Your client’s deal was declined by the conventional lenders. So you’re now submitting it to MIC’s that you know of in hopes of an approval. But again the deal is being met with objections and hope seems to be fading.
But there is one more thing you can do. You can ask the MIC or Private Lender this question: “Do you know anyone who might be able to do this deal?”
Don’t be afraid to ask this question. As a broker, you simply can’t stay current on all of the MIC’s in your province, or which MIC is lending on which type of deal. As a group, MIC’s are competitive, but we’re also collegial bunch. We may know of other MIC’s that you haven’t heard of who might be interested in your deal. We may also have individual investors that we work with who may have interest.
We don’t like saying ‘no’ or declining deals. If we can’t do it, but can put you in touch with some who can, it’s good for both of us.
And there’s a corollary benefit; you may be introduced to another lender that you otherwise may not have met.
The team at Kokanee Mortgage is always looking to find creative ways get the deal closed in the face of obstacles. If you have a deal with unique challenges, call us for help. If we can’t help, ask us if we know of anyone who can.