose – Bring up to date 1st mortgage in arrears, payoff high rate 2nd mortgage, corporate and personal taxes, debt consolidation (credit cards, line of credit, property taxes) and extra money to purchase a snow mobile
Obstacles – in arrears, bad credit rating and higher loan to value
Exit strategy – Client is expecting a large insurance settlement to restructure their affairs

2nd mortgage – $70,000 – Burns Lake
Single family home located on acreage – Loan to Value – 60%

Purpose – Pay off high interest 2nd mortgage and consolidate credit card debt
Obstacles – On disability while waiting on surgery
Exit Strategy – Once he gets the surgery he needs he will be able to go back to work and be in a better financial situation

2nd mortgage – $116,000 – Christina Lake
Modular home with cabins on property – Loan to Value – 70%

Purpose – To pay for surgery
Obstacles – Retired, not enough income for a bank mortgage
Exit Strategy – Will be selling property

1st & 2nd mortgages over 2 properties – $500,000 & $45,000 – Chilliwack
2 single family homes – Loan to Value – Loan to Value 56%

Pupose – To pay off forclosures over both homes, judgments and CRA arrears as well as have the mortgage prepaid for 6 months
Obstacles – Self Employed and in foreclosure
Exit Strategy – Will be selling one property

1st & 2nd mortgages – $520,000 & $70,000 – North Vancouver
Condo – Loan to Value 71%

Purpose – To pay off Foreclosure, property taxes and have some extra cash as well as have the mortgage prepaid for a year
Obstacles – Not working due to covid
Exit strategy – Will find work

1st & 2nd mortgages – $625,000 & $80,000 – Surrey
Single family home – Loan to Value 77%

Purpose – to provide bridge financing until she sells, mortgage is prepaid for a year
Obstacles – Retired, low income
Exit Strategy – Will sell property

2nd Mortgage – $90,000 – Prince George
Single Family Home – Loan to Value ‘As is’ 75%

Purpose – Had an electrical fire, needs a construction loan
Obstacles – retired low income, house is incomplete
Exit Strategy – will refinace with bank once house is completed