Entries by Chris

Financing Hoarders, Grow-Ops and Atrocious Beacons

As a broker, the feeling is too familiar.  You see the appraisal or credit score and your heart sinks.  You think the deal is dead. But behind every file, there are real people with real stories of how they got into the situation they’re in. As alternative lenders, we need to hear these stories.  Things […]

Signing Mortgage Documents Outside Canada? No Problem!

Borrowers sometimes find themselves unable to be physically present in Canada to sign mortgage documents in time for closing.  This is generally not a problem for Kokanee Mortgage.  Our team of lawyers have systems in place, often using Notaries Public in other countries, to facilitate the execution of the documents. We’ve had document packages sent […]

Financing a Mobile Home? Avoid these traps.

If your mortgage business includes deals in smaller towns and rural properties, you’ll need to be familiar with the unique challenges of mobile home financing.  It’s not difficult, but it is different.  Here are a few questions to ask: Is the mobile home in a mobile home park, or on land owned by the borrower?  […]

Why Is The Lender Asking Asking About GST And Source Deductions?

Have you wondered why lenders are asking your business-for-self borrowers for GST and Source Deduction (payroll) information?  After all, if the income and value for the property can be established, why ask those questions? Simply put, amounts that a business owner owes the government for GST and Source Deductions can rank ahead of a mortgage.  […]

Unravelling the Mysteries of Credit Score Calculation

The algorithms that produce Credit Scores are closely guarded secrets.  They sometimes provide vastly different Credit Scores based on what seems to be similar information.  But we do know 2 things:  We know the basic structure of their credit analysis and, as a lender, we know that there’s more to a Credit Report than just […]

Simple Trick – The 5 W’s of Private Mortgage Applications

Face it, when a broker is dealing with “A” deals all day long, it’s hard to remember what to ask when a new call comes in that requires a Private Mortgage.  But here’s something that will help, and it can even be used over the phone to help pre-qualify a potential client.  Simply go through […]

Why Can I Finance a Condo But Not A Co-Op?

Co-ops and Condos may seem similar, but legally they’re much different.  Both are typically suites in multi-unit buildings and in fact to see them, you wouldn’t know the difference.   But one can be easily financed and the other is almost impossible to finance.  Why? In a Condo, or strata-titled property, the legal title to the […]

4 Tips for Mortgaging Properties in Company Names

It’s not just commercial properties that are 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 4 tips when reviewing an application from a corporate borrower: 1. The first question to ask is whether […]

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 […]