Private 2nd Mortgage Coquitlam – Deal of the Month April
Client has a $2,400,000 valued home in Coquitlam with a large 1st mortgage. I secured a 2nd mortgage of $300,000 @ 8.99% Broker/Lender fees under 2% of the mortgage amount
Client needed funds to do some debt consolidation and home renovations with the intent to sell in just over a year. Clients credit was great but the income was very low and not enough to sustain conventional debt service requirements with a bank. They now have the funds they need to renovate their home and consolidate debt as well as assist them with payments over the term of the mortgage.
