Private Mortgage Deal Declined?

So, your client’s private mortgage deal was declined by conventional lenders?

Now, you find yourself submitting it to MIC’s and alternative lenders to get a private mortgage deal.  The application is complete and you have all the details you’re going to require, at the ready.  Unfortunately, while you have worked with these lenders in the past, hopes of an approval are starting to fade.  And for some reason, this deal is still being met with objections.  It’s all feeling a little frustrating and you’re feeling a little lost and like there isn’t much else you can do at this point.

But there is something that you can do.  There is one simple question that you can ask…

You can ask the MIC or private lender, “Do you know anyone who might be able to do this deal?”

Remember, don’t ever be afraid to ask this question.

As a broker, the landscape of which MIC’s are lending in your province is vast and constantly changing. Simply put, you cannot stay current on which MIC is lending on which types of deals.

As a group, MIC’s are competitive but thankfully, we are also collegial.

We may know of other MIC’s or private lenders that you aren’t aware of, but who may be interested in your private mortgage deal.  In fact, we may even have individual investors who would also have an interest.

Now don’t get us wrong, we don’t like saying ‘no’ or declining a deal.  But if we have to say no, we can put you in touch with someone who can help.  That’s good for both of us.

The team at Kokanee Mortgage is always looking to find creative ways to 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, we’ll likely know someone who can.