Entries by Chris

Brokers: Where to find Private Deals

We hear from many brokers that they’d like to do more Private or “B” Deals, but they don’t know where to start.  Here are a few sources that you can use to build your business: Birds of a Feather:  If you’ve already done a few Private deals, specifically target your marketing for referrals from those […]

Financing Spousal Buy-Outs

While divorcing spouses may receive good legal representation in negotiating a property settlement, they may assume that there will be no problem financing a spousal buyout.  When they apply to finance the settlement, they’re hit with the stark reality of mortgage financing on one income. Sometimes the employment income isn’t enough to meet the qualification […]

Financing Rent to Own deals

The irony of Rent-to-Own financing is that you have good clients, and a good property, but because it’s a Rent-to-Own purchase rather than arms-length purchase, it’s tough to get these financed conventionally. The good news is that there is a solution for these clients.  The problem can be solved with a 2-step process.  First, your […]

Why all the fuss about CRA debt?

Whether intentional or unintentional, many of the business-for-self applications that we see list CRA debts in the Liabilities column.  Let’s face it, sometimes people who are amazing at running businesses are lousy at taking care of administration like tax remittances. But not all CRA debts are treated the same by lenders. GST and Employee Source […]

Why does the Lender insist on their own lawyer?

As the lawyer woke up after surgery, he said” “Why are all the blinds drawn?” The doctor answered: “There’s a big fire across the street, and we didn’t want you to think the operation was a failure.” All lawyer jokes aside, paying both their own legal fees and those of the lender is no laughing […]

Why do lenders need Title Insurance?

The last thing borrowers want at closing is an additional cost, yet the lenders are almost all requiring title insurance now.  Why can’t we just rely on the lawyers’ opinion like we used to? The primary reason is that title insurance covers the lender for things that a lawyer’s opinion does not. Perhaps the most […]

6 tips to help avoid an appraisal disaster

As lenders, we look at a LOT of appraisals, and we see a lot of the same common mistakes that can be deal-killers.  Here are 5 ways to help ensure that your borrowers’ appraisal supports their application and doesn’t actually become a liability. Tell your borrowers to take their mother’s advice before the appraiser shows […]

3 Hidden traps in Mortgage Commitments

The email arrives with the lender’s mortgage commitment and everything looks to be in order.  That is, until you read the conditions.  Here are 3 potential deal killers you need to know: “Subject to Credit Committee Approval”: This isn’t really a Commitment at all but rather just an expression of interest.  Don’t let your borrower […]

4 tips for Mortgaging properties in a Company Name

It’s not just commercial properties that owned by Companies.  We often see residential properties held in corporate names too.  This doesn’t have to be a deal breaker if you know what to look for.  Here are 3 tips when examining an application from a corporate borrower: The first question to ask is whether the company […]