Pay Dirt Series – Financing a Challenging Property Location

You may have a new client can have a perfect credit and stellar income, but you’re still having difficulty placing a deal because of its location.  Maybe it’s too rural, maybe a neighbourhood the lender doesn’t like, maybe on an island, maybe access issues, maybe a next to a property that the lender doesn’t like.  What do you do?

These cases indicate how important it is always be expanding your MIC lender database.  It’s surprising how many deals can be placed if only the broker knows who to call.

Kokanee Mortgage has built its business over nearly 40 years of lending just about everywhere.  In fact, other lenders often refer files to Kokanee when they can’t fund them because of location.

There are also many occasions where additional collateral has made the difference in getting a commitment from a lender.  The subject property may be rural or maybe water access only, but if the borrower also has another property such as a principal residence, there may be an opportunity to register the mortgage over both properties to satisfy the lender’s requirements.

Its important to always have a lender who lends everywhere in your database, just for these files.